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I have a CC with a 600 limit that I have had for about 6 month I kept the balance at 0 all this time and 2 weeks ago I used 300 on it but paid it off but didnt pay before my statement release and it dropped all 3 score 20 to 45 points. Now I am keeping a 0 balance again. My question is how long will it take me to get back those points? Is this part of the scoring pretty forgiving or is it going to haunt me? Thank you
I believe the right answer is that FICO does not have a balance memory. It takes a snapshot of your current CR at the moment it gets pulled. So I would expect those points to recover as soon as the balance reports what it was before, in this case, $0, provided there were no other negative changes to your CR during this same period. Your account will show your current balance at it's reporting period, which, depending on the card, could be just before your statement cuts, or just after the statement due date. I'm sure one of the guys with more knowledge on the subject than I will correct me if I am wrong.
@germese1975 wrote:I believe the right answer is that FICO does not have a balance memory. It takes a snapshot of your current CR at the moment it gets pulled. So I would expect those points to recover as soon as the balance reports what it was before, in this case, $0, provided there were no other negative changes to your CR during this same period. Your account will show your current balance at it's reporting period, which, depending on the card, could be just before your statement cuts, or just after the statement due date. I'm sure one of the guys with more knowledge on the subject than I will correct me if I am wrong.
Correct germese1975 fico balance memory is only month to month
OP I also noticed you stated you pay your balances to 0
If in fact you have just one card and I'm assuming here
If your looking for max scoring to help and not have this happen again try this:
Have that card report a balance between 1-9%
What hurt you in your last situation was you showed 50% UTL
This can be corrected by making multiple monthly payments if you have to before statements cut
Your scores should recoup in no time so don't sweat it