topic Re: Why isnt my score going up in Understanding FICO® Scoring

Why isnt my score going up

questionsboyee — Thu, 19 Dec 2024 21:04:24 GMT

I have been paying on time and revolving accounts have been going down. I had an instance where one account paid on time went down 1 pt. I have been paying my car notes on time no lates no issues. Down 919 dollars last month no change in score. I have about 4 payments left I fear a huge drop after its paid off. Any advice on how to keep my scores going in the right direction.

Re: Why isnt my score going up

GZG — Thu, 19 Dec 2024 21:48:11 GMT

without a full understanding of your credit report, it would be hard to say

but regardless of score, paying down debt is a good thing and if the score drops when you pay off your car loan, oh well. (if you want a loan to maximise the loan part of your FICO score, consider a SSL from penfed)

list all of your accounts, any lates, any collections, any charge offs, any balances/limits you have and people here can give you a pretty good idea about why your score isn't/is going up or down

also be sure to be getting your score from here, or experian to get a real FICO score and not a Vantage score like from Credit Karma

Re: Why isnt my score going up

JoeRockhead — Thu, 19 Dec 2024 21:52:41 GMT

There's only a few utilization thresholds that see meaningful score changes when you get below them. It would get you some more specific insight if you could provide more information.

How many revolving accounts do you have
How many are carrying balances
What are the balances, and credit limits for each card carrying a balance
Any baddies on your reports such as late payments, charge offs, collections, etc... If so list them all and when they occurred.
Bonus question: What's your current Fico 8 scores

If your loan is your only open loan, then yes, you'll see a score drop when it's paid in full.

Re: Why isnt my score going up

DebbsSeattle — Fri, 20 Dec 2024 00:18:21 GMT

My score decreased 10 pts when my auto was paid in January. Have not seen the points come back but have 2 other installment loans (mortgage and personal loan). It might be camouflaged in other point adjs but just not called out.

Re: Why isnt my score going up

SouthJamaica — Fri, 20 Dec 2024 16:41:59 GMT

@questionsboyee wrote:
I have been paying on time and revolving accounts have been going down. I had an instance where one account paid on time went down 1 pt. I have been paying my car notes on time no lates no issues. Down 919 dollars last month no change in score. I have about 4 payments left I fear a huge drop after its paid off. Any advice on how to keep my scores going in the right direction.

Welcome to the forum.

Good advice from @JoeRockhead and @GZG

Once you get us information, we'll be able to answer your question and give you suggestions for score improvement.

Re: Why isnt my score going up

Realist — Wed, 01 Jan 2025 15:25:52 GMT

Your scores are going to naturally fluxuate no matter what you do, or don't do. A movement of a few points in either direction is just a margin of error calculation. This is normal.

Re: Why isnt my score going up

FireMedic1 — Sun, 19 Jan 2025 07:52:13 GMT

@questionsboyee wrote:
I have been paying on time and revolving accounts have been going down. I had an instance where one account paid on time went down 1 pt. I have been paying my car notes on time no lates no issues. Down 919 dollars last month no change in score. I have about 4 payments left I fear a huge drop after its paid off. Any advice on how to keep my scores going in the right direction.

Need to know what is your aggegate or overall util % across the board. One maxed out card can be a killer.