Score Changes

[Anonymous]

Hi, 

I'm new to your forum so I hope I'm in the proper spot.

I'm in the rebuilding phase, and my credit history is fairly new 3yr9mo ave.

I'm gaining knowledge about CC UTI about keeping it under 30% and better if 10% or lower. While I kept it around 10% I decided to pay off my only 2cc. Cap 1 and JCP. Just before I cleared them I had hit 1%. Cap 1- $26 JCP $0 

My scores were TU 728, EQ 725, Esp 692.

Then when I cleared both to $0 TU 726, EQ 721 but Esp down 670, I was like what? No other changes at all, pymts all 100%etc.

Then I read on Esp saying 0% CC UTI is negative!?!?

It wasn't till June did I even realize how significant, CC UTI was. 

BTW - I pay off my balances each month. 

So I finally timed the posting data. 

Just yesterday, when iCI checked my scores CAP1 shows $129 ( even though, I paid it off on the 7th) JCP $0. 

TU 730 EQ 731 ESP shot up 696!!

So my CC UTI is 11%. IDK how I got lucky in timing when CAP1posted to them but it said 8/6. What I'm asking is does the posting date when they report stay the same day? In my situation the 6th of each month?

Thanks!

[Harvey26]

@Anonymousyou may want to add a third card. That should balance out everything so you dont see such a big drop when you pay off everything you always should pay down to 8.9%. You have good credit scores and 4 years credit history is actually pretty solid. I would suggest maybe a chase , discover or amex card.

[Anonymous]

Thanks! I've been thinking on this. I'm just a bit concerned because with the pandemic, I keep reading that people are having issues with obtaining additional credit.

[Harvey26]

@Anonymous You will be fine. I am sure you could pick any lender and get approved. Seems like you have only ever had 2 credit accounts. Lets us know what you decide to apply for!

[Anonymous]

@Harvey26 

FYI - I also have a car loan, which is actually my first "credit" 5y 2m100% current.(8mo) left. I almost paid it off early, thinking it would be beneficial, glad I researched it, saying no don't.

I do have a "baddie" (collection)2014 but I know that will drop next year.

The one thing that concerns me is I moved out west, and somehow, I screwed up and had Comcast, and back in Sept. 2019 I discovered it went to collections, I owed $82. Nonetheless, I was very upset, missing this oversight, however, I discovered I did owe it and I paid it off so it shows collection paid. That's what is stressing me out.

Before, I got my 1st. car loan, I didn't give credit standing a second thought, but when I got the loan, yeah high rate 21.9% my scores were horrible. Around 560! Now, I did a complete 360 and omg I'm obsessed with my credit, especially now I have goals and striving for the 800 tier. 

* Even though, I have. Cap1 well 6mo ago they upgraded me to the QS card, and checking like on CK, Experien, I always see my approval odds are the highest, with Cap 1 as one of the choices, probably a dumb question, but I was thinking on getting another Cap 1 ( bc of the high odds). I could try some others offered with lower rates, but I always pay them before they attached interest. I guess I am a bit apprehensive?

[Harvey26]

@Anonymous be sure to call comcast and get them to delete the collection off your report. Try the discover prequal and amex. See what comes up. I am sure you could get a lower rate. Have you checked with your bank?

[Anonymous]

@Harvey26 

The original creditor was Comcast, but I paid it through the collection agency, but I have the info. I'll call them. Thx. 

I didn't think of that my bank! Wells Fargo, I've read they're a bit tough, however, thinking on it now, I've banked with them for 6yrs. Excellent standing with my checking, and my 401k via my employer is through them, and I recently started a Roth too. According to their credit score that I see via the WF app I just now rechecked, they use FICO 9 and I'm only 712(good) according to them. However, it may go up because at that time my Credit Utilization was 0% but since I figured out how to show some use age it may go up. It isn't updated as the rest. I might try it. I'll see what happens in the next few days. 

Thx for your input.

[Harvey26]

@Anonymous I would go for there Cash Wise Card 1.5 cashback and sign up bonus. My aunt has bank with them since 90s has all of her banking with them. Recently just fixed her credit not even a year brought scores from 620 up to 740 and she got an instant approval for 11,000 on their rewards visa signature card. So 100% you will get approved.