35 Point Jump!!!

[Anonymous]

Hi Everyone,

This is my first post to this forum but I've been a frequent reader.

I just signed up for the EQ Score Watch service as I'm getting underway with repair plan.  I only signed up on 04/29 and just this morning I received an e-mail alert that my score just jumped 35 points.  35!!!

Most of my issues occurred in the 2004/2005.  Anything before that period is perfect. In 2006 I sold my house and paid my active debts off.  For the last 2-3 years I've been a cash man.  I don't see anything on my report for April 29th that should be falling off and I hadn't even begun the DV/GW process.

Does anyone have any idea why I'd jump 35 points in 5 days with no real reason that I can see?

Thanks

04/29/09  EQ-595,  05/04/09 EQ-630 

[Anonymous]

congratulations..

it happened to me too (a 20 point jump) ...may be fico likes that we are taking steps to repair the credit :-)

[Anonymous]

What reason does your SW alert give?

[Anonymous]

They listed this:

Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before:

• You've made heavy use of your available revolving credit.

[Anonymous]

Sounds as though the increase was a result of lowering your revolving utilization.

Did you pay off some CC balances?

[Anonymous]

Nope.  I did that over two years ago with the sale of my house.  That's why I'm scratching my head.

[haulingthescoreup]

Take a look at the report that came with your first score.

What is the reported utilization on that report? And click the "Accounts" page --do you think that any of the balances showing on the first report might have changed in the meantime?

Do realize that if you wait until your statements post to pay, the balances on those statements are reported and used in calculating your scores. So it's possible to PIF (pay in full) every month, and yet still get hit for high utilization.

[Anonymous]

 How does EQ Score Watch service work and where would I get the information to join.

[Anonymous]

Here you go:

http://www.myfico.com/Products/ScoreWatch/Description.aspx

Click on the video for details.

Sign up is easy.

[Anonymous]

---

@haulingthescoreup wrote:
Take a look at the report that came with your first score.

What is the reported utilization on that report? And click the "Accounts" page --do you think that any of the balances showing on the first report might have changed in the meantime?

Do realize that if you wait until your statements post to pay, the balances on those statements are reported and used in calculating your scores. So it's possible to PIF (pay in full) every month, and yet still get hit for high utilization.

---

I looked at the utilization and it showed 213% ???  I think this can be attributed to the high balance being shown on my AMEX.  For some reason they have a credit limit listed at $100 and a balance of $0.00 as I agreed to close in in October 2008.  No lates on the account since 1987.  Perhaps they made some sort of correction or after 6 months the issue is no longer as important to my score.

I need to look into why they show the large separation between high balance and limit.  They must have dropped it towards the end of the life of the account before I closed it.  Huh.