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How the hell when a creditor messed up on my payment I get a 30 day late and it drops my credit -42 points and than when they fix and remove it I only get +1 point back? I only checked my credit on myKarma but I wouldnt think it would be that big of difference from checking like the bureau site itself. Am I wrong?
In reference to your other post, you paid off the loan
By paying it off while having another open loan, you probably increased your aggregate utilization (% utilized across all installment account)
Without another other open loan you'd also lose the points along with more for credit mix
Also, something else may have changed in your profile, like revolving utilization % or % of accounts reporting a balance
Scoring isn't rigged as much as it wants to see low risk behavior; since it doesn't take into account income, it has to use utilization %. As you approach lower % utilized you pose a lower default risk on OPEN accounts.
@Anonymous wrote:How the hell when a creditor messed up on my payment I get a 30 day late and it drops my credit -42 points and than when they fix and remove it I only get +1 point back? I only checked my credit on myKarma but I wouldnt think it would be that big of difference from checking like the bureau site itself. Am I wrong?
CreditKarma is great for supplying your credit report. Not so great for scores. VantageScores is not primarily what lenders use.
$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.
AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.
I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?
From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20
I have $0 credit card debt which hasn't reported as I just paid all $55k at once. Hopefully that will bump it ☺️
@AllZero wrote:
@Anonymous wrote:How the hell when a creditor messed up on my payment I get a 30 day late and it drops my credit -42 points and than when they fix and remove it I only get +1 point back? I only checked my credit on myKarma but I wouldnt think it would be that big of difference from checking like the bureau site itself. Am I wrong?
CreditKarma is great for supplying your credit report. Not so great for scores. VantageScores is not primarily what lenders use.
$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.
AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.
I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?
From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20
Yeah I sold a few things that I owned . It was more like $58k, along with paying a few installment loans ($24k).... =$82k paid in one day.
@Anonymous wrote:Yeah I sold a few things that I owned . It was more like $58k, along with paying a few installment loans ($24k).... =$82k paid in one day.
Yup, that is a big amount. I'm sure your future self will thank you. Double digit APR on revolving accounts can bleed one dry on interest payments.
Thanks bro I can honestly sleep at night.