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Established Member
nickf4rr
Posts: 62
Registered: ‎01-11-2013
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Re: Watch my FICO Score change after I PIFed everything...IN DETAIL.

[ Edited ]

Yes, according to my CR it was reissued....this was a CC that I tore up a long time ago when I started paying it down years ago.  I called to request a new one and I got a SW update a few days later with the balance dropping to $0 and it showing Lost/Stolen.

 

Now that it's paid off and not in a Payment Plan as I thought--why not put it in my wallet?

 

My first score bump since I started tracking this was due to this card, but it reported $0 balance and Lost/Stolen the same day.  Now, the only change is the Lost/Stolen dropped off, and youngest account went past the 6 month line.  I can't figure out what else could be causing a lot of upward pressure on this score--and I'm pretty sure that future increases aren't going to be as dramatic.

 

I'm positive I could be in the 800 club if those baddies were to disappear...and I'm trying!

Starting Score: 01/12/2013 EQ 683
Current Score (myFico): 5/8/13 TU 734, EQ 738 05/04/13 EX 722
Last App 05/3/2013 - Off to garden for the rest of the year!

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guiness56
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Re: Watch my FICO Score change after I PIFed everything...IN DETAIL.

Contributor
Sitori
Posts: 268
Registered: ‎10-25-2012
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Re: Watch my FICO Score change after I PIFed everything...IN DETAIL.

Whoops....

My score just went from 660 to 693 on EQ. I'm wondering if its from paying off my cap1 last month?

Should I pay off my discover ($800) and my amazon (260$), all the way down to zero balance if I have 3 student loans out reporting as deferred, OR should I pay one all the way off and keep one reporting a 3% balance?

Which one will give me the most boost?

Also I'm trying to app for a GE card next month, should I have a zero balance report on the amazon since that's GE? Or is that the one that should have the small balance reporting?

-------------------------------------------------------------------------------------------------
EQ 701, TU 685, EX ?
Wallet:
Amazon store $2500(10/12), Cap1 $1500 (10/12), Discover $1700 (11/1/12).
Established Member
nickf4rr
Posts: 62
Registered: ‎01-11-2013
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Re: Watch my FICO Score change after I PIFed everything...IN DETAIL.


Sitori wrote:

My score just went from 660 to 693 on EQ. I'm wondering if its from paying off my cap1 last month?

Should I pay off my discover ($800) and my amazon (260$), all the way down to zero balance if I have 3 student loans out reporting as deferred, OR should I pay one all the way off and keep one reporting a 3% balance?

Unless something else changed in your report (and things like AAoA is always changing), I'd say based on my experience (as documented in this thread) that lowering your overall UTI is the quickest way to get a score boost.

 

The "sweet spot" I've seen mentioned is 4% UTI overall, but I have no idea how that would factor in with student debt.  How soon do you need to app for that GE card?

 

In your position, I'd PIF and lave $0 on your cards to see what that does to your score.  Then see what leaving $10 on each card does.  With your student debt, it may be better to have $0 on your cards, but that's a question you might want to pose separately.  (I haven't read much about the affect of student debt on score.) 

 

I'm timing my next App round for June 1, when I'll have been in the garden for 6 months.

 

 

Starting Score: 01/12/2013 EQ 683
Current Score (myFico): 5/8/13 TU 734, EQ 738 05/04/13 EX 722
Last App 05/3/2013 - Off to garden for the rest of the year!

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Contributor
Sitori
Posts: 268
Registered: ‎10-25-2012
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Re: Watch my FICO Score change after I PIFed everything...IN DETAIL.

I was planning on paying everything off in the next week. I think I'll leave 4% like you said and see what that does. 

 

The student loan thing is confusing. My score watch alerted me yesterday that the 2 student loans I got last semester just got sold....same day as my scored jumped 33 points. I'm not sure if that has anything to do with it. I don't understand how it works since I'm not paying on them, theyre all being deferred.

