Understanding FICO® Scoring

[jandlynn]

Hi,

I received a cli on my BOA card yesterday  from 10k to 20k. I checked my credit report this morning on creditexpert.com and to my surprise the new limit was already reporting. But my score remained unchanged at 703. Also, my utilization only seemed to drop by 3.5% which would be inaccurate with a 10k increase. I currently have a balance of $2,900 on the card.

Any ideas as to what is going on? My score also droped 15 points last week because I recently refinanced to a lower rate and my new mortgage company isn't yet reporting. So as far as the CSR's are concerned, I don't currently have a mortgage.

I have 2 lates on a car payment and on a student loan. Both from June 2007. No other lates or derogatories.

I have 2 current auto loans. 1 from Chase and 1 from PSECU. The aggregate value of the auto loans are ~ 50k.

My income is in the 190k range. 

Any advice or insight is appreciatted.

[pakman92]

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jandlynn wrote:

Hi,

I received a cli on my BOA card yesterday  from 10k to 20k. I checked my credit report this morning on creditexpert.com and to my surprise the new limit was already reporting. But my score remained unchanged at 703. Also, my utilization only seemed to drop by 3.5% which would be inaccurate with a 10k increase. I currently have a balance of $2,900 on the card.

Any ideas as to what is going on? My score also droped 15 points last week because I recently refinanced to a lower rate and my new mortgage company isn't yet reporting. So as far as the CSR's are concerned, I don't currently have a mortgage.

I have 2 lates on a car payment and on a student loan. Both from June 2007. No other lates or derogatories.

I have 2 current auto loans. 1 from Chase and 1 from PSECU. The aggregate value of the auto loans are ~ 50k.

My income is in the 190k range. 

Any advice or insight is appreciatted.

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How did you calculate the util?  was it from the myFICO report?  It should be easy to check.  Add the the balances and limits of our revolving accounts.  If it still seems wrong, i'd be happy to go over your CR to see what is going on.

[llecs]

Ignore CreditExpert's score since it's a FAKO. It doesn't mean that FICO would have done the same. Also, IME in the past, they don't update scores daily despite advertising that in some instances.

Again, ignore the mortgage bit. I'm sure FICO would see that there's a mortgage. Even then, people in here have hit into the 800s without one.