No Credit Bump after Paid down Cards?!?!

CreditWarrior21 · ‎01-23-2017

Hi All,

I am trying to improve my credit score to make a home purchase. Currently my score is at 589. My biggest "baddie" were my CC utilization scores. two months ago I had almost maxed out everything.. About 17K in debt. After reading the forums I learned the quickest way to impove score is to pay these down below 30% utilization and thanks to a bonus at work- I am now down to 8K..

So I am watching as the CC's report (I know which days they come in)... AND NOTHING. NOT ONE POINT GAIN. I mean, **bleep**!?!?!? So, I plan on paying these even further down this month. But I don't get it! The score calculator says I should have about a 70 point gain.

What am I missing here?

Thanks!

Anonymous · ‎01-23-2017

Give it a bit of time. I just recently did the same and it took a few weeks.

Anonymous · ‎01-23-2017

Hi.. so after reading your posting and having a similar situation myself (from 527 - 699 in 3mths), I would ask if there is anything else on your report that may be causing your score to be low. How is your payment history on all of your accounts? You have made some improvement on the CC balances, congrats! But there has to be something else in your history/profile keeping your score down. Last thing I would ask is where are you getting your score from? ....Are these mortgage scores or FICO scores?

DallasLoanGuy · ‎01-23-2017

are you sure the new scores you are looking at are the result of a new credit pull? not a cached version of your report?

that is all i can think. because you should get something. and the score sims are pretty good.

Retired Lender

CreditWarrior21 · ‎01-23-2017

Thanks for the responses.

The only other "baddies" I have on my report are two collections- one 3 years old and one 5 years old. I did have a few credit pulls which could be bringing it down. But would that be enough to see NO progress?

I also have student loan (65K) but ALL on-time payments for 6 years. and a Winnebago note (16K) but again NEVER been late in the year I've had it. So it's strange

Maybe I'm just being impatient.

I get my credit scores right from this sight, using the notifications/credit reports. I believe these are FICO's and not FAKO's correct?

thanks all!

dragonfly66 · ‎01-23-2017

I just paid mine down today. I'm anxiously awaiting a score bump as well, so I'm definitely going to keep an eye on this thread. I'm trying to maximize my scores in anticipation of a mortgage in June. Please keep us posted.

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

CreditWarrior21 · ‎01-24-2017

Just did my morning check. No change still. And so this has been 30 days of paid down debt with no bumps.

I will be paying my CC even more down on the 30th when I get another bonus. This will take me below the 30% utilization rate. Hopefully that bumps me. Maybe that's the magic number.

I did check my ratings yesterday at they say:

Credit mix: Exceptional

Credit Utilization: Poor (52% utilization)

Credit Length (Exceptional- over 10 years)

Derogatory Marks Fair (2- 3+ years old)

Credit Inquiries (Poor- I went on a CC spree in September so I think that's it)

So besides the CC utilization- the inquiries seem to be hitting me the hardest. But those only make up 10% of score so I would imagine wouldn't stop my score from bumping. That being said- I'm NOT applying for ANYTHING for the next while. haha

dragonfly66 · ‎01-24-2017

@Istherehope wrote:
Just did my morning check. No change still. And so this has been 30 days of paid down debt with no bumps.

I will be paying my CC even more down on the 30th when I get another bonus. This will take me below the 30% utilization rate. Hopefully that bumps me. Maybe that's the magic number.

I did check my ratings yesterday at they say:
Credit mix: Exceptional
Credit Utilization: Poor (52% utilization)
Credit Length (Exceptional- over 10 years)
Derogatory Marks Fair (2- 3+ years old)
Credit Inquiries (Poor- I went on a CC spree in September so I think that's it)

So besides the CC utilization- the inquiries seem to be hitting me the hardest. But those only make up 10% of score so I would imagine wouldn't stop my score from bumping. That being said- I'm NOT applying for ANYTHING for the next while. haha

I have all of my cc's come due on the same day of each month (22nd) and I have noticed that for the most part they report about 1 week after the due date. That is based on the fact that I start getting MyFICO alerts around that time. This past month however, they were a few days later than usual. This sounds like it could be slow reporting, although I can't imagine it being that slow. Have all your cards reported?

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

Revelate · ‎01-25-2017

Paying down revolving debt only gets points if you go over a breakpoint; say 70% to 57% might not have a breakpoint in there at all as a contrived example.

If you're at aggregate 57% that is definitely a penalty; I wouldn't rule out the other issues in your file but paying down revolving utilization is one of the best ways for short term improvement. If you want a better answer in terms of strategic paying of the credit card debt, would suggust posting the current balance and credit limit for all of your tradelines, and then how much money you reasonably have to throw at the balances. Unfortunately FICO has a calculation in 3 parts for revolving utilization so there's some tricks to it.

CreditWarrior21 · ‎01-25-2017

Thanks for the answers.

Yes, they are reporting- I'm seeing them as they come in. It's just not moving. I agree, I must not have hit that threshold to bump yet..

Revelate: Thank you for the offer to look more closely: As of today-

Capital One Quicksilver: $2322.20 CL: $6000

Capital One Mastercard: $2990.25 CL:$5750

Chase Marriott Rewards: $1819.00 CL: $5000

Chase Slate $54.00 CLL $500

Credit One: $738.00 CL: $1350

Credit One: $130 CL: $700

So in Total: Balance: $8053.45 CL: 19,300

Thoughts?