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Member
Posts: 15
Registered: ‎10-28-2011
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cc pay off

I paid off half my cc in September and got a big score boost, paid the remainder off in October and dropped two points. Why would that happened? Only cc. was a $500 limit. pulled both power score reports and not one thing has changed other than those two balances. If it is on the power score report, then are the points already there or is there a delay in time for posting?

Valued Contributor
Posts: 1,971
Registered: ‎02-06-2011
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Re: cc pay off

[ Edited ]

propaneman wrote:

I paid off half my cc in September and got a big score boost, paid the remainder off in October and dropped two points. Why would that happened? Only cc. was a $500 limit. pulled both power score reports and not one thing has changed other than those two balances. If it is on the power score report, then are the points already there or is there a delay in time for posting?


You say you paid half in Sep and the remainder in October, do you have any CC's reporting a balance now?

 

FICO likes it best when you have all CC's paid to zero balance and one CC reporting a balance of <9% of its CL, meaning you will see better scores with 1 or 2% util than you will with 0% util.

 

EDITED to fix a mistake.

 

Odd but true.


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Valued Contributor
Posts: 1,424
Registered: ‎08-28-2010
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Re: cc pay off

no balance is bad,, high balance is bad, they need to see u using ur cards, but keep it low,

Member
Posts: 15
Registered: ‎10-28-2011
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Re: cc pay off

zero balance posted all the way around

 

Valued Contributor
Posts: 1,424
Registered: ‎08-28-2010
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Re: cc pay off


propaneman wrote:

zero balance posted all the way around

 


what cards do u have and what r ur credit limits?


 

Valued Member
Posts: 39
Registered: ‎10-19-2011
0

Re: cc pay off

[ Edited ]

none, that was it. credit score tu-629 equifax 630 experian 679.  any suggestions   (propaneman is my husband and he is eating supper and ask me to type that for him)

Valued Contributor
Posts: 1,971
Registered: ‎02-06-2011
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Re: cc pay off


propaneman wrote:

zero balance posted all the way around

 


There's where you lost the 2 points :smileywink:


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge


Valued Contributor
Posts: 1,424
Registered: ‎08-28-2010
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Re: cc pay off


red456 wrote:

none, that was it. credit score tu-629 equifax 630 experian 679.  any suggestions   (propaneman is my husband and he is eating supper and ask me to type that for him)


so ur saying u paid off ur credit cards and closed them?

Valued Contributor
Posts: 1,971
Registered: ‎02-06-2011
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Re: cc pay off

[ Edited ]

What I'm getting is you only have one 500CL credit card?

 

If that's the case and you're concerned regarding your score, pay all but like $10 by the due date, and 1 day after the closing/statement date pay the $10 and your score should go back up.

 

I'm not really sure what suggestions you're looking for, sorry bout that.


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge


Valued Member
Posts: 39
Registered: ‎10-19-2011
0

Re: cc pay off

No, he didnt close it. just paid it off. We are trying to get to a 640 for a fha loan and we are 10 and 11 points away. Our banker is the one who came with the idea of getting it to zero.  I beleive he thought we could get good points for both months if we split it and paid half and half.  Lesson learned. Now what reckon???

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