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I pay the same price everyone else does. But it was well worth paying that for the data.
Thanks for the replies everyone. Do points lost due to utiization return point for point as it's paid off? Meaning, if I lose 23 points because a balance increases by 1000, should I expect to see a 23 point increase when I pay that 1000?
@Anonymous wrote:Thanks for the replies everyone. Do points lost due to utiization return point for point as it's paid off? Meaning, if I lose 23 points because a balance increases by 1000, should I expect to see a 23 point increase when I pay that 1000?
Fico has no memory of your past utilization. If everything else in your reports is exactly the same, you should see the same movement up from lowered utilization that you saw on the way down when your utilization increased.
Of course, everything won't be exactly the same though. Accounts will have been older, balances won't be exactly the same, etc.
@stan_the_man wrote:
@Anonymous wrote:Thanks for the replies everyone. Do points lost due to utiization return point for point as it's paid off? Meaning, if I lose 23 points because a balance increases by 1000, should I expect to see a 23 point increase when I pay that 1000?
Fico has no memory of your past utilization. If everything else in your reports is exactly the same, you should see the same movement up from lowered utilization that you saw on the way down when your utilization increased.
Of course, everything won't be exactly the same though. Accounts will have been older, balances won't be exactly the same, etc.
FICO doesn't but your report and lenders do, correct?
Anybody who can see old copies of the credit report would know the utilization for that particular tradeline for that particular date/time the report was generated. Most importantly would probably be the lender/tradeline itself who monitors it's lendees activities.
@ptrutkowski wrote:
@stan_the_man wrote:
@Anonymous wrote:Thanks for the replies everyone. Do points lost due to utiization return point for point as it's paid off? Meaning, if I lose 23 points because a balance increases by 1000, should I expect to see a 23 point increase when I pay that 1000?
Fico has no memory of your past utilization. If everything else in your reports is exactly the same, you should see the same movement up from lowered utilization that you saw on the way down when your utilization increased.
Of course, everything won't be exactly the same though. Accounts will have been older, balances won't be exactly the same, etc.
FICO doesn't but your report and lenders do, correct?
While it's obviously possible that lenders might hold on to your old softed credit reports, why would they? I mean, multiply this by the millions of cardholders that they have.
Naturally they keep track of your history on their own account. And your reports do seem to show previous total charges --you can see this on your own consumer Experian report, and I'll bet that their versions show the same. They probably want to know that you do in fact use your CC's.
But I'd be hard-pressed to think of anything that worried me less than this.