topic Re: Credit score in General Credit Topics

Credit score

Anonymous — Sat, 04 Mar 2017 17:37:49 GMT

Hi guys, so I ordered myFICO Equifax score and it was at 627. After finding out my updated current score I started to pay off all my credit card balances. See below for what it is

Amex blue day - $1086.00 balance paid - Now $0.00

Discover - $2062.00 balance paid - Now $0.00

Citi bank platinum - $4026.00 balance paid - Now 0.00

All those credit card balances have been updated with Equifax and now it's showing me I have a credit score of 693 now after those reported being paid off.

There is one more credit balance of $997.00 that's been paid off but still hasn't been reported yet. My question is with that being updated with Equifax soon, will it bump my credit score past 693? I'm looking to be above 700 to get a second auto loan with PenFed, the first one just got paid off after having it only for 8 months because my car got totaled and insurance just paid it off. I'm hoping to get another loan from them and a personal loan as well this time.

I have a Macy's store card balance with 173, Barclays 0 balance with a 3500 cl. Capital one quick silver 0 balance with a 1500 cl, captial one platinum with a 0 balance and 500 cl.

My Aaoa say 10 months but my first Credit card was taken out 2 years ago don't understand why but I'm okay with that. Please give me some tips on how I can get it past 700 and higher and if it's possible once the Citi balance of 997 shows reported paid off will that bump it from 693 to 700 or over.

Re: Credit score

Anonymous — Sat, 04 Mar 2017 17:50:39 GMT

@Anonymous wrote:
Hi guys, so I ordered myFICO Equifax score and it was at 627. After finding out my updated current score I started to pay off all my credit card balances. See below for what it is

Amex blue day - $1086.00 balance paid - Now $0.00

Discover - $2062.00 balance paid - Now $0.00

Citi bank platinum - $4026.00 balance paid - Now 0.00

All those credit card balances have been updated with Equifax and now it's showing me I have a credit score of 693 now after those reported being paid off.

There is one more credit balance of $997.00 that's been paid off but still hasn't been reported yet. My question is with that being updated with Equifax soon, will it bump my credit score past 693? I'm looking to be above 700 to get a second auto loan with PenFed, the first one just got paid off after having it only for 8 months because my car got totaled and insurance just paid it off. I'm hoping to get another loan from them and a personal loan as well this time.

I have a Macy's store card balance with 173, Barclays 0 balance with a 3500 cl. Capital one quick silver 0 balance with a 1500 cl, captial one platinum with a 0 balance and 500 cl.

My Aaoa say 10 months but my first Credit card was taken out 2 years ago don't understand why but I'm okay with that. Please give me some tips on how I can get it past 700 and higher and if it's possible once the Citi balance of 997 shows reported paid off will that bump it from 693 to 700 or over.

If the utilization on that last balance was above 80% I would think so, yes.

Re: Credit score

Anonymous — Sat, 04 Mar 2017 17:55:36 GMT

The card limit was 1000 and I paid of 997 so yea almost at 100% utilization. When you say utilization over 80%, do you mean of that specific credit card or 80% of all my credit cards?

Re: Credit score

Anonymous — Sat, 04 Mar 2017 17:56:37 GMT

Also if I start to take out a credit line increase on each card and get that reported, will that boost my credit score a lot or no?

Re: Credit score

Anonymous — Sat, 04 Mar 2017 18:04:15 GMT

@Anonymous wrote:
Hi guys, so I ordered myFICO Equifax score and it was at 627. After finding out my updated current score I started to pay off all my credit card balances. See below for what it is

Amex blue day - $1086.00 balance paid - Now $0.00

Discover - $2062.00 balance paid - Now $0.00

Citi bank platinum - $4026.00 balance paid - Now 0.00

All those credit card balances have been updated with Equifax and now it's showing me I have a credit score of 693 now after those reported being paid off.

There is one more credit balance of $997.00 that's been paid off but still hasn't been reported yet. My question is with that being updated with Equifax soon, will it bump my credit score past 693? I'm looking to be above 700 to get a second auto loan with PenFed, the first one just got paid off after having it only for 8 months because my car got totaled and insurance just paid it off. I'm hoping to get another loan from them and a personal loan as well this time.

I have a Macy's store card balance with 173, Barclays 0 balance with a 3500 cl. Capital one quick silver 0 balance with a 1500 cl, captial one platinum with a 0 balance and 500 cl.

My Aaoa say 10 months but my first Credit card was taken out 2 years ago don't understand why but I'm okay with that. Please give me some tips on how I can get it past 700 and higher and if it's possible once the Citi balance of 997 shows reported paid off will that bump it from 693 to 700 or over.

AAoA is the average age of accounts.

If you have one card that is 12 months old, and one that is 24 months old, your AAoA will be 18 months.

(12 mos + 24 mos) / 2 cards = 18 mos

So, add up the age of each of your cards in months, then divide by the number of cards to get the AAoA.

