I have been monitoring my FICO score for just over a year. It has been very consistent and changes exactly the way I would expect it to. A slight decrease when my utilization goes up, a slight increase when my utilization goes down. I can usually predict my score within a point or two, and it always depends on my current utilization. My score started at 666 a year ago, gradually decreased to 654, and then rebounded to 680, then slipped to 677 last week. All of the changes are directly tied to utilization. I just checked my report and my score jumped from 677 to 704, a 27 point jump. There is absolutely nothing diffenrent on my report, except slightly higher utilization which should have cost me about two points. I hasve scoured the reports, and nothing has changed other than the slight utilizaton increase. This FICO thing totally baffles me. At least I am in the 700 club. Just hope I stay there. Credit cards are in the sock drawer, and I am paying them down.
Today is the first of the month. One of your accounts may have aged giving you an increase in your score.
Karen, Did any of your individual utilizations dip to just below 50% In the EQ FICO score model we fall into there is a dramatic change in score depending upon whether or not we allow any one account to go over 50%. (Even by just a dollar or two.) And we have had a situation in which the score went up a LOT because of an individual account going below 50% when the overall utilization actually went UP. FWIW DemPooches
did you hit an anniversary date of any of your accounts? From what I hear, 3 yrs is a biggie. 2 of mine hit the 2 year mark this month, so I'm wondering if I'll get a jump next month. My hubby has gotten a jump on the first of the month each of the 3 months that we've been monitoring. I haven't gotten even a point! LOL That's ok, because his scores are in the toilet, so the 7 points he got today are welcome. I think that puts him at exactly 600 (once some of the disputes get re-verified)
Utilization on all cards is above 95%, so that is not it. I have a couple cards that may have hit the two year mark this month. I thought about that, but that is a huge increase. As I said, the score has been entirely driven by utilization for the last year, to the point where I can predict it within a point or two. I'm not complaining, just trying to figure out if this is a mistake, or if this increase will stick around. I check my scores every 8 - 10 days, so will have to see what happens next week. I may peek later this week.
I also got this score increased today. From 724 two days ago to 742 today. No changes on balances or inquires.
Wow, I would think that using 95% of your available credit would really really tank your score??? That score seems extremely high for that utilization?? Well another example of FICO making you scratch your head LOL
GEO: did you have any cards reach a milestone like two or three years? That is the only thing I can see for the increase. Bailey: I guess it is all in the eyes of the beholder. I think my past scores of 680 are in the dumper. I have no negatives on my report, but very high utilization. I thought I would have to pay down about $20,000 in debt to get above 700. I just hope it stays there above 700.
Now this is getting strange. I just got an email from Equifax saying that they have monitored my credit report every day for the last month and have detected no changes. I have never gotten one of these emails and have no idea why they sent it to me. Twice in the last month they sent me credit alerts about changes in my credit reprot and suggested I sign on to see what the changes are. Then the 27 point jump in score. Are they saying they did not detect these changes? And these are the people that we trust our credit to?
Karen- If you figure it out bottle it and sell it!!!! My TU fako score went from 696 to 736 in 3 days. The ONLY change is Providian FINALLY reported my second account with them as "closed by consumer". I closed it MONTHS ago. 40 points!!!! NOTHING has hit a 1-2-3-4-10000 year mark, no on else updated balances (wouldn't matter usage keeps going up), no inquiries "bumped". Now on the other hand my hubby had an inquiry on HIS TU "bumped" and his score raised 17 points, again NOTHING else changed. Good luck
I got that same email today for the first time since I became a member. I haven't checked to see if my score jumped yet. Boy, that would be nice.
I also got that strange email, no change in score Karen, may I ask if you have older accounts, paid mortgage or car loans?? Just curious how one can virtually max out their cards and still get above 700. Don't get me wrong, I am not trying to knock you or your score, just trying to figure it how FICO may or may not work LOL
Oldest card is over 30 years old. No derogatories at all on report. Two car loans. First and second mortgage on house. Everything current and no lates ever. I understand what you are saying, but I see it differently. I see a perfect credit history, no problems. I think the score should be higher.
My Equifax beacon score went from 724 to 754 on my mortgage one year aniversary.... So age of accounts tends to affect alot... Score is back down due to 3 recently opened accounts Kev
I can just IMAGINE what your score will be when you get utilization down. I really wish I was in your shoes!!!
I noticed my Equifax score dropped 20 points last month. When I checked the report I saw that Orchard Bank had incorrectly reported my balance as 202.00 instead of 102.00 which was correct. Probably a simple typing error but enough to push my utilization over 50%. Unbelievable.
