Experian Score Shot Up 48 points! I'm Happy But Confused...

[Anonymous]

Last week I paid down one of my credit cards by $240. Once the card reported the new balance my Experian score shot up 48 points (on MyFICO). Putting my score at 721. However my EQ and TU scores remain the same. All 3 bureau reports are identical. Any thoughts on how this happened?

Side note: I did receive a score watch alert from EQ regarding a score increase stating it is now 722.  So I updated my EQ report on MyFICO  and the 722 score was actually a FICO Score 5 model. NOT FICO Score 8. 

[CM1]

Your UTI % dropped which cause a spike in your score.  Congrats!

[Anonymous]

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@CM1 wrote:

Your UTI % dropped which cause a spike in your score.  Congrats!

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Yeah I assumed it was because of my UTI decreasing. I'm just confused about the major score increase and why only one score shot up. Not the others as well. And thank you!

[Anonymous]

UPDATE!

I figured it out. My Experian report updated today and my last standing collection (on all 3 bureaus) was mysteriously removed...

I'm waiting to see if EQ and TU will follow suit. Or if the collection agency removed it to simply update it and place it back on my report. We shall see...

[Thomas_Thumb]

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@Anonymous wrote:

UPDATE!

I figured it out. My Experian report updated today and my last standing collection (on all 3 bureaus) was mysteriously removed...

I'm waiting to see if EQ and TU will follow suit. Or if the collection agency removed it to simply update it and place it back on my report. We shall see...

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Congratulations on the collection dropping off and figuring out the trigger behind your score increase!

BTW - Score boosts in excess of 30 points are highly unlikely to relate to a change in UT% - UT would need to be extremely high to start. A 48 points jump in score would likely require aggregate utilization dropping from the 85% to 95% level  to under 10%. That's represents a huge shift in aggregate UT% - usually takes several months to realize [that magnitude shift in utilization].

On an individual card basis maximum increase even dropping from 95% to 0% is likely 15 points or less.

[Anonymous]

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@Thomas_Thumb wrote:

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@Anonymous wrote:

UPDATE!

I figured it out. My Experian report updated today and my last standing collection (on all 3 bureaus) was mysteriously removed...

I'm waiting to see if EQ and TU will follow suit. Or if the collection agency removed it to simply update it and place it back on my report. We shall see...

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Congratulations on the collection dropping off and figuring out the trigger behind your score increase!

BTW - Score boosts in excess of 30 points are highly unlikely to relate to a change in UT% - UT would need to be extremely high to start. A 48 points jump in score would likely require aggregate utilization dropping from the 85% to 95% level  to under 10%. That's represents a huge shift in aggregate UT% - usually takes several months to realize.

On an individual card basis maximum increase even dropping from 95% to 0% is likely 15 points or less.

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Thank you so much for your feedback! That information is really helpful. I'm hoping it will fall off of the other 2 reports. *fingers crossed*