Re: Credit score

SouthJamaica — Sat, 04 Mar 2017 18:17:54 GMT

@Anonymous wrote:
Hi guys, so I ordered myFICO Equifax score and it was at 627. After finding out my updated current score I started to pay off all my credit card balances. See below for what it is

Amex blue day - $1086.00 balance paid - Now $0.00

Discover - $2062.00 balance paid - Now $0.00

Citi bank platinum - $4026.00 balance paid - Now 0.00

All those credit card balances have been updated with Equifax and now it's showing me I have a credit score of 693 now after those reported being paid off.

There is one more credit balance of $997.00 that's been paid off but still hasn't been reported yet. My question is with that being updated with Equifax soon, will it bump my credit score past 693? I'm looking to be above 700 to get a second auto loan with PenFed, the first one just got paid off after having it only for 8 months because my car got totaled and insurance just paid it off. I'm hoping to get another loan from them and a personal loan as well this time.

I have a Macy's store card balance with 173, Barclays 0 balance with a 3500 cl. Capital one quick silver 0 balance with a 1500 cl, captial one platinum with a 0 balance and 500 cl.

My Aaoa say 10 months but my first Credit card was taken out 2 years ago don't understand why but I'm okay with that. Please give me some tips on how I can get it past 700 and higher and if it's possible once the Citi balance of 997 shows reported paid off will that bump it from 693 to 700 or over.

1. Congratulations.

2. To optimize your credit card utilization, have all but one of the cards report a zero balance, and the other card report a sub-10% balance.

Re: Credit score

Anonymous — Sat, 04 Mar 2017 19:04:36 GMT

Okay so would the 997 balance being paid off then reported push my credit score from 693 to 700 or greater?

Re: Credit score

rmduhon — Sat, 04 Mar 2017 19:25:29 GMT

There's no way to predict what your score will be. However, you should see a decent boost from paying off a maxed out card.

Re: Credit score

Anonymous — Sat, 04 Mar 2017 19:30:46 GMT

Sorry to sound annoying but when you say a decent boost do you mean like 5 points, 10 points?

Re: Credit score

Anonymous — Sat, 04 Mar 2017 19:38:27 GMT

@Anonymous wrote:
Sorry to sound annoying but when you say a decent boost do you mean like 5 points, 10 points?

It really is impossible to tell for sure how much your score(s) will go up once the $0 balance reports but it is possible it could even be higher. Scores are hit hard when you max out a card. There's just too many factors involved in a score, some of which no one knows but those who developed the scoring algorithms, to know for sure. Additionally you may not be aware but there are a lot of FICO scores besides just the regular FICO 08 score that people generally talk about. There are FICO 98, FICO 04, 08 and now 09 versions of which each has different models for the main score, bankcard enhanced used by some CC companies and auto and mortgage versions. All of these are affected differently by balance changes so while one score may make a big jump, others may not. The below link discusses the different versions:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617

Re: Credit score

Anonymous — Sat, 04 Mar 2017 20:29:37 GMT

Yea I get the difference, PenFed pulls fico 9 actually and I'm keeping track of that with myFICO offering fico 9 scores.

Re: Credit score

Anonymous — Sat, 04 Mar 2017 20:46:08 GMT

@Anonymous wrote:
Yea I get the difference, PenFed pulls fico 9 actually and I'm keeping track of that with myFICO offering fico 9 scores.

PenFed uses the FICO NextGen version. They are only one of a couple creditors that use that score. Unfortunately the only way to know that score is to have a PenFed credit account

Re: Credit score

Anonymous — Sat, 04 Mar 2017 21:30:33 GMT

Yea I have PenFed account. I have an auto loan with them taken out since August of last year but my car got totaled and insurance paid off the car. I'm in market to get another loan with them after my credit gets adjusted being that I paid all my balances. PenFed shows they use next gen 2. Isn't next gen 2 just fico score 9? That's what I was told by PenFed. When I check my score on PenFed website it tells me 577 next gen 2 score but that was before any of my balances paid off. You know before I paid off any balances I checked myFICO score and it was 627, yet with PenFed upon just checking now it's telling 577, I'm guessing my fico score 8 will be much higher then next gen 2 after all balances shown paid off?

Re: Credit score

Anonymous — Sat, 04 Mar 2017 21:44:18 GMT

@Anonymous wrote:
Yea I have PenFed account. I have an auto loan with them taken out since August of last year but my car got totaled and insurance paid off the car. I'm in market to get another loan with them after my credit gets adjusted being that I paid all my balances. PenFed shows they use next gen 2. Isn't next gen 2 just fico score 9? That's what I was told by PenFed. When I check my score on PenFed website it tells me 577 next gen 2 score but that was before any of my balances paid off. You know before I paid off any balances I checked myFICO score and it was 627, yet with PenFed upon just checking now it's telling 577, I'm guessing my fico score 8 will be much higher then next gen 2 after all balances shown paid off?

If a PenFed rep told you that, they were mistaken. FICO 09 came out in 2014 and afaik no creditor is using that version so far. The NextGen version came out in 2001. The only way to see updates for the nextGen score is when PenFed updates them each quarter. That version has a range from 150-950 while the typical FICO versions have the range from 300-850

Re: Credit score

Anonymous — Sat, 04 Mar 2017 21:53:38 GMT

Hmm so I'm guessing next gen 2 will be much lower then fico 8... considering next gen 2 says 577 vs fico 8 shows 627 at the time of balances still being due