Does Wamu PFICO score drop after a large CC payment?

[Anonymous]

Wamu PFICO nearly -70 points. I say what is going on??? I pulled my CR twice just to be sure. No negs.

I have been paying debt down for months, each month my debt is less and less, points were climbing then WHAM! No new account, no inqs. nothing!!! Just less debt. Maybe I reached 6 months carrying a balance and that hurt my card score?

I just paid off a big cc debt last month. That's a time when people get CLDs. I wonder if paying off large debt at once looks bad for PFICO? Classic FICO rewards for paying off debt.

UPDATE
I just checked my CR from the day PFICO reported my score. Even though my debt was lower and I PIFd the debt, it was not reported until a few days later. So PFICO still recorded this debt as current. This revolving debt just reported as 6 months old.

So don't carry a balance for 6+ months with PFICO I guess? It was paid so lets see what happens next month when PFICO picks up the change.

Could I have lost nearly -70 points just because a revolving debt reached 6 months? BTY Classic FICO didn't mind the debt going 6 months. Odd.

Message Edited by ilovepizza on 04-17-2008 12:57 PM

Message Edited by ilovepizza on 05-17-2008 05:44 PM

[Anonymous]

Mine dropped to 607, and I'm not worrying about it at all. You shouldn't either....just what FICO has to say.

And I'm sure my FICO scores didn't drop considerably.....I hope. One never knows now days how scores react to opening new accounts.

I'm just waiting for all my payments to be reported to the CRA's and update before I pull the Credit Complete package again.

[Anonymous]

Me +5

Pizza you have to remember the PFICO reports a month behind -

[Anonymous]

I have gotten CLDs with my activity in the past more than once after paying off debt, so this score drop after large payments could explain it. Even going back 4-5 months the score should still be improving each month as it had been due to no new info and lower UTL.

Timothy question please...
My Wamu PFICO says:
Last updated: Apr 2008
Source: TransUnion
Does this mean the score on the website updated in Apr but pulled Mar 2008? Thank you.

Message Edited by ilovepizza on 04-18-2008 10:17 AM

[Anonymous]

I posted the following message in another thread earlier today.  I will say two things.  I did a consolidation loan in I believe November, almost 6 months ago.  Also I don't know what PFICO is and the difference between that and FICO.  Could someone explain?

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I get free monthly scores as a result of having a Wamu credit card. From March to April the score dropped from 760 to 665.

There are some possibilities.

I purchased a computer for ~$1600 and it went on my Chase card. The computer has not been paid for yet, as soon as it posts I will pay for it. The $1600 in funds are not available but the charge has not posted (I made the purchase 4 days ago).

Due to emergency cat vet costs, I have put about $500 on my Wamu card.

I have been trying to keep my balances below 10% of credit utilization. The Wamu was at about 10% but it's up to closer to 20%. The Chase would be at about 45% but it has not posted, like I said.

The Wamu credit explainer says I have a derogatory public record or collection item. I can only say that either it's my not updating my credit card for a $5 charge to a charity (unlikely). More likely is that I have a hospital bill that I have been doing a payment plan on. The collection agency agreed to a payment plan, and I have been paying every month so maybe they are screwing up. How would I know this, and, since I have been responsible, how would I get this off the report? I immediately, once I got the score tried to get the TransUnion report but at the moment it's only updated through February so there's nothing on it yet. Should I wait 1+ months, ask for it again (and pay for it) and then take care of this?

[haulingthescoreup]

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@Anonymous wrote:

...Also I don't know what PFICO is and the difference between that and FICO. Could someone explain?

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I've got dinner going, so I have to leave the rest for others, but a "PFICO" is a bankcard-enhanced FICO score. It is tailored by FICO specifically for the credit card industry, although no one know which and how many CCC's use it. It gives greater weight to the elements in your credit history that are believed to be particularly predictive of credit card behavior. I think the P comes from Providian, which WaMu bought several years ago.

It seems to get posted around the 17th or 18th of each month, but it's the previous month's score. That, plus the fact that it has a 250 - 900 score range, makes it pretty hard to relate to the classic FICO's that you get here at myFICO. The classic FICO's are those typically used by mortgage lenders, as well as many others, including CCC's.

[Anonymous]

As has already been pointed out, Wamu's credit scoring isn't exactly quick on the draw. Consider them a lagging indicator...what they're reporting this month is probably where you were in February or thereabouts.

[Anonymous]

My Wamu score runs about 18 days late if I use revolving debt as a date marker. My Wamu score rebounded back to the same place it was before. +70 after my CC with the big pay off updated again to over right the big payoff with a small payment. This is only 1 test with PFICO but it seems that for 30 days we might get a big ding after a big rev pay off until the CC reports a small payment with low UTL.

To further back up this theory I have about PFICO drastically dropping in score after lump sum payments is supported by people getting CLDs right after lump sum payoffs. I wonder how this score is affected by people that max and PIF?

This is definitely different if my guess is correct from Classic FICO which likes big lump sum payments to reduce revolving debt. I will be watching this over the next many months. For now this is my best guess why my PFICO dropped sharply and rebounded next month. I very well could be wrong, just trying to identify why I had this drop and logically this was the best answer I could come up with.

Message Edited by ilovepizza on 05-17-2008 05:41 PM

[Anonymous]

It couldn't hurt but maybe people should wait 30 days after a big pay off to apply for new credit cards. Their PFICO score might take a dive short term? Just a guess and not enough evidence to support yet. Maybe other people can follow this and report to see if there is anything to this theory?