Re: Balance Decrease and Score Decreased

SouthJamaica · ‎08-11-2021

@Anonymous wrote:
I must add that I've paid off a charged off credit card and a collection account also within the past two weeks. As well as had two student loans removed and a repossession removed.

We would need to know more details to assess these.

Unify FCU Platinum Visa Variable Rate 35k

TD Bank Business Solutions Visa (Bus) 25k

FNBO Evergreen Business Edition Visa (Bus) 20k

Liberty (formerly Evansville Teachers) FCU Platinum Prime Plus MC 15k

US Bank Triple Cash Rewards Visa (Bus) 12k

Geo-fenced credit union Platinum Visa 10500

Members 1st FCU Low Rate Platinum Visa 5k

PLOC: Langley FCU 40k; Penfed CU 15k; NFCU 15k; Teachers FCU 15k; Affinity FCU 10k. BLOC: NFCU 5k

Total revolving limits 569520 (505320 reporting) FICO 8: EQ 699 TU 696 EX 673

Anonymous · ‎08-11-2021

@SouthJamaica wrote:
@Anonymous wrote:
I must add that I've paid off a charged off credit card and a collection account also within the past two weeks. As well as had two student loans removed and a repossession removed.
We would need to know more details to assess these.

Charged off credit card with opensky $147. It was charged off last July. Settled collection account for 644 (was 1100). Don't know how much the student loans were but they were both under 5k. And the repo was with Santander for 8k.

Anonymous · ‎08-13-2021

Is it possible it is a mistake? I just updated my subscription to Fico Premier so I can monitor monthly and my score says 570. I will wait until tomorrow to see if there are any changes. Not certain if score change mistakes happen or not but...I'm being patient in this. Just want to make sure that I'm not doing something wrong which I know I'm not by paying my cards down to zero balance.

Unlikely it's a mistake. Likely you're making a mistake in interpretation.

Where, when, and how are you getting these scores you're talking about?

CK shows my score dropped. But MyFico shows my TU and EQ score is 570 and my EX is 580.

kiea · ‎08-13-2021

I paid half of a balance due on my closed PayPal credit account and my score went down instead of up. I think it's because the ratio of my available credit vs total amount due changed. FICO is not calculating the credit limits on your charge off cards into your credit limit so when you paid the charge off balance your ulitization increased based on the available credit you have now .

At least that's what happened to me. There are options under the Myfico tabs to see why your score changed

Start of rebuild July 2021

January 2022

Anonymous · ‎08-13-2021

@Anonymous wrote:

Is it possible it is a mistake? I just updated my subscription to Fico Premier so I can monitor monthly and my score says 570. I will wait until tomorrow to see if there are any changes. Not certain if score change mistakes happen or not but...I'm being patient in this. Just want to make sure that I'm not doing something wrong which I know I'm not by paying my cards down to zero balance.

Unlikely it's a mistake. Likely you're making a mistake in interpretation.

Where, when, and how are you getting these scores you're talking about?

CK shows my score dropped. But MyFico shows my TU and EQ score is 570 and my EX is 580.

How much of a change are the MyFico scores from where you were before the balance dropped?

CK scores can be ignored. They are not used by any lender for credit decisions. Synchrony does use VantageScore 4.0, but that model is significantly different than the VantageScore 3.0 provided by CK and many other free credit monitoring services.

Anonymous · ‎08-13-2021

@Anonymous wrote:
@Anonymous wrote:

Is it possible it is a mistake? I just updated my subscription to Fico Premier so I can monitor monthly and my score says 570. I will wait until tomorrow to see if there are any changes. Not certain if score change mistakes happen or not but...I'm being patient in this. Just want to make sure that I'm not doing something wrong which I know I'm not by paying my cards down to zero balance.

Unlikely it's a mistake. Likely you're making a mistake in interpretation.

Where, when, and how are you getting these scores you're talking about?

CK shows my score dropped. But MyFico shows my TU and EQ score is 570 and my EX is 580.
How much of a change are the MyFico scores from where you were before the balance dropped?

CK scores can be ignored. They are not used by any lender for credit decisions. Synchrony does use VantageScore 4.0, but that model is significantly different than the VantageScore 3.0 provided by CK and many other free credit monitoring services.

The MyFICO scores are actually higher. Aug 5 my TU was 559. Today it is 570. I'm just going stop using CK then. They just had me very confused.

SouthJamaica · ‎08-13-2021

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:

Is it possible it is a mistake? I just updated my subscription to Fico Premier so I can monitor monthly and my score says 570. I will wait until tomorrow to see if there are any changes. Not certain if score change mistakes happen or not but...I'm being patient in this. Just want to make sure that I'm not doing something wrong which I know I'm not by paying my cards down to zero balance.

Unlikely it's a mistake. Likely you're making a mistake in interpretation.

Where, when, and how are you getting these scores you're talking about?

CK shows my score dropped. But MyFico shows my TU and EQ score is 570 and my EX is 580.
How much of a change are the MyFico scores from where you were before the balance dropped?

CK scores can be ignored. They are not used by any lender for credit decisions. Synchrony does use VantageScore 4.0, but that model is significantly different than the VantageScore 3.0 provided by CK and many other free credit monitoring services.
The MyFICO scores are actually higher. Aug 5 my TU was 559. Today it is 570. I'm just going stop using CK then. They just had me very confused.

Thanks for correcting yourself. Yes CK is very confusing.

Total revolving limits 569520 (505320 reporting) FICO 8: EQ 699 TU 696 EX 673

Anonymous · ‎08-13-2021

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:

Is it possible it is a mistake? I just updated my subscription to Fico Premier so I can monitor monthly and my score says 570. I will wait until tomorrow to see if there are any changes. Not certain if score change mistakes happen or not but...I'm being patient in this. Just want to make sure that I'm not doing something wrong which I know I'm not by paying my cards down to zero balance.

Unlikely it's a mistake. Likely you're making a mistake in interpretation.

Where, when, and how are you getting these scores you're talking about?

CK shows my score dropped. But MyFico shows my TU and EQ score is 570 and my EX is 580.
How much of a change are the MyFico scores from where you were before the balance dropped?

CK scores can be ignored. They are not used by any lender for credit decisions. Synchrony does use VantageScore 4.0, but that model is significantly different than the VantageScore 3.0 provided by CK and many other free credit monitoring services.
The MyFICO scores are actually higher. Aug 5 my TU was 559. Today it is 570. I'm just going stop using CK then. They just had me very confused.

Glad to see the scores did go up, which is to be expected! CK is great for checking your daily reports, you can see when balances update, inquiries, etc. The scores provided by it should be ignored. My CK score has been 650, give or take a few points, for the past year despite my actual FICO scoring ranging from the mid-600s to as high as 753.

Yasselife · ‎08-14-2021

@Anonymous How many accounts have you opened in the last 12-24mo? That could take down your scores by a lot and takes years to recover from it.
Do you have a clean profile, how's your AAoA?

BrownSugah66 · ‎08-16-2021

@CreditCuriosity...My TU score dropped by 40 points today as well. This felt like a gut punch as I have been working so hard at paying down credit card debt. It feels like being punished for doing something good.