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Those losers at Equifax dropped my score 10pts after a recent balance update from $7 to $0. Equifax is by far the worst CRA I've dealt with.
@tjmolly wrote:Those losers at Equifax dropped my score 10pts after a recent balance update from $7 to $0. Equifax is by far the worst CRA I've dealt with.
A scoring reduction for a balance to $0 is often expected (not always, since some balances reporting $0 can be beneficial; just not all of them) with various FICO scoring models (ie. FICO 8), which Equifax uses under license. Think of a credit score being more akin to a debt score, and it makes more sense why the scoring behaves that way.
I guess I'll just run up some debt then.
@Anonymous wrote:
@tjmolly wrote:Those losers at Equifax dropped my score 10pts after a recent balance update from $7 to $0. Equifax is by far the worst CRA I've dealt with.
A scoring reduction for a balance to $0 is often expected (not always, since some balances reporting $0 can be beneficial; just not all of them) with various FICO scoring models (ie. FICO 8), which Equifax uses under license. Think of a credit score being more akin to a debt score, and it makes more sense why the scoring behaves that way.
Running up some debt is exactly what they want you to do. If you don't have a mortgage, a vehicle loan and some credit card debt reporting, you're not going to have a perfect score.
If it is a closed revolving account, once the balance reaches $0, it is no longer included in your % util scoring.
EQ only recorded the updated balance. FICO then did the scoring.
FICO discontinued inclusion of the account, including its CL, in your % util calculation once it is closed and paid.
More specifically, you lost the inclusion of the account CL as part of the sum of all CL's in the denominator........
Actually it was an open Capital one card with a $2K limit. So it should help my overall debt/limit ratios. I have a mortgage, i have installement debt (personal loan and car loan), all on time payments. I also have a Lowes card, $0 bal with $5500 limit. I have Discover $170bal/$9400CL. I can't figure it out!
@RobertEG wrote:If it is a closed revolving account, once the balance reaches $0, it is no longer included in your % util scoring.
EQ only recorded the updated balance. FICO then did the scoring.
FICO discontinued inclusion of the account, including its CL, in your % util calculation once it is closed and paid.
More specifically, you lost the inclusion of the account CL as part of the sum of all CL's in the denominator........
@tjmolly wrote:Actually it was an open Capital one card with a $2K limit. So it should help my overall debt/limit ratios. I have a mortgage, i have installement debt (personal loan and car loan), all on time payments. I also have a Lowes card, $0 bal with $5500 limit. I have Discover $170bal/$9400CL. I can't figure it out!
@RobertEG wrote:If it is a closed revolving account, once the balance reaches $0, it is no longer included in your % util scoring.
EQ only recorded the updated balance. FICO then did the scoring.
FICO discontinued inclusion of the account, including its CL, in your % util calculation once it is closed and paid.
More specifically, you lost the inclusion of the account CL as part of the sum of all CL's in the denominator........
I'm confused... you said closed CC?
My bad. It is NOT closed, it is open with a $2k limit.