This Can't be right... Can it????

[Anonymous]

Hiya myfico!

  Here's the deal Had 2 CC that had high balances so i using 80% ULT so i paid down 800 dollars before i paid this my EQ score was 625 after I paid my balances down it only went up too 632!!!! IS THAT CORRECT?? when I did the fico estimtor is said it should go up between  675 to 705 so why in the hell it only went up 7 points???? Oh yea I paid the balance off  about 3 weeks ago.. Could it be because it hasn't posted yet, on my credit report it showed that I had paid the balances down just not showing a huge increse in my scrore... Whats up with that?

[Anonymous]

If your credit report shows the balances paid down, then they are posted.  How much of your available CL are you still using?  You should have it less than 9% and if you only have 2 cards, I would only let one report a balance at all.

[Anonymous]

the one is a 500 CL  is the balance is only 40 dollars and my other CC is 320 which the balance is only 20 dollars overall my score should have went up way more than 7 points

[Anonymous]

Don't be so sure of that. There are a lot of factors.  I can only let one card report a balance and I have about 8 of them.  If 2 report, I automatically get dinged like 10 points.  Plus, if my balance is over 15 dollars on that one card I get hit again. I have found that my perfect scenario is that if only one card reports a $5 balance.  And, that's with cards that have limits close to $10k.  I think you'll see more of a bump if you have one of those 2 cards reporting zero balance. 

[Anonymous]

I see what you are saying but it still doesnt make any sense to me because iam have lower my overall ult % iam confused cause in other forums they say do this and do that, then when i pay my balance down now thats wrong??? only 7 points iam buggin out !! how is bringing your balance down suppose to Ding ur score? on my Credit Report they said that was my problem and if  I paid my balance down it would bring my score wayy up now it seems as though its not good enough!!!! geesh I give up!

[Junejer]

Did the balances report? If you were at 80% and went down to 7%, AND all other things are equal, I would agree that you probably should have gotten a lot more than 7 points. I would've guessed at least 50-60 points. Be sure that there are NO other changes on your CRs. There are a ton of other things that could have changed and caused the score not to move as much.

[mberry117]

I know what they are going thru.  I have paid my CC's off and got like 9 points.  My fico simulator said the same thing.  But it didn't happen, and nothing else has happened on my reports.  I can't catch a break.

[karbon86]

did you guys read the instructions from the best situation simulator.  It states that the possible score is from paying down the balances in a 24 month period.  That means any inqueries affecting would drop off and also the average age of accounts will increase by 2 years.  This is assuming you don't open any new accounts etc.  

Message Edited by karbon86 on 03-09-2009 12:53 PM

[Anonymous]

did you pull a new report? if so you can see if the balances reported or not

[karbon86]

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@Anonymous wrote:
did you pull a new report? if so you can see if the balances reported or not

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It was already stated in the first post that the balances were reporting as being paid down