@Anonymous wrote:I am confised about what makes the score fluxuates..I paid the balance on my Discover card but my Experoan credit report decreased by 14 points but when I paid another card it increased by 4 points. Why is that????
We would need more information to answer your question.
What were the limits and balances on all your revolving accounts prior to the payments?
Banks only report the balance of your cards once a month, typically on the date of your monthly statement. So if your card reported a balance of say $100, any payments you make on it won't report in between statements (unless it's Chase and you pay it down to $0). The same can be said if the card reports a balance of $0, and you run up the balance in between statements. So you can't assume that is the reason for the score change, just because you paid a card down or the balance increased. We don't have enough information to give you the reason why (based on what you've told us so far).
@Anonymous wrote:Of I'm using myfico and it states your balance has decreased with the minus points and no other activity why wouldn't I assume that it's because of the payment to zero? This is why I'm confused.
MyFICO score updates are somewhat delayed, and a score update will usually trigger when there is a credit alert. Unfortunately, the reason for the alert is not always the reason for the score change, so it can be pretty misleading. MyFICO actually explains this pretty well. I'll find it and come back.
If you go to the alert and click "learn more," you'll find this explanation:
"Why did my score go up when I got an alert for something negative (or why did my score go down when I got an alert for something positive)?
The short answer: Your FICO(TM) Score may change because of other events not monitored by an alert.
Whenever we send you a credit alert, we also send an updated FICO Score. To ensure you get the most current score, we calculate it based on your entire credit report at that point in time - not just the new information on the alert. This means your new score may reflect other changes that are outside of the things we watch for (see everything we monitor).
Sometimes you may see your score increase when you think it should've decreased, and vice-versa, but you'll always have your most up-to-date and accurate score."
@KLEXH25 wrote:
@Anonymous wrote:Of I'm using myfico and it states your balance has decreased with the minus points and no other activity why wouldn't I assume that it's because of the payment to zero? This is why I'm confused.
MyFICO score updates are somewhat delayed, and a score update will usually trigger when there is a credit alert. Unfortunately, the reason for the alert is not always the reason for the score change, so it can be pretty misleading. MyFICO actually explains this pretty well. I'll find it and come back.
I can back this up. I paid off all my CCs to AZEO and saw a 14 point boost on EX. Two days later a 19 point drop! **bleep**? One day after that happened new alert: the personal loan I had paid off back at the end of June finally posted a 0 balance. My educated guess is the AZEO did what it was supposed to but due to the timing in relation to the loan reporting the score paid the price. No pun intended.
