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paid down credit cards

Regular Contributor

paid down credit cards

paid down my biggest card balance and i only got a 4 point fico rise. RIDICULOUS...

 

Lender pulled fico scores 4-11-2013
Equifax 670, Exp 673, TU 672
Message 1 of 14
13 REPLIES
Established Contributor

Re: paid down credit cards

Paid down, down to zero? 

Fico 8 11/8/16
Equifax 836, TransUnion 836 12/30/16 , Experian 842 1/11/17 . AAOA 12 years Oldest 20
No inquires since 2014
All credit reports frozen
Fico 8 Equifax Bankcard 866 12/27/16
Message 2 of 14
Regular Contributor

Re: paid down credit cards

No i went from $1000 to $300 and i thought i would get a bigger bump in my score but i did not

 

Lender pulled fico scores 4-11-2013
Equifax 670, Exp 673, TU 672
Message 3 of 14
Established Contributor

Re: paid down credit cards

Depends a lot on whats left on other cards, util etc. Do agree though, that is not a good thing to see. I know when i paid all mine off few years back i got, from what i remember around 50 points. Hopefully it will bump up more in the next few months for you. And hey, it is one down and no interest racking up on it...brightside and all that.
Message 4 of 14
Regular Contributor

Re: paid down credit cards

I have one more card that has a balance of $110 and my credit limit is $350 so I will just pay that one off to a $0 balance and see what that does

Lender pulled fico scores 4-11-2013
Equifax 670, Exp 673, TU 672
Message 5 of 14
Senior Contributor

Re: paid down credit cards


wildbillcody wrote:

I have one more card that has a balance of $110 and my credit limit is $350 so I will just pay that one off to a $0 balance and see what that does


When you pay down this card, you should (hopefully) see a bigger increase.  Right now, that card is slightly above 30% utilization. Dropping that number should make a difference.

Message 6 of 14
Regular Contributor

Re: paid down credit cards

cool, thanks. I have just now gotten the hang of paying off cards before they report so i will get this one before it reports on the 8th

 

Lender pulled fico scores 4-11-2013
Equifax 670, Exp 673, TU 672
Message 7 of 14
Regular Contributor

Re: paid down credit cards

Congrats on the payoff! Hopefully your score rises as you payoff the next one!

In full gardening/ debt annihilation mode! (4/15/13)
Notre Dame FCU Visa 0/2k (8/04); CapOne Best Buy 800/1.5k (7\06)
Citi Thank You World MC 4800/9.7k (1/11); Amex Zync NPSL (9/11)
Chase Freedom Visa 1600/3.8k (9/11); Chase Southwest RR Premier Visa Signature 4300/10.7k (6/12); Discover It 0/3k (7/12)
EQ: 751 (4/1/13) EX: 742 (4/8/13) TU: 732 (4/8/13)
Message 8 of 14
Senior Contributor

Re: paid down credit cards


wildbillcody wrote:

cool, thanks. I have just now gotten the hang of paying off cards before they report so i will get this one before it reports on the 8th

 


Yep, that's the key - pay down the balance before the statement generates. Hope it works out for you.  Please, post an update.

Message 9 of 14
Valued Contributor

Re: paid down credit cards

If one of your other cards has a high balance still even if the limit is only $300, it will negate the point increase of the card you paid down. What is the % utilization of all your cards right now?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 10 of 14