 

I'm trying to app after my 6th month of gardening too...which is May. I believe my 6th statement for Discover will be May 17th. I'm planning on having everything paid off, or down to 3-4% UTL by then so that everything reports. Then I'm applying for the GE Care Credit. Do you know how long it takes for them to report the changes in balances or UTL? Is it immediate?  I'll have to run a TU report to see my FICO after it's been reported so I have to time it right or it wont show and it'll be a waste of 20$  lol.


-------------------------------------------------------------------------------------------------
EQ 701, TU 685, EX ?
Wallet:
Amazon store $2500(10/12), Cap1 $1500 (10/12), Discover $1700 (11/1/12).
Established Member
nickf4rr
Posts: 62
Registered: ‎01-11-2013
0

Re: Watch my FICO Score change after I PIFed everything...IN DETAIL.

By deferred, what do you mean?  You don't have to begin paying on them for a while, or they're going to eventually be forgiven?

 

It's not immediate...sometimes it takes as little as 24 hours, sometimes as much as a few weeks to report.  For me, it seems EQ updates faster than TU and EX seems to take forever.  Do you know what CRA that GE pulls from?  

Starting Score: 01/12/2013 EQ 683
Current Score (myFico): 5/8/13 TU 734, EQ 738 05/04/13 EX 722
Last App 05/3/2013 - Off to garden for the rest of the year!

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Contributor
Sitori
Posts: 268
Registered: ‎10-25-2012
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Re: Watch my FICO Score change after I PIFed everything...IN DETAIL.

Being deferred because I am still in school taking more loans out. Once I graduate I have a 6 month grace period before they become "active" I guess you could say...and I have to start paying on them.  I guess it's like they're being put on hold until they go into "repayment  mode"  after graduation. Right now it shows them as new accounts, which sucks, and it's hurting my score every time I get my financial aid.

 

For GE It's either EQ or TU.  When I apped for  my Amazon card they pulled EQ, but when I apped for Care Credit a while back I'm pretty sure they pulled TU bc it's on my credit report as an inq.  Some people say it depends on the state you're in. I'm not 100% sure. 


-------------------------------------------------------------------------------------------------
EQ 701, TU 685, EX ?
Wallet:
Amazon store $2500(10/12), Cap1 $1500 (10/12), Discover $1700 (11/1/12).
New Contributor
remethy
Posts: 51
Registered: ‎02-15-2013
0

Re: Watch my FICO Score change after I PIFed everything...IN DETAIL.

FWIW, my student loans were recently purchased too.  They are also in deferment.  They disappeared off my report and my score bumped up about 15 points.  Then they reappeared under the new servicer, and my score went right back.  I don't know how exactly student loans figure into the score, but I assume that was what changed my score temporarily bc nothing else changed. 


Starting Score: EQ 539
Current Score: EQ 648, TU 617, EXP 623
Goal Score: 700 by 2/2014


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Established Member
nickf4rr
Posts: 62
Registered: ‎01-11-2013
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Re: Watch my FICO Score change after I PIFed everything...IN DETAIL.

UPDATE:

 

I recently bought the FICO Quarterly Monitoring product, mostly as a less expensive replacement for ScoreWatch.  However, when I called to cancel ScoreWatch, they lowered the price of it to $9.99, so I'm getting both for the same price. :smileywink:

 

Quarterly Monitoring pulls TU, so I got a score update on my TU.  Going from 23% UTI to 1% UTI seems took my score from 667 to 734.   Everything else was the same.

 

 

TransUnion (4/23/12)FICO: 667TransUnion (5/8/12) FICO: 734
Hurting your ScoreHelping your ScoreHurting your ScoreHelping your Score
High Credit UsageNo Serious DelinquencyMissed PaymentsNo Serious Delinquency
Missed PaymentsLong Account HistoryBad Payment HistoryLong Account History
Bad Payment History  Low Credit Usage
Accounts with Balances

 

 

 

 

 

Starting Score: 01/12/2013 EQ 683
Current Score (myFico): 5/8/13 TU 734, EQ 738 05/04/13 EX 722
Last App 05/3/2013 - Off to garden for the rest of the year!

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