I'm still new here but I have been trying to increase my credit scores. I pulled my equifax score (I'm guessing it was my FAKO) in December and it was a 613. I have 4 credit cards that all were almost maxed out. Last month I decided to pay off the ccs and I did and now have no balances on either of the cards. I just pulled my (FAKO) again and equifax score is now a 598! Why have this score went down I have nothing late as I have paid off everthing. My other two scores are 600 and 608. Why have this happened?
Also realize that what you may consider to be a PIF on a card may not actually report as such. You must know the date that the CCC reports, for it is the %uti on that date that matters. And even knowing that, also be aware that CCCs charge interest on a daily basis, with the balance on each day being multiplied by your annual rate/365 to determine that day's interest. Paying off the current balance usually wont end up being a reported PIF. The interest does not post on your statement until the next statement, so if you pay a few days before the next stattement, and pay the balance in full, it usually wont end up being a PIF if you had a balance on any day during the last month.
Thanks for the reply guys. As for the answers for some of you comments, I have not been late on any of the payments at all. I also checked out my actual report and one of the ccs have reported and I have a zero balance on that, but my 2 household bank cards have not reported as of yet. I also have a exxonmobil gas card and it shill has not shown up on my report as of now! But should the score went up instead of down due to one card reporting?