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New Member
thankful_grateful
Posts: 2
Registered: ‎10-18-2009
0

Interesting reason for 9 point jump

Your FICO® score has gone up to 765 on July 25, 2013.
Target score alert: Your FICO® score has exceeded your target score of 760.
Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before:

You have too many credit cards carrying balances.

I have been around for a few years. I have learned a lot. i am definitely seeing the beef invites of understanding what actions impact my FICO score. I never expected to see that as a reason for a score increase!

About me.... Paid off all CC debt in 2009. I generally don't carry a balance on any credit cards, but do let at least one card report. This year I carried a balance on about 6 cards, my average CL is 25k and the balances a were about 2.5k ( so less than 10%\card ). Last month I paid off 3 of the cards. When the third card reported the zero balance, this alert popped up.


Frequent Contributor
resilient
Posts: 344
Registered: ‎10-02-2012
0

Re: Interesting reason for 9 point jump

Nice!!

Belk ($2.5k) Chase Freedom VS ($15k) CSP VS ($21.9k) Citi Platinum Select AAdvantage WEMC ($13k) Citi HHonors VS ($11k) Dillard's AmEx ($7.5k) Discover it ($3.5k) FNBO Chrysler MC ($16.2k) Gold Delta SkyMiles AmEx ($9.5k) Macy's AmEx ($5k) Macy's ($1k) Military Star Card ($4.8k) Nordstrom VS ($10k) PenFed Cash Rewards Visa ($15k) Starwood Preferred Guest AmEx ($2k) Susan G. Komen WMC ($30k) Kinetic CU Visa ($10k) US Bank Cash + VS ($14k) Walmart Discover ($7.5) Arrival + WMC ($12.5k)
Frequent Contributor
Mellon
Posts: 341
Registered: ‎08-31-2007
0

Re: Interesting reason for 9 point jump

cool

 

| NFCU Cashrewards $14,000 | NFCU Platinum $12,000 | NFCU Navchk $10,000 | Amex BCE $3,000 | Amex HHonors $1,700 | Chase Freedom $3,300 | Chase Sapphire Preferred $5,000 | BOA 3-2-1 $5,000 | Barclays Apple $4,450 | CapOne Quicksilver $1,000 | OCCU Beaver $5,000 | CITI Diamond Preferred $2,500| Citi TYP $5,000 | GTE FCU $3,000 | | Discover IT $3,500 | Walmart Discover $8,000 | NCSECU $750 | NASA FCU $2,000| Chase Slate $4,000 | Barclays Reward MC $1,500| Best Buy $3,000 | Wells Fargo $3,000 | Chase Amazon $3,000
Frequent Contributor
Steelersboy
Posts: 343
Registered: ‎06-25-2013
0

Re: Interesting reason for 9 point jump

I will definitely keep this in mind.

 
If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the best interest. - Benjamin Franklin
FICO Equifax-741, FICO Transunion-729, FICO Experian-740, Walmart FICO-754
Capital One Platinum|Capital One Quicksilver Cash Rewards|Chase Amazon Visa Rewards|BOA Cash Rewards|Walmart Discover|Sallie Mae MC Goal scores- 760+
Frequent Contributor
Scuba
Posts: 455
Registered: ‎06-08-2008
0

Re: Interesting reason for 9 point jump

Which of the three CB was that? I am guessing it was TU but it only a guess.
Established Contributor
YahComb
Posts: 599
Registered: ‎03-10-2012
0

Re: Interesting reason for 9 point jump

had that happen earlier this year. i had a brief period where i had no cards reporting a balance, and my score went up 8 points. then i had a small balance report, and i lost 5 points again. that was my equifax. sounds like OP's score is from EQSW.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Established Member
thirst305
Posts: 40
Registered: ‎03-03-2013
0

Re: Interesting reason for 9 point jump

I think the distinction here is that it stated the reason is "not hurting your score as much as before" rather than "your score increased because of."  Carrying balances on too many cards does lower your score, and since you've paid off some cards, the negative effect of that has been reduced.  The logic seems to make sense to me.

Ch7 BK discharged 3/2009
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Amazon store (8/12): 7,000 Walmart store (9/12): 3,600 Gap (3/13): 250 Chevron (3/13): 950
Partners (9/12): 13,000 CapOnex2 (1/10): 7,500x2 Discover IT (3/13): 4,000
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Interesting reason for 9 point jump

The # of cards w balances effect on fico is one of the most difficult to determine imo
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
New Member
thankful_grateful
Posts: 2
Registered: ‎10-18-2009
0

Re: Interesting reason for 9 point jump

It is my score watch from here... EQ.

 

I agree that this is an expected response for paying off debt.  I was just surprised because I still have 3 reporting balances and I was not expecting to see any change based on paying off half the debt.  The entire time all cards were less than 10%.  So... Just surprised.  And I agree with youngandcreditwthy, the impact of the # of cards reporting balances has to my credit score is hard to define.

Moderator
09Lexie
Posts: 26,030
Registered: ‎09-13-2012
0

Re: Interesting reason for 9 point jump


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