@Anonymous wrote:
At the first of march when i started my fico i had a score of 674.I went over my credit limit on one of my credit cards and my fico score went up to a 684.at first of april.I also paid off my car at the end of march and my score went down to a 682 the next day.I paid abunch down on the credit card that went over the limit and almost paid off another one,just owe $99 dollars on it.I get myfico score today and it dropped from 682 to a 672.im planning on paying off my 4 credit cards this month and it seems the more i pay down my dept or pay them off the worse my score gets and i dont understand this.I pay my cards on time and im never late and im on schedule to be completely debt free by the end off August and i wanting to get my score up to around a 750 by the end of the year but i just dont understand why my score is going down as my credit ratio owed is getting smaller.
The unfortunate thing with score watch is that you can't see what balance has reported. For all you know, your credit card may not have even reported you over the limit or reported your new balance. My husband's sears card takes 22 days after the statement date to post his statement balance to the credit bureas. Most credit cards post your balance as of the statement date to the credit bureas, but, they vary on how long it takes to report that statement balance. It really works well if you also have a free creditkarma account. That will show you when your accounts have reported to transunion, though the score is inaccurate.
Paying off credit cards is always the right thing to do anyways because it saves you money on interest. You'll probably see a boost to your score when less than half of your cards report a balance. Your credit cards don't update the balances with the credit bureau every time you've made a payment, just whatever your balance was the date your statement was generated.
