Paying off cc's works!

[ronstar7]

Hi all,

I am so excited!!

My experian rose 55 points today (My Fico) beause I paid off a $664 balance off on Cap One. I have never been this high. I know others are way higher but I am still thrilled!!! Back in April of last year I paid all cc off and my score only went up a little. But today with one card it goes up by 55. Does that sound right or could it have a combintation that made it rise? Accoring to my fico that was the only reason listed.

Edit: today Equifax follwed with its own 55 point bump!! Im FINALLY in the yellow lol!! now just waiting on transunion

Another edit: Just got another 2 points on Experian due to my Discover reporting a 0 balance when i paid off from $352.

Does anyone know if Cap one reports to all 3? Im askign because so far they have to only 2 which yielded my first bump of 55 points. But transunion still hasnt updated or budged...

[Anonymous]

Nice and congrats.  You must have the right mix of credit for your scores to shoot up like that.  Keep up the good work.

[ronstar7]

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@Anonymous wrote:

Nice and congrats.  You must have the right mix of credit for your scores to shoot up like that.  Keep up the good work.

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Thank you, I intend to!!

[DeeBee78]

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@ronstar7 wrote:

Hi all,

I am so excited!!

My experian rose 55 points today (My Fico) beause I paid off a $664 balance off on Cap One. I have never been this high. I know others are way higher but I am still thrilled!!! Back in April of last year I paid all cc off and my score only went up a little. But today with one card it goes up by 55. Does that sound right or could it have a combintation that made it rise? Accoring to my fico that was the only reason listed.

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A quick and easy way of raising your scores is by letting one card report a balance between 1 and 9% utilization. All other cards should be reporting $0. 

There are several other factors that go into FICO scoring (account mix, AAoA, payment history, etc.), but this is an almost-guaranteed way to get a small score bump.

[Anonymous]

Very nice! That's a great score increase.  You are well on your way to acheiving your goal of 700's!

[ronstar7]

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@Anonymous wrote:

Very nice! That's a great score increase.  You are well on your way to acheiving your goal of 700's!

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Thank you I surely hope so!! Today equifax updated and follwed suite another 55 point bump just waiting for transunion. 

[nupey10]

CONGRATS!!!

Its a great feeling I know.  I got my first yellow about 9 months ago WHEW I know what you are feeling!!!!

Hope your other 2 get there soon.

[Anonymous]

Way to go ronstar7!

It is a very good feeling when you move up thru the ranks with  your FICO credit scores.  That is awesome.  I remember myself moving up to fair and good.  Although only fair and good, I felt GREAT as I am sure that you feel ;-)

Keep up the good work, and try your darndest to pay your creditors on time and they will reward you with improvements in your scores.

*Kudos*

(-:

[Anonymous]

Congrats, OP, on the 55 point increase(s)! 

For a score bump that big from utilization alone, I'd venture to guess that you have very few CCs and that the amount you paid off was significant relative to your overall limit(s)?  If you could provide your total balances verses limits (and number of cards total) I think this datapoint of yours would be even more useful to others that are looking to pay down their balances and what type of score increase they could possibly anticipate from doing so.

[ronstar7]

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@Anonymous wrote:

Congrats, OP, on the 55 point increase(s)! 

For a score bump that big from utilization alone, I'd venture to guess that you have very few CCs and that the amount you paid off was significant relative to your overall limit(s)?  If you could provide your total balances verses limits (and number of cards total) I think this datapoint of yours would be even more useful to others that are looking to pay down their balances and what type of score increase they could possibly anticipate from doing so.

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Thank you! I actually have quite a few I jjst try to keep low or no balances and I am never late. See below:

Amex Delta limit 1000 bal 502

Amex Green NPSL bal 0

Buckle limit 3500 bal 0

Cap one QS  limit 4650 bal 60

Cap one limit 750 bal 0

Chase Freedom limit 1000 bal 0

Citi DC limit 2000 bal 0

Disocver IT limit 1400 bal 67

HSN limit 2150 bal 0

JJill limit 1900 bal 0

J Crew limit 16,450 bal 0

Loft limit 3250 bal 0

Macys limit 5000 bal 27 (just increased via sp)

Shell limit 700 bal 0

Vickie limit 3050 bal 0

Walmart limit 3500 bal 291