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So I got a score bump today. I went from 588 to 593 which is obviously good news. I'm confused, however, on why. I paid down a CC to $0 balance and also opened a new store card with a $500 CL so I assumed these were the reason. It says reason why are basically that some of the stuff reporting isn't affecting my scores as much. Such as derogatorily and such. It said nothing about the new, lowered balance. I had a $127 balance on a $500 CC but paid it down to $0. I'm happy but really don't understand, I guess.
bump
Probably came from the new card reporting already!!
I've found that time is your best friend when you are building your credit score. I think the "Stuff reporting isn't affecting" your score as much is what bumped your score. Twelve months of gardening (no applying for anything) got me a 30 point bump!! So maybe what ever derogatory info you had on there has had time to fall off Congrats on the bump.
The card doesn't show up that I can see. As far as things falling off, nothing has that I can tell. Should I pull a new report to see if anything has changed?
Your FICO® score has gone up to 593 on June 27, 2013.
Target score alert: | Your FICO® score has exceeded your target score of 588. |
Your FICO score may have gone up because the following 4 factors are not hurting your FICO score as much as before:
|
bump
Could be your AAoA is getting longer. More positive accounts than neg ones.
@Shellie wrote:The card doesn't show up that I can see. As far as things falling off, nothing has that I can tell. Should I pull a new report to see if anything has changed?
Your FICO® score has gone up to 593 on June 27, 2013.
Target score alert: Your FICO® score has exceeded your target score of 588.
Your FICO score may have gone up because the following 4 factors are not hurting your FICO score as much as before:
- You have a public record or collection in addition to a serious delinquency on your credit report.
- You have a short credit history.
- You have a recent public record or collection on your credit report.
- You have multiple accounts showing missed payments or derogatory descriptions.
Unfortunately you'll find that SW always gives these vague kinds of reasons. It never states any real, obvious reason for your score going up. I definitely would NOT spend the money to pull a new report to find out why I gained a few points. You're best off to enjoy the increase and not worry about it.
That makes sense. Maybe I'll get another boost soon from paying down util and opening another store card. Thanks
Usually it tells me something like a new open account or lower balance or something...I thought.