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YAY! My score jumped 40 points!!!!...but why?

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Anonymous
Not applicable

YAY! My score jumped 40 points!!!!...but why?

So I have been paying down on my debt now for awhile, and my last real "problem child" is (or was) a maxed out chase card. It used to be at like 6997/7000 as far as utilization. Now, its down to 5903/7000 and paying a bunch every month.

I have only been working on this card for like 3 months, and saw very little score difference (maybe like plus 2 or 3 here and there)

Logged in today and it jumped 40 points to 722 EX, 715 EQ, and 725 TU!. Now, don't get me wrong I am thrilled by why a sudden big jump?

Quickly, because I gotta get going to work but baddie still on there 30 day plus Mar 2013, two other card at 280/4600, 0/3500, and a LOC 100/2500. No inqs fell off, only got like 3.

oh also could it be me paying off my LOC in early march? Two statements generated since then, but it was at 2340/2500.

Thanks guys!!!!
Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: YAY! My score jumped 40 points!!!!...but why?

Just kind of thinking out loud to myself here, but could this be a case of bucketing? Do lower utilization tiers fall into the bucketing thing?

Message 2 of 10
surferchris
Valued Contributor

Re: YAY! My score jumped 40 points!!!!...but why?

Congrats!

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Message 3 of 10
Anonymous
Not applicable

Re: YAY! My score jumped 40 points!!!!...but why?

Thats good news...congrats!!! I can't wait to see that type of progress when my utilization goes down on a couple of my cards!!!

Message 4 of 10
Anonymous
Not applicable

Re: YAY! My score jumped 40 points!!!!...but why?

Thank you guys! So do you think it was just getting out of that "maxed out" threshold on that credit card that made it boost so much?
Message 5 of 10
MarineVietVet
Moderator Emeritus

Re: YAY! My score jumped 40 points!!!!...but why?


@Anonymous wrote:
Thank you guys! So do you think it was just getting out of that "maxed out" threshold on that credit card that made it boost so much?

Sometimes there's no way to know exactly what causes a score change.

 

Just be grateful and keep moving forward.

Message 6 of 10
NRB525
Super Contributor

Re: YAY! My score jumped 40 points!!!!...but why?


@Anonymous wrote:
So I have been paying down on my debt now for awhile, and my last real "problem child" is (or was) a maxed out chase card. It used to be at like 6997/7000 as far as utilization. Now, its down to 5903/7000 and paying a bunch every month.

I have only been working on this card for like 3 months, and saw very little score difference (maybe like plus 2 or 3 here and there)

Logged in today and it jumped 40 points to 722 EX, 715 EQ, and 725 TU!. Now, don't get me wrong I am thrilled by why a sudden big jump?

Quickly, because I gotta get going to work but baddie still on there 30 day plus Mar 2013, two other card at 280/4600, 0/3500, and a LOC 100/2500. No inqs fell off, only got like 3.

oh also could it be me paying off my LOC in early march? Two statements generated since then, but it was at 2340/2500.

Thanks guys!!!!

Congratulations on the score increase!

 

A large jump like that almost always is the result of some negative falling off, a late payment, charge off or BK.

You mention one 30-day late. Were there others in prior years, like 7 years ago, late payments of 30 or 60 days? Any old charged off accounts in your past?

Having those fall off is almost the only reason for such a large increase. It's a good increase, but usually points to direct baddies, not a $1k utilization change like you just made.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 7 of 10
tjonzun
New Member

Re: YAY! My score jumped 40 points!!!!...but why?

My score recently jumped by about 50 points to over 800 and i couldn't figure out why.  Then I realized that it was 7 years ago about this time that I made my last past due mortgage payment.  I had completely forgot about them, but it was about March 2008 that I made the last of those past due payments.

Message 8 of 10
Anonymous
Not applicable

Re: YAY! My score jumped 40 points!!!!...but why?

Well, thats the thing that baddie from March 2013 is the ONLY baddie I have ever had on my credit report, I did not have anything negative from 7 years ago fall off.

Message 9 of 10
NRB525
Super Contributor

Re: YAY! My score jumped 40 points!!!!...but why?


@Anonymous wrote:

Well, thats the thing that baddie from March 2013 is the ONLY baddie I have ever had on my credit report, I did not have anything negative from 7 years ago fall off.


Then I will hazard a guess that this late has reached some two year aging milestone, so the millstone on your score is lifting.

Congratulations!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 10 of 10
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