Using cards but paying off monthly hurting score

[Anonymous]

paying off an auto loan takes off points as well.   

[Anonymous]

Same thing is happening to me. It is very frustrating.

[Anonymous]

Thanks!

[Anonymous]

Thanks for sharing!

[Aim_High]

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@Anonymous wrote:

Same thing is happening to me. It is very frustrating.

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Welcome to My Fico Forums @Anonymous ! 

To help other members follow your comments, here's a forum tip.  When you reply, there is a "Quote" button to requote a specific comment. (on my screen, it is medium blue and on the upper right side.)  So if your reply is towards another member's comment, it helps us all to follow your reply if you also "quote" them.  However, if your reply is to the Original Poster (OP), you don't need to do this.   (I requoted you above because I am replying to your posting.)

[Kree]

I have no concrete data, but for a while I could never get a credit limit increase from Capital one with a reason of "insufficient recent activity."

But, I was using my card. Was strange. I even tried paying my rent on it for 2 months.  Still "insufficient recent activity".

Then I started letting the balance report.  And problem solved.

I think letting all cards reports is probably a good thing outside of credit score maximization.   There are many unknown factors in the financial world, and I think natural reporting might be beneficial.

[Anonymous]

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@Anonymous wrote:

paying off an auto loan takes off points as well.   

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Do you have a mortgage in your name?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

paying off an auto loan takes off points as well.

Do you have a mortgage in your name?

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Yes, but it was paid off and closed in 2012.   
My Uber Visa finally reported as closed between Feb 5 and Feb 14.   That, along with the paid auto loan, probably caused the 30 point drop.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

paying off an auto loan takes off points as well.

Do you have a mortgage in your name?

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Yes, but it was paid off and closed in 2012.   
My Uber Visa finally reported as closed between Feb 5 and Feb 14.   That, along with the paid auto loan, probably caused the 30 point drop.

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Since your mortgage and car loan are paid off you have no active installment loans. There is a FICO scoring penalty (points lost) for that. Don't worry about it. Having a paid off house and car is much more important than a few points.

[tacpoly]

Just behave like normal folks with excellent credit:  use your credit card, let it generate a statement, pay the entire amount on that statement before the due date.  Easy peasy. 

To maximize score (before applying for credit or a loan), make sure only one card generates a statement with a balance and make sure that balance is low.