Once again I paid off a credit card and at the credit limit increased bringing my utilization down from 30 to 10%. However, I have received no score change alert though I know its been reported thanks to a three in one monitoring service I have. Can someone explain this?
I am looking at my scores from my fico scorewatch product. The last alert I got was well before this account was either paid or the limit was reporting increased. I know it has since reported because, I received a hard copy of my report in response to a dispute. When this reported it took my overall util from 30 to 10% with the combination of paying off the card and the credit limit increase.
The last time this happened I called someone in customer service and they said that the limit increase and the pay down would offset each other resulting in a sum zero gain. This makes no sense at all to me since the avail credit and credit limit both increased across the board. There is never a delay I found when you run it up. Over Christmas my utilization was high for me, about 40%, each time a blance increased I got an alert within 24 hrs of reporting of a balance increase and a subsequest score drop. Each time a move happens in the opposite direction, I never hear a peep.
s thre a delay between what the bureau gets and the actual update from the scorewatch product.
Ive been using Score Watch since DEC. 2006 and I get email alerts every month that my score is going up everytime. But I dont use my CCards. I am only paying them OFF and/or DOWN + getting credit increases.
So I know for me that Score Watch works.......But - hear you.....I wonder if maybe cause you are using credit but also paying them down and/off it "does" balance out. Maybe its the fact that they are being used that is the culprit.
I wonder if you dont use them for a few months, will it jump up higher than normal. I guess its hard to tell unless you try.
Usually when my cards report higher balances I have been notified rigjt after the reporting date. This time it took a full three weeks to get the alert. It resulted in the large increase I expected, with paying the card off and getting a 40% credit limit increase, but I know that it was reporting on Equifax well before the alert. I guess that 24 hours thing isn't necessarily true. As Far as paying down balances, I usually use mine then pay them off anf try to rotate which cards have a balance. A large purchase ran utilil up now back down to 10%.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.