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Regular Contributor
J_G
Posts: 157
Registered: ‎07-12-2013

How fast of a bump back?

I have a CC with a 600 limit that I have had for about 6 month I kept the balance at 0 all this time and 2 weeks ago I used 300 on it but paid it off but didnt pay before my statement release and it dropped all 3 score 20 to 45 points. Now I am keeping a 0 balance again. My question is how long will it take me to get back those points? Is this part of the scoring pretty forgiving or is it going to haunt me? Thank you

7/1/13 - EQ = 593 TU = 578 EXP = 573 FICO
8/11/13 - EQ = 600 TU = 590 EXP = 603 FICO
10/1/13 - EQ = 611 TU = 689 EXP = 605 FICO
12/4/13 - EQ = 625 TU = 648 EXP = 604
Lender Pull 2/18/14 - EQ = 630 TU = 678 EXP = 594
Lender Pull 2/28/14 (EQ 640) (TU 660) (EX 655) Rapid re-score =)
Valued Member
germese1975
Posts: 85
Registered: ‎04-23-2013

Re: How fast of a bump back?

I believe the right answer is that FICO does not have a balance memory. It takes a snapshot of your current CR at the moment it gets pulled. So I would expect those points to recover as soon as the balance reports what it was before, in this case, $0, provided there were no other negative changes to your CR during this same period. Your account will show your current balance at it's reporting period, which, depending on the card, could be just before your statement cuts, or just after the statement due date. I'm sure one of the guys with more knowledge on the subject than I will correct me if I am wrong.

Starting FAKO scores: EQ: 566, EX: 566, TU: 569 (27 Apr 2013)
Starting MyFICO scores: EQ: 618, TU: 544 (4 May 2013)

Current FAKO scores: EQ: 665, TU: 658 EX: 635 (4 Jul 2013)
Current FICO Scores: EQ: 651, TU: 662, EX: 694 (13 Jun 2013)

Goal: 650 REACHED!!
New Goal: All 3 in the 700 Club!
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Valued Contributor
myjourney
Posts: 23,504
Registered: ‎02-07-2013

Re: How fast of a bump back?


germese1975 wrote:

I believe the right answer is that FICO does not have a balance memory. It takes a snapshot of your current CR at the moment it gets pulled. So I would expect those points to recover as soon as the balance reports what it was before, in this case, $0, provided there were no other negative changes to your CR during this same period. Your account will show your current balance at it's reporting period, which, depending on the card, could be just before your statement cuts, or just after the statement due date. I'm sure one of the guys with more knowledge on the subject than I will correct me if I am wrong.


Correct germese1975 fico balance memory is only month to month

 

OP I also noticed you stated you pay your balances to 0

If in fact you have just one card and I'm assuming here:smileyembarrassed:

If your looking for max scoring to help and not have this happen again try this:

 

Have that card report a balance between 1-9%

What hurt you in your last situation was you showed 50% UTL 

This can be corrected by making multiple monthly payments if you have to before statements cut

Your scores should recoup in no time so don't sweat it 

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