God I hate FICO.
In the last 3 weeks,in order to refinance by home at a better rate, I paid down my revolving accounts $2700, from 46% to 33%, 3 accounts of 11 reporting balances. My score went from 680 to 698 with only half of the balance paydown reporting. I was expecting my score to hit 710 this week.
But then I received an alert today and my score had fallen to 679! WTH!!! The only thing I can find in my reports is my oldest account is now 11 years old. No other changes.
How long should I expect to recover these points?
I monitor the reports daily and there are no other changes. The oldest account aged from 10y-11m to 11y. I am assumming this shifted me into another bucket. Really crappy timing. This will cost me an extra 0.4 percent interest on my mortgage refi I had planned for the end of the month. It also sucks to pay down $2700 and end up loosing 1 point.
The really interesting thing is the simulator. A week ago the EQ FICO simulator projected the following:
if revolving paid down to 1%, 790-810
if revolving paid down 90% - 100% over 24mo, 810-840
if revolving paid down to 1%, 709-749
if revolving paid down 90% - 100% over 24mo, 749-789
So it would appear that my ceiling has been lowered by this change.
Sat. I received a SW alert that said my score had changed due to the following:
-You have recent late payment
-You have been recently searching for credit
-You have a new account
What's funny is:
-1 late payment (30d) in last 7 years, 28 months ago
-Last inquiry Oct 08
-New account established Oct 08
I'll post helping and hurting from ScorePower in a moment. Equifax's system is down once again.
Okay, I guess they finally fed the hamsters.
Seeking credit (5 in 12m, 3 in 10/08, 2 in 07/08)
High credit usage (36%)
Missed payments (1, 28m, ago)
New account (1, 10/08, only new account in 3yrs)
No serious delinquency
Long account history
Amount of Debt - Good
Payment History - Very Good
Amount of New Credit - Good
Length of Credit History -Good