So seriously, have a small balance in no interest. Thought I would start on it and paid I think 500 on it. Balance goes down right? You would think a lower balance would make the score go up? WRONG. Punished 8 points for paying on it. What the heck. This is not the first time I have noticed this. Is it just me? Happening to others since the Rona? Here’s a pic. Well it won’t let me post a pic. But. It’s off myfico. Experience, your balance dropped by 500. Score now 739 -8.
I am able to pay off my credit card, car and student loan (everything except my mortgage.)
I have read that paying off most of your debt lowers your credit score. (Something about if you don't have to make payments then you can't show you make payments on time.)
It has taken me years to get my 844, so of course I don't want it to drop. But I don't think I'm up for paying interest just to keep my score high.
Also, if I pay my accounts in full, and use a credit card and carry a balance in the future, will my score lower more because the balance of what I owe has increased?
I want to dispute two of my personal loans as having zero balances. Then use the resulting score bump to hopefully increase my chances of getting instant approval. Will this work or will the disputes cause potential instant approvals to automatically fail? I know, I know, once it's to an underwriter they'll be some explaining to do but will disputing help for auto approvals?
Yay!! My Equifax score finally hit 802! I almost cant believe that my score has risen to this level. Im now focused on raising Experian and Transunion. Ex and TU both still show my Bk. Ive disputed each CB a few times to no avail. Ex even told me over the phone that it was going to do the deletion. But, no dice. Ill keep reading and hoping that I finally will get Ex and TU to move.