topic Re: Odd but happy and hoping for input in Credit Cards

Odd but happy and hoping for input

addicted_to_credit — Sat, 18 Jun 2011 03:55:07 GMT

So I decided to update my Fico's and my EQ did a 9 point jump while TU stayed the same, the only difference in my EQ from 6/10 and tonight is Credit One is reporting closed and the 9 dollar balance is paid and that is the ONLY difference. UTL is still the same 5% So I guess my question is, Does an open Credit One CC look that ugly on a CR? I have played with the score simulator and paying off roughly 90% of my debt over a month could only gain up to 20 points so I am just a little confused on how paying off nine dollars got me 9 points. any thoughts and/or input would be great thanks guys & gals

Re: Odd but happy and hoping for input

Anonymous — Sat, 18 Jun 2011 04:01:07 GMT

Do you have balances on any other cards?

Fico doesn't care who issues your cards as best I know, but it does like it if all your util is on 1 card, or at least as few as possible, so having 1 less card with util would help.

So if it was your only other card with a balance, I can see how closing that account could bump your score.

Re: Odd but happy and hoping for input

Walt_K — Sat, 18 Jun 2011 04:06:53 GMT

@addicted_to_credit wrote:
So I decided to update my Fico's and my EQ did a 9 point jump while TU stayed the same, the only difference in my EQ from 6/10 and tonight is Credit One is reporting closed and the 9 dollar balance is paid and that is the ONLY difference. UTL is still the same 5% So I guess my question is, Does an open Credit One CC look that ugly on a CR? I have played with the score simulator and paying off roughly 90% of my debt over a month could only gain up to 20 points so I am just a little confused on how paying off nine dollars got me 9 points. any thoughts and/or input would be great thanks guys & gals

I doubt that is the only difference. If nothing else, your accounts are all one year older and your oldest account is one year older. You maybe have an older AAoA unless you've added new accounts to bring it down. But then, if you've added new accounts, there are other differences, i.e., new inquiries, so I am guessing you haven't added new accounts.

Also, if you paid off the Credit One account, you have one less account showing a balance. So even though your utilization is the same, one less account with a balance could be part of the score difference. Paying off 90% of your debt doesn't give you a big bump because you don't have a very high revolving utilization to begin with and that is scored more heavily than your installment debt.

I'm guessing that your score boost is a combination of age and having one less account with a balance.

ETA: Just realizing that 6/10 might mean June 10th and not June 2010. In that case, year older bit is nonsense.

Re: Odd but happy and hoping for input

addicted_to_credit — Sat, 18 Jun 2011 04:04:24 GMT

I have 4 others with with balances all are but 2 are under 100. It just seems weird 9 points for nine bucks

Re: Odd but happy and hoping for input

addicted_to_credit — Sat, 18 Jun 2011 04:11:08 GMT

I dont know? I am just puzzled its the only one that I see either way I am happy and would love to see move up some more

Re: Odd but happy and hoping for input

Anonymous — Sat, 18 Jun 2011 04:25:30 GMT

Shifting the balances from all those cards onto just one would probably raise your score more.

Re: Odd but happy and hoping for input UPDATE from Score Watch

addicted_to_credit — Sat, 18 Jun 2011 16:49:26 GMT

I just got the score watch and that was the only change odd but i will take the 9 for 9

Re: Odd but happy and hoping for input

addicted_to_credit — Sat, 18 Jun 2011 20:37:52 GMT

Yes the 10th of June I guess I could have been clearer

topic Re: Odd but happy and hoping for input in Credit Cards

Odd but happy and hoping for input

Re: Odd but happy and hoping for input

Re: Odd but happy and hoping for input

Re: Odd but happy and hoping for input

Re: Odd but happy and hoping for input

Re: Odd but happy and hoping for input

Re: Odd but happy and hoping for input ***UPDATE from Score Watch***

Re: Odd but happy and hoping for input

Re: Odd but happy and hoping for input UPDATE from Score Watch