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On Feb 18, 09 the myfico simulator reported a projected increase in my Equifax Fico score from 655 to a range of 722-740 if I paid down at least $22,000 of my total revolving debt of $24, 795.00. This is how my credit profile looked on Feb 18:
Total revolving debt, on four credit cards: $24, 795.00
Collection Accounts: none
Public Records: none
Equifax Fico score: 655
So I paid down all $24, 795.00 of balances on my credit cards by Feb 26. As of Mar 4, all these cards had reported the new balances to Equifax. It is now Mar 8, and my Equifax score showing in Scorewatch has gone up to a mere 682. How much longer before the anticipated range of 722-740 shows on my Scorewatch?
My credit profile as of today looks like this:
Total Revolving Debt on four cards: $72 (out of a credit limit of $33.2K)
Collection Accounts: None
Public Records: None
Equifax Fico score: still only 682
Is the above balance of $72 a big deal? The simulation performed on Feb 18 said pay down $22k. I paid down more than $24K. No other changes have happened to my credit report-- all the other loans are current, and no new accounts have appeared or fallen off. Is this just a question of waiting a few more days for Scorewatch to reflect the new, promised score? How much longer? Or should I accept by now, Mar 8, that I will in fact not get up to the 720's?
Thanks.
Thank you for the quick reply.
Come to think of it, the 682 appeared on Mar 2 as a Scorewatch alert. And the date I established everyone had reported by was Mar 4. So, today being Mar 8, is a four day lag within the scheme of things?
Thanks again.
Okay, if four days is within the normal waiting period, I won't worry.
As I learned in another part of the forums, I subscribed last week to the monitoring service creditchecktotal to see what's happenning with all three of my reports. That's where I'm getting the info that all my paid down cards have reported to Equifax as of March 4. I have not pulled a new Equifax report from here (the myfico site) since Feb 18, when I did the simulation, but I will soon.
I stumbled onto this myfico website only 4 weeks ago and have learned a lot. (This is my first post.) A real help, eye opener, and resource, thanks to posters like you. Yes, just from the very short time I've been a subscriber of the other monitoring service, I noticed that three out of my four paid-down cards posted to Experian first, then TU, then Equifax.
I will wait 2-3 more days, and if Score Watch does not update my score via a score alert, I will pull a new Equifax credit report.
Thanks
Two are reporting a balance and two are at zero. Wamu is reporting a balance of $55, and Discover a balance of $17. Wells Fargo and Bank of Americal are zero.
I was surprised to see these little amounts for Wamu and Discover appear on my online statements right the day after I paid the outstanding balances to zero. Both companies said they were finance charges, and there was no time to pay them down to nothing before their reporting dates to the credit bureaus.
As of today, these two small amounts totalling $72 are gone now (I paid them), and all four of the cards should report at zero balances in the next cycle. I just hope my score will get to the promised land by then.
Thanks.
@Anonymous wrote:
As of today, these two small amounts totalling $72 are gone now (I paid them), and all four of the cards should report at zero balances in the next cycle. I just hope my score will get to the promised land by then.
This may not be your ideal situation. From what I understand, it's best to leave at least 1-2 cards reporting a total of 1-9% utilization to get your optimal score.