topic Re: Equifax increase in Understanding FICO® Scoring

Equifax increase

Anonymous — Thu, 28 Oct 2010 01:54:51 GMT

My EQ increase from 628 to 644 just two days after I paid off my ca,r and clear small CC ( 300$) from 201$ to zero.

I wonder what make more impact.

Long way to go for me ; 19 000 $ debt on four CC and two store cards

By the way, My transunion was 669 a month ago.

Re: Equifax increase

Anonymous — Thu, 28 Oct 2010 01:59:44 GMT

@Anonymous wrote:
My EQ increase from 628 to 644 just two days after I paid off my ca,r and clear small CC ( 300$) from 201$ to zero.
I wonder what make more impact.

Long way to go for me ; 19 000 $ debt on four CC and two store cards

By the way, My transunion was 669 a month ago.

Paying down credit card debt has more positive impact than paying down installment loans.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work

Re: Equifax increase

Anonymous — Thu, 28 Oct 2010 02:16:52 GMT

Thanks for your reply. So, paying off my small cc make all this? While car was not that much important?

Re: Equifax increase

Anonymous — Thu, 28 Oct 2010 03:06:20 GMT

@Anonymous wrote:
Thanks for your reply. So, paying off my small cc make all this? While car was not that much important?

Yes because the utilization on your credit card went from 67% to zero and that can mean quite a few points. I think that's probably the reason for your score increase.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work

Re: Equifax increase

RobertEG — Thu, 28 Oct 2010 04:43:38 GMT

Iztok, FICO does not score based on "liitle" or "large" credit limit cards. It scores on the basis of your % util of whatever the CL is.

So going from 67% util to 0 is huge in scoring of that card.

Installment loans have no where near the FICO scoring risk as revolving (credit card) util. % util on an installment loan is a relatively minor scoring factor.

I have littlle doubt that the payment on the CC had significantly more impact than the installment loan.

Re: Equifax increase

Anonymous — Fri, 05 Nov 2010 01:56:03 GMT

My score today went up to 671

Just 20 days ago was 628, and pay off car and small CC from 295$ out of 300$ to zero; and as i report first went up to 644, and today to 671.

Don't know what is going on, but yes i am happy