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@marmaladepie wrote:
Just the oddest change.
Paid off a Chase cc to 0 mid cycle. And this is the only change across all 3 reports. No new inquiries, same balances on other accts (both revolving and installment loans), no new accts etc.
TU up 8 pts
EQ up 4 pts
but EX down 14 pts.
Overall Util 5%
Went through all 3B and couldn’t figure out why.
Side note: 2-3 weeks ago, an Amex 20k limit with 0 balance acct was removed from all 3B spontaneously. It was 9 mos old. Turned out Amex had my ssn off by 1 digit and they removed it. It had been reporting normally up until before it disappeared. After speaking to Amex credit reporting department they said it was fixed and will manually push through so the acct will re-appear on my reports in 3-5 days. So far that account isn’t on any reports still. I was thinking maybe it did to affect age of accounts on EX but it is still missing from all 3B.
The score changes noted above happened after the Amex account was accidentally removed and remained removed. So I don’t think this particular acct has anything to do with the drop in EX.
Thoughts from my fellow ficoers? : )
How many revolving and installment accounts do you have in total, and how many of those accounts have balances?
Is the utilization on any of your accounts over 8.9% and/or 28.9%? Experian is known to be sensitive to increased utilization on individual accounts even when aggregate utilization remains stable.
This Chase card was 29% util (2923/10000) before paying it to 0.
Percentages always round up; Your $2923 balance was seen as 30% utilization, not 29%.
It's also not possible based on the information that you gave that two if your scores would go up 4 and 8 points where the other would go down 14 points all from the same event (CR data). If you're seen opposing score changes like that creating a 22 point variance, it's from one or more other changes to your CR that have not happened across all 3B... simply meaning that the bureau data isn't consistent here for score-change discussion purposes.
Is your Cap1 card an authorized user card? If yes, maybe TU and EQ count your Cap1, but EX ignores it. So EX would would give you the "ALL ZERO" penalty which is usally around 15 pt. But on TU and EQ your are at AZEO and the drop in utilization causes your score to go up.
I have the exact same issue. Made the last payment for a debt consolidation loan (not early - but right at closing), and Experian and TU scores went up (10 and 12 respectively), whereas the Equifax actually went down 13 points. I am dumbfounded at this. All 3 CBs are showing the account closed/ paid off. I was reading about not having any installment accounts causing this issue, but I have an auto loan, a mortgage and another personal loan still active. Some of this doesnt make any sense. I had consolidated all my CC balances into a new loan and was hoping that it would help raise my scores. They started going up and then the 13 point ding. Any thoughts?
Current scores - EQ: 710/ TU: 741 / EX : 739
If you have other open loans (especially a mortgage which usually represents a large portion of your total loan balances) and close a loan, your scores aren't going to drop. If you saw a drop, it was for a different reason.
I surely hope so, because just got another alert that my EX dropped 3 points from 739 to 736 for paying off a balance on a card (utilization dropped to 21% to 0%). Not sure why paying off debt is such a bad thing. I have checked every other avenue and looks like they want you to keep debt and not be debt free. A lot of my other cards are going to show up as paid off as they CC companies report balances and I am now afraid that the scores are going to drop even more.
And the reason for my previous post was the alerts that I got on this very site through my subscription:
"The balance on one of your cards has decreased by $1755" - (Score drop from 739 to 736)
"An account listed on your credit report has been updated.
The only time you'll see a score drop from a revolving account balance paydown is if you go from at least one non-zero reported balance to all zero reported balances. If that account was your only one with a reported balance, having it report $0 (meaning all of your revolvers are now reporting $0) would result in a score drop. If you have at least one other non-zero reported balance on another revolver, reporting $0 on the account you referenced above was not the reason for the score drop. Also, the typical score drop associated with moving to all $0 balances is around 15 points, so the fact that you're seeing a 3 point drop to me suggests that it's due to something else.