cancel
Showing results for 
Search instead for 
Did you mean: 

FICO Score increase way off after paying down CC debt

tag
Anonymous
Not applicable

FICO Score increase way off after paying down CC debt

My Equifax score increased by 17 points after paying down a CC by $162 and only 9 points after paying down a CC by $350. Why is this? This makes no sense.
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: FICO Score increase way off after paying down CC debt

What was the change to your Utilization? If the first payment of $162 dropped you from say 15% to under 10% that can be a significant increase, however if the second payment dropped you to 0% on all cards that can actually have a negative effect. Also a single card with the balance at near max is a negative so a small payment on a small credit line that is near max is a good jump but then taking that one card down even further doesn't matter as much.

 

In short there are lines that it makes a big difference to be under, so a small amount can matter if you are boarderline. But once you are in a bracket moving around inside that bracket makes small differences so you need to drop down into the next bracket.

 

An example, if I have a small credit line of $300 and a balance of $300 a payment of $162 drops me on that card to less then 50% a really good score improvement.

 

I also have a card with a $15000 limit and say a $1500 balance (10% Util on that card), if I make a payment of $350 on that card it drops me to $1150 and changes Util to 7.6% a relatively small change.

Message 2 of 9
Anonymous
Not applicable

Re: FICO Score increase way off after paying down CC debt

 Understood! So the key is to make payments large enough to put a dent in the debt? Thanks a million!

Message 3 of 9
Anonymous
Not applicable

Re: FICO Score increase way off after paying down CC debt

Tell me how your credit score even moved? I dropped my util from 25 to 15% and had a cli and my report did not change a damn thing. Did you have to pull your reports to see the jump? Can someone explain this cause I'm lost. I know for a fact experian was updated. Nothing on my fico is moving.
Message 4 of 9
Anonymous
Not applicable

Re: FICO Score increase way off after paying down CC debt

For some reason, Experian doesn't really move. I'm not sure why. Equifax and Transunion always move. Although given the indicators for Experian i.e. new acct., my score may move 1-5 pts. I'm puzzled as well?!! If your utilization decreased and you got a CLI, your score should've increased, even if not but 5 pts. DId they pull your credit for this CLI? If so, maybe they put an inquiry on your report. I monitor my credit scores on MyFICO. 

Message 5 of 9
Anonymous
Not applicable

Re: FICO Score increase way off after paying down CC debt

It finally rose 21 points yesterday! Thank god!
Message 6 of 9
Anonymous
Not applicable

Re: FICO Score increase way off after paying down CC debt

Didn't pull credit. I guess experian is very slow. I have 2 more accounts due to report in a few days. I went from 80 util on them to 10, hope it's another huge increase.
Message 7 of 9
Anonymous
Not applicable

Re: FICO Score increase way off after paying down CC debt

It will be! Can't wait! Keep us posted!
Message 8 of 9
Anonymous
Not applicable

Re: FICO Score increase way off after paying down CC debt

Thank you 😊
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.