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Paid off 1 of 2 credit cards and my score went down 8 points, I don't get it

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Anonymous
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Re: Paid off 1 of 2 credit cards and my score went down 8 points, I don't get it


@JagerBombs89 wrote:

@NRB525 wrote:

@Anonymous wrote:

Thanks Jager, I did what you said, so this month I let it report a $22 balance (on a $4K limit) and you're right, my score jumped 17 points.  So just to be clear, 2 months ago when it reported as $0, my score went down.  Then last month with a $22 balance my score went up 17 points.  So not to be too much of a newbie, but now we come to subsequent months (such as this one).  Is it better to keep it in the same range (say $22), have it report a little lower, or a little higher?

 

Also, I have a 2nd card (also with Capital One) but it never seems to report.  Is there some way I can get this to report?  Thanks for any help.


You will generally see a score drop when not showing any balances at all, no "borrowing" in the sense of a statement balance. This is not the same thing as paying interest, it's just related to whether you let any balances report on the statement, then pay it off by the due date.

 

What are your MyFICO scores?

 

As to why the second CapOne card does not "report" do you mean you don't get alerts when the balance is changing? How much of a balance is reporting? How much is that balance changing month to month? Each CRA has a different set of criteria to report any particular card, and if the certain criteria are not met, no alert is triggered here.


THIS.  I may let a $200 balance report on a high limit card, but as long as you pay at least $200 before the due date, you will not be charged any interest. Generally, I always rotate which cards report a balance but always pay off the balance.  I don't remember that last time I paid interest to a CC company...


Thanks, trust me, I never pay interest either, I always just pay them off, usually a couple of days after my statement drops (so it can report some type of balance on the primary card anyway).  Now I'll let a small(er) balance also report on the secondary card and see how that helps....hopefully....

Message 11 of 12
Anonymous
Not applicable

Re: Paid off 1 of 2 credit cards and my score went down 8 points, I don't get it


@granny031350 wrote:

so how do you counteract a closed account "charged off" that is reporting a balance over the limit.   I have one that is 1000 limit, reports 360, and the other one was a loan that was well below the limit.   Both are from a local credit union.  I contacted them but heard nothing back about making arrangements.  They were included in my chapter13 which I dismissed volntarily.   I do have a cap one that I am keeping at 5 percent of 500.   reporting.


No real point in optimizing UTI until you get that charged off revolving account paid off. Since they are still reporting the balance they still own the debt. You may have to call their internal collection department to find out how to settle the account.

Message 12 of 12
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