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SW score updates are about a week behind it seems.
Also, your entire credit profile is a determining factor. Dropping it that much you will see an increase.
bump
I disagree. If OP "paid off the majority of her CC debt" and brought one that was maxed out down to 0, she should have seen a good bump in score.
@guiness56 wrote:I disagree. If OP "paid off the majority of her CC debt" and brought one that was maxed out down to 0, she should have seen a good bump in score.
+1. OP didn't indicate any other negatives, so the presumption would be that credit card debt was what was impacting the score. Dropping the "majority of her CC debt" and with one card dropping by 92% alone, the OP should see a goodly score increase. It may, however, take a couple of reporting cycles to fully maximize the score increase.
@MissBee418 wrote:
Hello. I recently paid off the majority of my credit card debt. I got score watch alert because my Comenity/Lane Bryant credit card balance decreased by more than 92% ($700). I was surprised this had no impact on my credit score. Is this normal? Or should I usually expect an increase in my FICO score when my balance decreases significantly.
Thanks,
I don't know if I'd expect a bump in your score for paying $700... no matter what it does to your UTIL or whatever. I've paid $10,000 of my debt down recently and it only barely budged my score.
Your score is based on a whole bunch of different factors, and it is ALWAYS a lot slower to update than we'd like. Maybe I'm wrong and your score will bump, it may just take some more time.
Utilization is a big factor in your score. The amount you actually pay isn't the issue, it is the utilization. And yes, if that is paid down you will see your score go up.
Unless it was CC debt, paying the 10K won't have much impact on your score.
@guiness56 wrote:Utilization is a big factor in your score. The amount you actually pay isn't the issue, it is the utilization. And yes, if that is paid down you will see your score go up.
Unless it was CC debt, paying the 10K won't have much impact on your score.
It was CC debt.