Pay down $150k - util now at 2%, score does not change in 2 months???

[Anonymous]

On Dec 28, I paid down $150k of cc debt -- took my util from 93% to 2% -

my EQ fico was 676, has been for months -- I fully expected to see EQ fico go up within a month...

I have zero lates, perfect history in every way except util was over 90%. OK, I found some cash and paid most everything off. Kept $100-300 per card, just to show some action.

My score before I started using my cc to expand my business (please do not admonish me for this, it actually worked for me) -- was above 800.

I own a home w. a mortgage. Flawless payment history. Had a car loan, paid if off last year. Flawless history. Have 20+ years of credit history, have a few accounts that are 20 years old... all flawless... My util is the ONLY reason for the score drop... and I expected to see a bump after paying it all off/down.

In addition to score watch, one of my credit cards also has a fako, but they have not updated since Jan 1, 2008 -- it's as if the CRA stopped reporting on Jan 1 --

Anyone have any idea why this can be?

Thanks.

Jerry

[llecs]

Congrats in paying off $150k in CC debt!!!!!!!!!!!! Feels good, doesn't it?

I'd give it a little more time. If you haven't pulled in past week or two, I'd do it just to check and make sure the balances are AOK. They probably haven't reported yet. I have a couple accounts that haven't reported since Nov./Dec. If you haven't pulled the reports, and you are using SW, look also at your settings. Make sure your target score is set above 690. I'm sure you'd hit that and more. If your setting have your score below 676, you won't see an update. If you set it at 690 and your score is already higher, you may have also missed the increase notification.

It is OK, IMO, to use a personal CC for biz. I do. I just exclusively use it for biz and no where else. Makes things easier at tax time.

[Junejer]

$150M in CC debt paid off. You are my new hero. Congratulations. The only thing that I would add to what llecs said is that I was recently told here that I should set my target score to what my current score is. So, 696, should be your setting. If score drops below or shoots above that score, you will get the update.

[Anonymous]

Nice work-

Work to get less than 50% of open accounts with any balance-

[Anonymous]

I saw a 3-point DROP in my EQ fico yesterday -- this went along with a "closed by consumer" report from chase visa.

I had had this acct for 13 years, and 2 years ago, they decided to change terms and rates -- it was a 6.99% fixed -- and they changed it to variable, and the rate would have gone up to 18% with the fed increases... I "opted-out" and simply decided to pay it off at 6.99% -- but then I found this forum, and learned about acct aging. --- I asked Chase to let me keep it open (now that is paid off), No go. I sent 2 different letters. Nope. So now the account is paid in full, closed by consumer.

And my score goes down 3 points because it is paid in full.

What a freakin' brilliant system this is.