topic Weird? in General Credit Topics

Weird?

TULO30 — Mon, 12 Nov 2007 16:30:35 GMT

I had a strange thing happen with my fico score. I received a notice that my score went down 1 point because Cap 1 charged its annual fee and it showed up on my credit report.

But, 24 hours later (the next day) I received a notice that my score went up by 23 points to 703!

Has this happened to anyone else? This is very strange.

Re: Weird?

Anonymous — Mon, 12 Nov 2007 16:39:16 GMT

Chances are Capital 1 when they reported, they reported your credit limit on the account. They have been notorious for not reporting the credit limit on the account, hence, the credit limit becomes the balance, hence, you are max out. Effective August 1, 2007 Capital 1 began reporting creditl limits due to the flack they were getting from consumers.

If you have a before and after credit report, look and see if you see a credit limit now showing. Not only would this increase your Utlization Ratio (Credit Balance to Credit Limit) but would also increase your total amount owed for all revolving accounts to total credit limits, subsequently increasing your credit score.

Re: Weird?

Anonymous — Mon, 12 Nov 2007 16:49:22 GMT

Wow TUL! Congrats on the score increase! WTG!

And if that was the ONLY thing that could have effected your credit scores, I have no idea why it happened.

Re: Weird?

TULO30 — Mon, 12 Nov 2007 16:56:23 GMT

Thanks CR.

My Cap 1 balance is kept at $0. But, it always shows my CL on my CR. The annual membership fee showed up on my CR and made my score go down 1 pt because there are usually no charges on the account. So, I know why it went down. I am just a little confused as to why it would go up by 23 points suddenly....I guess I shouldn't lick a gift horse in the mouth! LOL!

I will take your suggesstion of reviewing my credit report to see what changed.

Thanks!

Re: Weird?

TULO30 — Mon, 12 Nov 2007 17:13:54 GMT

Thanks Sylvia! Unfortunately, I am not all that excited yet. You see I am also a member of the Experian FICO website and they are still showing my score at 663. I am hoping it will increase closer to the 700 mark soon.

The last late payment on my CR was in 2003. Experian is a stickler for lates. I am currently disputing these lates...we will see what comes out of that. Also, I have one credit card with a high $6K balance that I am currently paying down. I have to get that Experian score up - so many vendors are pulling experian only now.

This stuff is all still new to me and it can be a bit confusing at times.

Re: Weird?

Anonymous — Mon, 12 Nov 2007 18:55:44 GMT

That's why EXP hates me. I have a lot of old 30 day lates.