We are working hard on getting hubby's credit score up just a little more prior to obtaining a mortgage for our first home. Long story short, his credit is decent other than credit utilization. He got several credit cards a couple of years ago to help out while he was out of work for a couple of months due to a work place accident, and it took almost 2 months before he got any payment from workers comp, at the time, the credit cards were a life saver. We have been working hard between paying them off along with saving 3 months worth of expenses.
2 weeks ago, we paid off a little over 1500 towards the credit cards, which took us down to only owing 2200 of the 9000 in aviable credit, which if my math is right that should put him down to 24.4% utilization. This also ended up paying off 2 of the cards completely, but we didn't close them out.
Got the myFICO notification that there were changes, so I went to look because we've been on edge to see how much this affected his scores. Equifax and Experian went up 14 points each woo, but Transunion went up 9 points but then 3 days later went down 2 points.
The alerts were:
5-14 - The total balance on all your Bankcard account(s) has decreased by $440. This change applies to the sum of all Bankcard balances. +9
5-17 - The total balance on all your Personal Finance account(s) has decreased by $1556. This change applies to the sum of all Personal Finance balances. -2
I get that overall it was a net gain of 7 points, but we planned on paying another $1300 Friday, but seeing that Transunion is his worse score, I don't want to lose more points than nessacary. We will still leave a balance of about $900 and pay that off over the next month-ish or so.
Is this normal for paying credit cards off?
Thanks
