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Regular Contributor
Topshelf
Posts: 148
Registered: ‎02-04-2008
0

I don't understand

Okay, I pulled my three scores from True Credit tonight.  I know they are Fako, but wanted to compare all three reports side by side.  Myfico score has only changed by 2 points on score watch and things weren't making sense. 
 
One months scores:
 
TU   EX   EQ     
645  605   674     2/5/2008
659  673   689     3/5/2008
 
Now here is where it gets interesting. 
balances reported: 
 
2/5 bal = $17204  payments = $509
3/5 bal = BALANCES reported: 
TU $13235  EX $11244  EQ $11120 
       
 PAYMENTS reported: TU $447  EX $542  EQ $447
 
You do the math $17204 bal minus $13235 bal  = $3969 in my book, not $659 like TU is stating. 
 
I got a 14 point increase?  I was expecting a lot more.  Not all payments have posted yet either, but just on one account I went from a $5100 bal posted a month ago to the following balances on all 3 and today:
$2943 TU $693 EX $693 EQ
 
and that is just one account.  Others have posted payments as well.  All in all, I paid over $5000 in payments.  What is going on?  My scores should have really jumped taking my Util from 65% to 13%!! 
 
Why do individual accounts show substanial payments yet total payments don't reflect those figures.  Why aren't I getting credit where credit is due with a score increase. 
 
I finally made the 700 club, now 800 club, watch out - Here I come!
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: I don't understand



Topshelf wrote:
 
Now here is where it gets interesting. 
balances reported: 
 
2/5 bal = $17204  payments = $509
3/5 bal = BALANCES reported: 
TU $13235  EX $11244  EQ $11120 
       
 PAYMENTS reported: TU $447  EX $542  EQ $447
 
You do the math $17204 bal minus $13235 bal  = $3969 in my book, not $659 like TU is stating. 
 


The "Payments" field on TrueCredit is not the amount of payments you actually made, but the total amount of your required monthly minimum payments.
 
I charged about $4.5K on CCs last month.  I also made about $5K in payments.  My "Payments" field on TC says $108.
 


Topshelf wrote:
What is going on?  My scores should have really jumped taking my Util from 65% to 13%!! 
 
Why aren't I getting credit where credit is due with a score increase. 


Because FAKOs are worthless and should be ignored.  Trying to make sense out of them is futile.
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Regular Contributor
Topshelf
Posts: 148
Registered: ‎02-04-2008
0

Re: I don't understand

Thank you for the quick response.  I didn't think my required payments were that high.  My other question would be why Myfico Score watch has only shown a 2 point increase in the past month.  It use to send reports all the time if my score went up or down with a payment. 
I finally made the 700 club, now 800 club, watch out - Here I come!
Regular Contributor
Topshelf
Posts: 148
Registered: ‎02-04-2008
0

Re: I don't understand score not moving

I just pulled myfico score and all my payments have been posted.  65% utl to 18% and I only gained 2 points for paying just over $5000 on the revolving cc?  no lates, one public record over 6 years old and that is it.  This really doesn't make sense.
 
I did a simulation of what it would be if I paid another $1000 and it didn't move. >>>>?????????????
I finally made the 700 club, now 800 club, watch out - Here I come!
Regular Contributor
Moobs
Posts: 236
Registered: ‎01-08-2008
0

Re: I don't understand score not moving

Do a simulation to get you under 10% util. You should see a much bigger jump
Word... To your Mothers... All of them

TU(2/14/09)=719 EQ(2/2/09)=696 EX(1/21/09)=704
Mega Contributor
RobertEG
Posts: 18,543
Registered: ‎03-19-2007
0

Re: I don't understand

Hey, Top, may I be so bold as to ask, why do yiou care about your monthly numerical FICO?  If you are planning to apply for new credit in the next few months, then yes, it is important.  If not, then just follow the threads and threads of great advice you get on here, and ride the wave.  FICO only has relevance once you put a new loan application on someones desk.  Other than that, it is just ego.
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: I don't understand



RobertEG wrote:
Hey, Top, may I be so bold as to ask, why do yiou care about your monthly numerical FICO? If you are planning to apply for new credit in the next few months, then yes, it is important. If not, then just follow the threads and threads of great advice you get on here, and ride the wave. FICO only has relevance once you put a new loan application on someones desk. Other than that, it is just ego.



Excellent advice. Get the utilization down under 10% to be sure and wait for the new accounts to age past 1 year then 2 and you will see your score pop. New accounts are a killer so if you don't need more credit do not apply.
Regular Contributor
Topshelf
Posts: 148
Registered: ‎02-04-2008
0

Re: I don't understand

[ Edited ]
Excellent advice. Get the utilization down under 10% to be sure and wait for the new accounts to age past 1 year then 2 and you will see your score pop. New accounts are a killer so if you don't need more credit do not apply
 
Well, I did do the simulator to reflect my scores.  I am at 13% right now, but not all payments have posted so it is showing 18%.  I tried to see what it would look like if I paid $1000 next month and it showed no movement.  I tried $500 a month for 3 months and it showed no movement. 
 
I went from oweing $9180 on 12/25 to a remaining bal today of $2184.  You would think I would get more than 2 points out of it.
 
The only reason I applied for more cards was to get a better util.  I wanted a BT but I was approved for another small card which hurt instead of helping me.  I need a card with a larger Balance offered from what I understand by reading the threads. 
 
I have been trying for over a year to get over 720 and nothing I am doing seems to work.  I need to up my score so I can purchase a home and get enough over for home improvements on the house I plan to buy. 


Message Edited by Topshelf on 03-08-2008 08:04 PM
I finally made the 700 club, now 800 club, watch out - Here I come!

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