topic What to expect in Understanding FICO® Scoring

What to expect

Anonymous — Tue, 04 Mar 2008 00:50:38 GMT

Was wondering if anyone would have an idea of what kind of jump to expect from a Fico of 554 after I just paid all of my credit card debt off today, roughly 11K, no collections with few late pays??? also can you force the reporting agencies to update their info about the accounts?

Re: What to expect

Anonymous — Tue, 04 Mar 2008 01:17:24 GMT

helpahomieout wrote:
Was wondering if anyone would have an idea of what kind of jump to expect from a Fico of 554 after I just paid all of my credit card debt off today, roughly 11K, no collections with few late pays??? also can you force the reporting agencies to update their info about the accounts?

What was your utilization % before you paid it off?

Re: What to expect

Anonymous — Tue, 04 Mar 2008 01:42:31 GMT

I dont know the exact %, but prob High 90%'s..

Re: What to expect

Anonymous — Tue, 04 Mar 2008 01:49:07 GMT

helpahomieout wrote:
I dont know the exact %, but prob High 90%'s..

Wow! Great job!

Don't hold me to this, but I'll guess 80-90 points.

Don't be disappointed if I'm wrong.

Edited to add: To get the maximum points for utilization, allow a couple of your cards to report a balance of 1-9% of the CL.

Message Edited by cheddar on 03-03-2008 05:49 PM

Re: What to expect

Anonymous — Tue, 04 Mar 2008 02:08:25 GMT

great, hope it does, thats the lowest its ever been..grrr..should i wait and let it auto report?..or request it be updated?

Re: What to expect

Anonymous — Tue, 04 Mar 2008 02:10:14 GMT

helpahomieout wrote:
great, hope it does, thats the lowest its ever been..grrr..should i wait and let it auto report?..or request it be updated?

Just wait it out. Each CC reports on its own schedule. If you ask them to update early they'll undoubtedly say no.

Re: What to expect

Anonymous — Tue, 04 Mar 2008 04:54:51 GMT

Hi help, and welcome to the forum!

The credit reporting agencies are at the mercies of the lenders as to when your credit reports updates. They have to receive the info from your ccc's. And the ccc's work on their own timetable.

I had to call each and every one of my ccc's and asked them when they actually report my payment history to the CRA. They all vary to some degree, but generally 2 or 3 days after your due date.

If you paid for example your cc's last Thursday, even though the ccc's received your payment and updated THEIR records, it doesn't mean they've reported that update to the CRA's. They report monthly.

I hope that made sense.

Re: What to expect

haulingthescoreup — Thu, 06 Mar 2008 01:18:25 GMT

And another way of looking at it is that they typically report on your statement date, which is usually several days after the due date from your previous statement.

So what you have to wait through is:

-- the CCC has to report the new low balance
-- the 3 CRA's each individually have to pull themselves away from Jerry Springer and the Speed Channel and Martha Stewart and enter this new info on your reports

And this has to happen for each credit card.

Do you already have a credit monitoring service that allows daily pulls, like TrueCredit? If not, you might want to try a one-month free trial so that you can tell when everything has hit. Make sure that you can do daily pulls. Then you will find that like so many of the rest of us, you're hooked!

Just be sure to ignore their scores and advice. You're pulling only for the reports.