I'm paying off my accts and have not seen any increase in my FICO score! How can that be? I paid off 3 accts in full that haven reflected an increase in my score! I'm buying a house in may and they are going to run my CB again and I want my score to go up so I can get a lower 30yr loan.
well some in the last few weeks and I have seen on report that shows an account with a $0 balance, but no increase in scoring...
Patience, brother. It takes some time and it's only been a few weeks. It sucks but if it doesn't drastically increase your FICO by May and you're looking at a higher interest rate, that's just going to be the way it is then. Keep up with making good credit choices and refinance down the line for a cheaper rate.
well...the mortgage guy said to keep the statements for any acct I have paid off so I have it as proof its been satisfied by the time we close...I looks like I'm gonna just have to do that cuz these frickin' CB suck at updating info!
Were the accounts you paid off revolving accounts (i.e.: credit cards), or were they installment debt or other bills? If you pay off a revolving account, assuming your credit limit isn't changed, you will show both $0 balance, and an amount as available credit, both of which affect FICO. CC lenders typically report on a monthly cycle, so it may take a month to show up. If you paid off an installment loan, or other bill, your outstanding debt would go down, but your available credit would not go up, so the effect on FICO would be less.
they were revolving accounts. I just contacted GE money, which on accident reported me 30 days past due which lowered my score 76 points!!! I filed a dispute with the CB and they verfied the info with GE in March, but GE swares that they never ment to report me late and they updated their system on feb 17, 2007 but the CB are still showing 1-30day late. They are supposed to be sending me a letter stating that I was never past due!! My God...all these things at once are KILLING my FICO scores! I need them to be updated by May 07' I know I should be around 700 when its all said and done, but now until everything updates, I'm around 590!!!
GE money should correct their mistake directly through all bureaus as well as supplying you a letter that they did so. As soon as you get that letter supply a copy to all bureaus just to be safe. Call daily, write daily if you have to. Might not hurt to find out when the revolving accts. report so you will know when your FICO should increase. Keep us posted. I hate time crunches. I just went through one myself. You can do it. PERSISTENCE!
just got a FICO alert and my score increased 92 pts!!! the reason has nothing to do with the GE acct though or paying off accounts. It says it increased because a car I traded in in dec shows paid off...so I wonder how paying off the CC debts and GE fixing their issue will have on my credit score??? anywho, I'll take the 92pts!!! ....so far!
