I am at the moment within the course of of shopping for a brand new automobile and have been making an attempt to maintain my credit score as excessive as attainable. I had a 0% APR mortgage with a stability at 2100 and paid off $200 to get it right down to $1900. I additionally paid off my bank cards to 0. After doing this, I anticipated to see a rise since my credit score utilization dropped to about 28%, however my rating ended up reducing by about 14 factors. There have been no missed funds or something derogatory. Why wouldn’t it drop?
My completely different credit score simulators by Equifax and Experian are additionally saying that if I carry an extra $500 in CC debt, my rating may go up 17 factors, is that this correct? I really feel like that is all towards every part I have been taught about credit score.
Edit: conversely, if I pull from financial savings to repay the mortgage utterly, I am estimated to leap up about 34 factors to 700, I’d simply have much less out there money for the down fee.
