Understanding FICO® Scoring

[Flying_High]

So for a while there my FICO score has been the same for like 1 month at 668, just the other day it went up to 686 so im like cool.. a while ago i read somewhere that someone said its good to have bal showing after statement my statement was on Nov 2nd but my due date is Nov 28 for the Discover but beca i did that my score droped to 665 right after my score went up..I just dont get it.. i do have a bal of $316 on my Discover CL is $750..my question is when I pay the $316 will my score go bk up right after my Dec 2nd statement?

[john398]

I think, Ideally you want to show a less than 10% balance so that would be less than $75

[luckelle]

Im at work and typed a long explanation for your question but,Somehow it didnt go threw. Your scores moves up faster after the initial hit on your credit. Use the fico simulator and set it to pay off the dept in 6 months verses 1 month and watch your score will be at least 40 points higher than had you payed it off immediately and had no balance for 6 months. What im saying is chose pay your bills in full in 1month vs pay your balance over 6 months with the simulator and watch your score will be higher. if you understand what I mean.YMMV

[Repo-ed]

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luckelle wrote:

Im at work and typed a long explanation for your question but,Somehow it didnt go threw. Your scores moves up faster after the initial hit on your credit. Use the fico simulator and set it to pay off the dept in 6 months verses 1 month and watch your score will be at least 40 points higher than had you payed it off immediately and had no balance for 6 months. What im saying is chose pay your bills in full in 1month vs pay your balance over 6 months with the simulator and watch your score will be higher. if you understand what I mean.YMMV

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I agree with this.

[Flying_High]

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luckelle wrote:

Im at work and typed a long explanation for your question but,Somehow it didnt go threw. Your scores moves up faster after the initial hit on your credit. Use the fico simulator and set it to pay off the dept in 6 months verses 1 month and watch your score will be at least 40 points higher than had you payed it off immediately and had no balance for 6 months. What im saying is chose pay your bills in full in 1month vs pay your balance over 6 months with the simulator and watch your score will be higher. if you understand what I mean.YMMV

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I went into the Score Simulater and it worked BUT the score they are useing is the old one 686 Report date Nov 2nd... when i go on the home page they show me my score of 665, Alert date 77387....So what does that mean do I have to pay for it again to update or do I wait?...Oh and about the fico simulator it said Pay Down $13 of Your Credit Card Balances Each Month for 1 Month(s) they will not let me do pay down $13 for 6 months it keeps giving me error now when they say Each Month for 1 month does that mean $13 every month untill i pay it off?, Im kinda lost. :0|