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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.
@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.
@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.
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.
@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).
@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
@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.
@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
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:
This might help some advice givers...
Cap 1 | $2,550 | $1,825 | 71.57% | |
Barclays | $1,400 | $613 | 43.79% | |
Best Buy | $3,000 | $1,700 | 56.67% | |
Macys: | $1,600 | $900 | 56.25% | |
Synchrony | $1,500 | $500 | 33.33% | |
Synchrony | $1,500 | $497 | 33.13% | |
Rooms To Go | $3,000 | $0.00 | 0.00% |