Jump to content

680 Experian , substantial debt paid off, score same?


teamgreen
 Share

Recommended Posts

I have like 78k in credit card limits and carrying like 71k in balances and my score was 680. I am paying off most of it and I know it takes time for them to update but I see that 14k of it is already off but no score bump. Kinda disappointed because I have to renew my businesses insurance and was hoping for a bump to get a lower rate. Anyone know why there is no bump yet?

Link to comment
Share on other sites


First thing to look at is WHAT MODEL of Fair Isaac score are you relying upon?  And if it is NOT Fair Isaac, then just disregard it for meaningful uses...

 

Secondly, how many account do you have and how many have balances?  Utilization is NOT just the outstanding amounts but ALSO looks at the ratio of cards to cards with a balance. 

 

Third, what other issues might exist on your report?  Any sort of derogatory can have a negative score impact even with positive accounts active and reporting.

 

Fourth...this could also be a scorebucket issue where you are now in a different bucket.

Link to comment
Share on other sites

$14k payoff still leaves you at 70%+ utilization across the board, and I suspect one or more cards still near maxed out.  These are still toxic utilization numbers as far as FICO is concerned. 

 

Move total utilization and all individual card utilization numbers south of 60 and you should start to see some traction with your FICO scores.

Link to comment
Share on other sites

3 hours ago, centex said:

First thing to look at is WHAT MODEL of Fair Isaac score are you relying upon?  And if it is NOT Fair Isaac, then just disregard it for meaningful uses...

 

Secondly, how many account do you have and how many have balances?  Utilization is NOT just the outstanding amounts but ALSO looks at the ratio of cards to cards with a balance. 

 

Third, what other issues might exist on your report?  Any sort of derogatory can have a negative score impact even with positive accounts active and reporting.

 

Fourth...this could also be a scorebucket issue where you are now in a different bucket.

Its fico score 8..

 

2. ive got 25 total accounts, 19 active...17 with balances, 6 with utilization over 90%. 

3. no lates for history.

 

Im just surprised that theres been zero uptick with like 4 accounts reporting major droppage in balance. There will be a lot more coming off in the next few weeks. Guess Ill see what happens. Is that what you mean by bucket? In some ratings class now?

Link to comment
Share on other sites

3 hours ago, teamgreen said:

Its fico score 8..

 

2. ive got 25 total accounts, 19 active...17 with balances, 6 with utilization over 90%. 

3. no lates for history.

 

Im just surprised that theres been zero uptick with like 4 accounts reporting major droppage in balance. There will be a lot more coming off in the next few weeks. Guess Ill see what happens. Is that what you mean by bucket? In some ratings class now?

With six accounts still over 90% and almost every account showing a balance, I am actually surprised you are at the current level. 

 

You should reasonably expect to see some changes once they are all under 60% and when most of the accounts have no reported balance. 

 

Don't get me wrong- you are making the right moves.  But you have used an eyedropper to empty a five-gallon bucket.  It takes a long time to get that to a manageable level.  But once reduced, the bucket won't slosh water all over the place...and is a lot lighter.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      184751
    • Most Online
      2046

    Newest Member
    emma50
    Joined
×
×
  • Create New...

Important Information

Guidelines