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fico increase

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Anonymous
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fico increase

Can anyone give me insight on why my fico score did not go up when I paid off about 11,000 dollars of credit card debt but when I put 2000 charge on one of the cards it dropped my sore by 13 points.  I appears that both cc's that were paid off were reported.  I know it is easier to make it go down than it is to get it back up but this seems extreme
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Anonymous
Not applicable

Re: fico increase

Post old balance, New balance, CL  on all of your cards.

 

kincaid wrote:
Can anyone give me insight on why my fico score did not go up when I paid off about 11,000 dollars of credit card debt but when I put 2000 charge on one of the cards it dropped my sore by 13 points.  I appears that both cc's that were paid off were reported.  I know it is easier to make it go down than it is to get it back up but this seems extreme



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Anonymous
Not applicable

Re: fico increase

What is your credit limit and balance on the CC on which you paid $11k?  If $11k is less than 30% of your credit limit, it won't make a difference, as the score is designed to change at certain thresholds.  Now, if paid $11k and are still above 30%, 50%, or higher on your balance to limit ratio, then, you still need to pay enough to get it down into that area before you will see change.
 
Apply the same concept to the card on which you charged $2000


Message Edited by stevie2 on 04-12-2008 10:44 PM
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