@meeklo062704 wrote:
I got an Amazon card for my Xmas shopping since it was 6 or 12 months no interest. I only got a $600 limit, so I filled the shopping cart to a little under $600 with the intent of getting it paid to zero in 2 payments. I forgot I signed up for the insurance where they let you skip payments during financial hardship, like losing a job. Great feature, but I spaced it and forgot they charge 1.6% for that, so the balance came to $602.
My fako on credit karma plummeted from 630 down below 600. When I saw the score drop and the balance, I immediately made a $200 payment. I know there's no exact science to it, but any idea how fast the score will come back up? I'm going to be buying a car in about a month, but I want the score to come back up first. I have a cap1 secured card, and 2 authorized user cards from my wife with util around 20% on each.
The card reported maxed out and overlimit, there is a bigger ding once your balance exceeds 89% of the cards CL, some of these points will be recovered when the TL updates with the new balance. There are also buckets in Fico and you probably have been kicked down to a lower scoring bucket due to this, these points take longer to recover its typically 3-6 months before you get re bucketed back up into a better scoring bucket as you have to show Fico you can maintain NOT maxing or exceeding your CL. I would suggest you pay off all cards and let just 1 report a balance of 1-9% of its CL to help maximize your Fico and that includes the AU cards...
@meeklo062704 wrote:
I was kind of thinking the same thing. I had planned on making an early payment, but it's been one of those months and it today slipped my mind. I'll be kicking myself for that one for a while. Is it normal for only one fako site to show a drop and not the other? Credit karma showed that drop, but I wanted to see so I checked some others. Credit.com, cap1 credit tracker, and I checked that wisepiggy one too, and credit karma is the only one showing the drop.
If you are getting 2 scores on CK then thats the Vantage 3.0 score. Cap-1 uses the model that CK used to use as well the TU New accounts model. It is possible that different FAKOs have different results or no changes at all. The Vantage score is not a complete FAKO as there are some credit issuers that use it to issue credit lines.
@meeklo062704 wrote:
The 2 scores on ck are the tu and eq which I guess they just started doing. I've never seen my eq report before today, so I just found out some good news and bad news. Good news is my almost paid off medical bill isn't on there, but the bad news is my perfectly paid car loan that closed in August isn't there either. Don't all auto finance lenders report to all 3 or none? Kinda odd.
Would keeping the balance low on all cards for a few months improve the loan on a car vs paying them down then applying right away?
No, all lenders dont report to all bureaus, I would call them and ask or check your other reports and see if its still there. Keeping your balances low on your revolving cards will pay off in the long run with better scoring buckets as they age. If you dont need that car loan right away I advise you to take steps to increase your Fico prior to pulling the trigger on it.
