So i have 1 just ONE credit card account. My last closing date was June 6. I paid it COMPLETELY off. Yet when i check my FICO score my credit card utilization is still at 20% utilization. Stupid as credit union hasnt updated their shit since MAY! Even though i owe $0 to my credit lender, my credit score has gone down to 686! I used to sit at a steady 708. What can i do in order for the credit lender to see that i PAID my damn credit card already?
Sorry for any spelling mistakes, I'm lowkey mad.
FYI your lenders only update once every 30-45 days. It isnt instant.
Also FYI, paying off balances lowers credit score. You have to keep a revolving 10-15% credit utilization for optimal score.
Think of it like this. Your FICO score isnt how good of credit you have. It is a score that tells a lender how profitable you will be. If you arent paying interest or utilizing credit, your score is lower than if you were being bled dry
You should probably just chill and reevaluate in a couple weeks.
>>1293639
I use my credit card a lot, but I always pay it on time. That means my shit goes down from this? But then how did i get it from 697, to 708 by doing just this?
>>1293660
Pretty sure FICO scores are not an exact science. A 10 point swing really isn't that big of a deal. Mine fluctuates all the time within the same band for no apparent reason.
>>1293660
Your FICO score will always bounce up and down a few points. Especially with only 1 card and most likely a short history (less than 10 years)
The 708 was most likely reported when you were carrying a balance. Yes, having totally paid off credit cards is a bad thing. Its actually a classic trap. A ton of people think they should pay their CCs off before buying a house, and in the process they lower their score 30-50 points by doing it
>>1293639
What the fuck? OP ignore this retard, he's either completely misinformed or deliberately telling you incorrect information.
>paying off balances lowers credit score
This instantly and automatically invalidates anything else you say.
>>1293639
this is incorrect. There is nothing wrong with paying off your balances.
Do some more research into how fico scores are calculated. You want a balance with under 6-30% utilization to report on your credit report to show activity on the account. This balance is typically reported when your credit card statement is generated saying what your balance is, and the due date for the minimum payment. If you pay your balance off in full after the statement is generated you won't be charged any interest. Then you use your card again before the next statement is issued to report another balance. Your score probably dropped because it looked like your card wasn't being actively used because you had a zero balance.
>>1293639
You're retarded and confusing things.
If you pay off your balance BEFORE you get your statement you get fucked. Your score is based off your statements so if you're consistently receiving statements that have a balance of $0 your score is reflected poorly.
If you pay off AFTER your statement has arrived then you're golden pony boy. This is probably what the retard was trying to say but failed.
Will my credit score go up slower if my card has a lower APR?
>>1293660
Currently, the score does not differentiate between someone who revolves debt and someone who pays it all in full. It looks for % utializaton and if you make the required payments.
Thier has been talk of adding some info to credit reports to track revolvers v transact and pay in full types. The industry does not seem to care all that much. Transactors generate less revenue but are also less risky and less common, so I don't think it matters to them at the end of the day.
>>1293624
I wouldn't worry about such a small fluctuation, but if you want to decrease your utilization ratio, either get a second credit card or get your credit limit increased on your current card. You'll see a small temporary decrease if your credit gets pulled for either reason, but ultimately you'll come out with a higher score.
