@Anonymous wrote:I have 2 credit cards, which I'm trying to pay off (or pay down) -- one with a limit of $10,000 and balance of $9,975 and one with a limit of $5,000.
The balance on the 2nd card was around $4,000 so with my last paycheck I made a $1,000 payment. I thought this was a good thing. I planned to get the balance below 50% of the limit then start doing the same thing for the other card.
However, MyFICO tells me that this payment actually reduced my credit score. What gives?
Here is a screenshot
[img]http://i.imgur.com/IhN99hJ.png[/img]
um, it's all of one point change OP. this is just noise in the model.
Do you have any baddies in your credit report, ever ever any lates or charge offs?
@Anonymous wrote:Yea, I already know what the other things negatively affecting my credit are; that's obvious. That's really not the point of this thread at all.
MyFICO is supposed to track and display specific events and corresponding changes in credit score.
This same $1,000 payment caused an increase by 4-5pts in the other 2 credit reporting agencies, but it caused a decrease in this one and I want to know why.
Ok, well first off, it's EX. I get regular updates through myFICO (20+ active cards will do that) and EQ and TU are very good about making updates to my score that follow patterns I can see consistently, such as a card going over or below 50%, number of cards reporting, and such.
EX however, takes its sweet old time to report any change, then does so in a big jump.
So, the next question: When was the last time you got any score change reported on your EX, and from that last score calculation to now, what else has gone on in the reports from the other two bureaus where they were showing score changes? Maybe this EX change is catching up a negative with the other account, this positive is just enough to keep it only a 1 point decline.
The next next question, what are your scores on EQ and TU? If they are in the range of EX, then it's just EX catching up (or not moving as much, which can be the same thing).