Regarding First National CreditCard (www.firstnationalcc.com) How long does it take for a payment to post when using their website? I just paid a 1000 bucks on my 2500 dollar balance, and I want to see how much my fico will go up. Also, what is the deal with different creditors posting information for Janruary when the month wasn't over yet? This really pisses me off!!! I hope they update the payment activity so that I can see what the payments have done. My utilization: First National- limit 2500 was maxed Plains- limit 300 was at 303 cuz of there charges I forgot about First premier limit 250 and was at 240 This is how last month looked, and you can see my scores. This is what I paid: 1000 to First National 150 to Plains 250 to First Premier This means I paid off 46% of my debt... how much should my FICO go up from this... (with 54% utilization?) I still have a MBNA revolving loan that is now closed but I am paying on. its down to 1650 from a 3700 limit, but it is closed since I am doing a debt management program to lower the interest rate (6%) would have been about 28% Does this count towards utilization? What about the charge off that still shows with a value of 1600 and the other one with a 1300? Thanks for the help people...
Here's what I understand... You are going to have to get utilization under 50% to see a jump. But the worst news, I believe, I may be wrong, is that closed account. I believe it factors the usage, but not the credit limit, which for FICO purposes, will put your debt ratio a lot higher.
The January date does not mean the end of January. Most creditors report on the closing date of your statement, not at the end of the month. So if your credit card account bills on the 15th, data will be reported as of the 15th. That's how you can pay your bills in full every month and still show balances. If I had a balance of $1,000 and I paid $1,000 and didn't charge anything, it would report as a zero balance. But if I paid $1,000 and charged another $1,500 this month, even though I had paid my prior balance in full, it would report as $1,500 balance. And it would look like my balance was going up, even though it was just because I charged more for the holidays.
Sorry--double post. I got an error and when I reloaded, it had already posted and posted again. I hope we're not losing the board again!!!
Usually their systems only update once a month, on magnetic tape. So it's possible it could take a while before it shows up on your CR's. IE> The DF updates every month on the 10th. You make your pmt. on the 11th. The next update is scheduled for the 10th of the following month. So almost a months wait time, PLUS whatever time it takes for the CRA to process the tapes. I can tell you that your ratio is a very significant part of your score, (30%). You should see a noticeable boost Mongrol. Keep up the good work. HTH Also - I'm not aware that FICO considers the usage on a closed account. But I shall refrain from questioning Jlynns Credit Correction savvy. .
