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Why is my score not going up??

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Ewalker33
New Contributor

Why is my score not going up??

I have been paying down on my revolving debt and haven't missed a payment and my score never goes up. It actually dropped 4 points just because I paid one account balance down to zero! i hate the way this credit system works.

Message 1 of 15
14 REPLIES 14
SouthJamaica
Mega Contributor

Re: Why is my score not going up??


@Ewalker33 wrote:

I have been paying down on my revolving debt and haven't missed a payment and my score never goes up. It actually dropped 4 points just because I paid one account balance down to zero! i hate the way this credit system works.


I don't hate it, only because it's fun to try to improve one's score playing by FICO's not-always-rational game rules.

 

So that we can help your game, tell us:

 

1. how many revolving accounts you have, with limit and last reported balance

2. how many open installment accounts you have, with original loan amount and last reported balance

 

Once we know that, we can tell you how to add some points.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 2 of 15
Anonymous
Not applicable

Re: Why is my score not going up??


@Ewalker33 wrote:

I have been paying down on my revolving debt and haven't missed a payment and my score never goes up. It actually dropped 4 points just because I paid one account balance down to zero! i hate the way this credit system works.


Your score wouldn't drop from paying an account balance down to zero unless it was your only account with a balance.  But, if that were the case, you'd lose much more than 4 points... likely 15-20.  I would guess that the 4 points you lost was from something else going on.

Message 3 of 15
Ewalker33
New Contributor

Re: Why is my score not going up??

When I received the alert from the MyFico App, it stated the 4 point drop was because I paid the account balance down to zero. It doesn't make since to me.

Message 4 of 15
SouthJamaica
Mega Contributor

Re: Why is my score not going up??


@Ewalker33 wrote:

When I received the alert from the MyFico App, it stated the 4 point drop was because I paid the account balance down to zero. It doesn't make since to me.


It didn't say "because" and it usually doesn't mean "because".

 

The event that triggers the "alert" may or may not be related to the score change.

 

(As an illustration, recently I got an alert that one of my credit card balances on EX had decreased by $59. And it contained an indication that my score had increased 20 points. Do you think that the score increase and the $59 balance reduction were related? They were not. I know exactly why the score increased 20 points. It was a totally unrelated event, that the decrease of my installment loan balances from 39% to 9% had also been reported. But for some reason changes in installment loan balances do not trigger MyFICO alerts).


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 5 of 15
Anonymous
Not applicable

Re: Why is my score not going up??


@Ewalker33 wrote:

When I received the alert from the MyFico App, it stated the 4 point drop was because I paid the account balance down to zero. It doesn't make since to me.


It is probably just scorecard rebalance. Give it a month or two and it should go back up if you do not make any changes. It might even go higher then what started with Smiley Happy

Message 6 of 15
Anonymous
Not applicable

Re: Why is my score not going up??


@SouthJamaica wrote:
So that we can help your game, tell us:

 

1. how many revolving accounts you have, with limit and last reported balance

2. how many open installment accounts you have, with original loan amount and last reported balance

 

Once we know that, we can tell you how to add some points.

 


SouthJ will be able to help you a lot if you give him the info he asks for above.  He's a great guy and very helpful with newcomers.

Message 7 of 15
SouthJamaica
Mega Contributor

Re: Why is my score not going up??


@Anonymous wrote:

@SouthJamaica wrote:
So that we can help your game, tell us:

 

1. how many revolving accounts you have, with limit and last reported balance

2. how many open installment accounts you have, with original loan amount and last reported balance

 

Once we know that, we can tell you how to add some points.

 


SouthJ will be able to help you a lot if you give him the info he asks for above.  He's a great guy and very helpful with newcomers.


Aw, thank you CGID Smiley Happy


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 8 of 15
Ewalker33
New Contributor

Re: Why is my score not going up??

Cap 1: $2,550   Balance: $1,825

Barclays: $1,400    Balance: $613   

Best Buy: $3,000    Balance: $1,700

Macys: $1,600    Balance: $900

Synchrony: $1,500    Balance: $500

Synchrony: $1,500    Balance: $497

Rooms To Go: $3,000   Balance: $0.00

Auto Loan:

Mortage:

Message 9 of 15
elim
Senior Contributor

Re: Why is my score not going up??

This might help some advice givers...

 

Cap 1 $2,550$1,82571.57%
     
Barclays $1,400$61343.79%
     
Best Buy $3,000$1,70056.67%
     
Macys: $1,600$90056.25%
     
Synchrony $1,500$50033.33%
     
Synchrony $1,500$49733.13%
     
Rooms To Go $3,000$0.000.00%
Message 10 of 15
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