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New Member
MissBee418
Posts: 4
Registered: ‎05-25-2013
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Decrease in balance on credit card balance without FICO score increase

Hello. I recently paid off the majority of my credit card debt. I got score watch alert because my Comenity/Lane Bryant credit card balance decreased by more than 92% ($700). I was surprised this had no impact on my credit score. Is this normal? Or should I usually expect an increase in my FICO score when my balance decreases significantly.

Thanks,
Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: Decrease in balance on credit card balance without FICO score increase

SW score updates are about a week behind it seems.

 

Also, your entire credit profile is a determining factor.  Dropping it that much you will see an increase.

New Member
MissBee418
Posts: 4
Registered: ‎05-25-2013
0

Re: Decrease in balance on credit card balance without FICO score increase

Thank you!
Regular Contributor
imovinup
Posts: 130
Registered: ‎05-13-2011
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Re: Decrease in balance on credit card balance without FICO score increase

[ Edited ]

bump




Starting Score: 5/30/13 TU 630; EQ618: EX PLUS639
Current Score: 7/02/13 TU 643; EQ 651; EX PLUS 665; EX FICO 613
Goal Score: 700






Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: Decrease in balance on credit card balance without FICO score increase

I disagree.  If OP "paid off the majority of her CC debt" and brought one that was maxed out down to 0, she should have seen a good bump in score.

Valued Contributor
thom02099
Posts: 1,334
Registered: ‎08-30-2011
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Re: Decrease in balance on credit card balance without FICO score increase


guiness56 wrote:

I disagree.  If OP "paid off the majority of her CC debt" and brought one that was maxed out down to 0, she should have seen a good bump in score.


+1.  OP didn't indicate any other negatives, so the presumption would be that credit card debt was what was impacting the score.  Dropping the "majority of her CC debt" and with one card dropping by 92% alone, the OP should see a goodly score increase.  It may, however, take a couple of reporting cycles to fully maximize the score increase. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 799 EQ = 812 TU = 811 - 11/2014
New Visitor
txrc51
Posts: 1
Registered: ‎06-28-2013
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Re: Decrease in balance on credit card balance without FICO score increase

you have to look at the whole picture...if after a couple of months it has not goin up the op should look further into it since it may not just be the balances on her revolving lines boggin down her score
Established Member
bfranklin825
Posts: 53
Registered: ‎12-07-2012
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Re: Decrease in balance on credit card balance without FICO score increase


MissBee418 wrote:
Hello. I recently paid off the majority of my credit card debt. I got score watch alert because my Comenity/Lane Bryant credit card balance decreased by more than 92% ($700). I was surprised this had no impact on my credit score. Is this normal? Or should I usually expect an increase in my FICO score when my balance decreases significantly.

Thanks,

I don't know if I'd expect a bump in your score for paying $700... no matter what it does to your UTIL or whatever. I've paid $10,000 of my debt down recently and it only barely budged my score.

 

Your score is based on a whole bunch of different factors, and it is ALWAYS a lot slower to update than we'd like. Maybe I'm wrong and your score will bump, it may just take some more  time.


Starting Score: 667
Current Score: 719
Goal Score: 750


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Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: Decrease in balance on credit card balance without FICO score increase

Utilization is a big factor in your score.  The amount you actually pay isn't the issue, it is the utilization.  And yes, if that is paid down you will see your score go up.

 

Unless it was CC debt, paying the 10K won't have much impact on your score.

Established Member
bfranklin825
Posts: 53
Registered: ‎12-07-2012
0

Re: Decrease in balance on credit card balance without FICO score increase


guiness56 wrote:

Utilization is a big factor in your score.  The amount you actually pay isn't the issue, it is the utilization.  And yes, if that is paid down you will see your score go up.

 

Unless it was CC debt, paying the 10K won't have much impact on your score.


It was CC debt.


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