New...... Please Help with Why score didn't change!?!?

[llecs]

I have an answer....but first, to confirm, the 2 $0 balance CCs are close, and the third, is it open or closed?

[jmill012]

2 zero I paid off are closed and I have 2 open, first has 0 balnce on 2K limit (this is a store account I completly forgot about) the other has 1250 balance on 6K limit (regular CC).

Message Edited by jmill012 on 11-26-2008 06:14 PM

[jmill012]

Sorry if I am confusing I don;t know how this all works.  Additionally the 6K CC isn't reported yet it is new.

[llecs]

When a CC is closed with a balance it continues to factor into utilization. Whether open or closed before paying it, FICO was reading your overall utilization at 56.13%. However, once those 2 CCs are paid to $0, and if closed, they are no longer an impact on utilization. So, your utilization dropped to 15%. You should have received a 50-60 point gain (in general, 10 points gained for every 10% dropped).

If your last score factored in a $0 balance to those two closed CCs, then you really had a 0% change in utilization which would have lead to a no change in score. Do you have a report to see if those two closed CCs were factored in?

Edited to account for the non-reporting $6k card

Message Edited by llecs on 11-26-2008 09:31 PM

[jmill012]

I do have a report form all 3 Credit agencies that have the old balance as of 11/20/2008.  The two Credit Cards were updated to show 0 today on the Equifax but no score increase assoicatesd with the lower balances. TU and Experian stil show the high balances so I understand why no change there.  Although my TU score is already 30 points higher than Equifax which seems weird.

Edited to say there is no score increase according to the score watch.  I ddin't actually pull a new score to see.  Figured I had the score watch so if it changed it would have told me. 

Message Edited by jmill012 on 11-26-2008 07:18 PM

[RobertEG]

I takes time for a sailboat to adjust to the change in wind. 

Give it a month or two.

[llecs]

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jmill012 wrote:

Edited to say there is no score increase according to the score watch.  I ddin't actually pull a new score to see.  Figured I had the score watch so if it changed it would have told me. 

Message Edited by jmill012 on 11-26-2008 07:18 PM

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Click in the Setting tab within SW. Take a look at your target score and make sure it is set equal to or one point higher than your current score. Maybe the score isn't triggering the alert.

[jmill012]

I adjusted the settings we will see if that helps.

I did get a new Experian Advantage Score of 760!  How does that equate to a FICO score?  Also my TU score went to 702 after the updated balances.  Just waiting on Experian. 

The reason I want them all to reflect the right scores is I am buying a new car for my wife for Christmas and I want to make sure I don't get ripped off on Interest Rate due to one not correcting itself.  I am going to give it two weeks to update and if it doesn't I will just have to take my chances with the car.

ALSO, I disputed my balance with Citi when they didn't update it to 0 and the came back and updated the balance to N/A AND DELETED ALL THE NEGATIVE REMARKS!  They got rid of 6 lates!  Is there a chance that when the report the little bit of interest I owe when my billing cycle ends in a week that they will report the lates once again?  I hope not b/c I know that helped my score big time. 

[llecs]

Ignore that other score. My last CA was removed over the summer. My EX FICO jumped 58 points. My EX FAKO via TC or CCT dropped 8 points. Go figure. Ignore all scores except for FICO scores.

Avoid disputing accounts. If the balance was incorrect, I'd give it 30 days to update first. It isn't uncommon for an account to delete. And if that account every helped with the history or util, then you'd take a significant score drop.

[haulingthescoreup]

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jmill012 wrote:

...I did get a new Experian Advantage Score of 760!  How does that equate to a FICO score? 

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As llecs said, just tune out the PLUS score. It uses a different scale from a FICO score, and even then, you can't just convert one to the other, as in Fahrenheit to Celsius. It weighs factors in your credit reports differently than the FICO formula, so even adjusting for the score range difference won't allow for a proper conversion.

Some people do find that their EX FAKO tracks their FICO's pretty well, but for most of us, it doesn't.