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darkblue
Posts: 33
Registered: ‎11-04-2007
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No change in FICO scores for more than a month

Why there is no change in my scores for more than a month.I paid more than minimum payments on all my 3 credit cards. It should increase my score atleast by 2 points according to score simulator. But it did not. why? How can i improve my score now?
 
 
 
On December 21,
TU - 662
EQ - 656
 
On November 04
TU - 662
EQ - 656
EX - 684
 
In August
 
TU-656
EQ-621
EX-659
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cobra19
Posts: 1,426
Registered: ‎07-24-2007
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Re: No change in FICO scores for more than a month

take these simulator's with a grain of salt. If you really want to realize a bump, pay balances to between 5 and 3%.
 
 
New York Yankees - 2009 World Series Champions. 27... and counting.....
Established Member
darkblue
Posts: 33
Registered: ‎11-04-2007
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Re: No change in FICO scores for more than a month

My overall utiliation is 5%. you want me to pay off the balance so that the utilization becomes 3%.
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: No change in FICO scores for more than a month


darkblue wrote:
My overall utiliation is 5%. you want me to pay off the balance so that the utilization becomes 3%.

I wouldn't expect that to make a difference. By the way, even though FICO sort of glances at installment util, it doesn't count very heavily in your score, and it doesn't factor in the util we're always obsessing about here, which is revolving util. So in your case, this means the three CC's plus any lines of credit with CL's of under $50K or so. (Sometimes these "smaller" lines of credit are treated as revolving until their limit hits $50K or so, and then they are counted as installment loans.)

How many total accounts do you have that are open? --including mortgage, installment, etc. Try letting only one of your CC's report a balance, with the other two PIF'd. FICO likes having only half of all types of credit lines report a balance --TU scores especially.

Otherwise, don't know why they've gotten stuck. What sort of things are on your report --lates, collections, charge-offs, etc.?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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IllinoisMike
Posts: 24
Registered: ‎12-03-2007
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Re: No change in FICO scores for more than a month

I am having a similar issue, in that my scores dropped drastically after I purchased a new vehicle and acquired a new CC in the same month. Then I got spanked again for. it seems, util on my two cards. This month, I paid down both cards to 5% util and they reported the new balances correctly. My Experian score (the lowest of the three) ticked up by one point and TUC didn't budge.
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: No change in FICO scores for more than a month


IllinoisMike wrote:
I am having a similar issue, in that my scores dropped drastically after I purchased a new vehicle and acquired a new CC in the same month. Then I got spanked again for. it seems, util on my two cards. This month, I paid down both cards to 5% util and they reported the new balances correctly. My Experian score (the lowest of the three) ticked up by one point and TUC didn't budge.


Hi, Mike. Generally after about the third month, your scores will be recovering, because the new tradelines will be reporting, and your CC will add its CL to your total. This reduces your overall util. With luck, in another month, your scores should be going back up, if your individual util and overall util stay down.

How many accounts total did you have reporting a balance? What cranky things did EX have to say on your FICO score report? (I'm assuming that you're talking about your FICO's, not FAKO's. :smileywink: )
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Member
darkblue
Posts: 33
Registered: ‎11-04-2007
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Re: No change in FICO scores for more than a month

I have only 3 credit card accounts that are open.I used two accounts in these two months, I have stopped using the third card since 3 months.But it has a balance of $270. I have been paying off all the three cards more than the minimum balance. I am going to close my mortgage loan in 3 weeks or so.I have one installment loan which is auto loan.I have  paid in advance for 8 months of auto installment.
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Brammy
Posts: 5,436
Registered: ‎03-10-2007
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Re: No change in FICO scores for more than a month

A one month change will not really make a difference, as hauling said, take the simi with a grain of salt.  The increase of score is going to depend on a number of factors.  How old are these accounts?  Usually you will see some score boost at 6, 12, 18 and 24 mos all things being equal.  I would never count on a month to month score boost unless you are paying off a relatively high uti.
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darkblue
Posts: 33
Registered: ‎11-04-2007
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Re: No change in FICO scores for more than a month

Yesterday I got email saying that my equifax score up by 16 points. :smileyhappy:
 
It was 656 . Now it's 672. A big jump in less than a month.
 
There was an enquiry from my lender on same day (not sure this happened before jump in points or after)
I paid more than min payments for two cards and more than the balance in another card.
Dont know which caused the big jump. But I am happy. Don't know how much is experian and TU now.  Any how, this does not decrease my mortgage rate rate I guess.
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cobra19
Posts: 1,426
Registered: ‎07-24-2007
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Re: No change in FICO scores for more than a month

672 probably is not enough to get a lower rate - but, your getting closer.A couple or three more months like that and you'll be there.
New York Yankees - 2009 World Series Champions. 27... and counting.....

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