After paying off the remainder of my credit card debt two weeks ago, I have been watching my credit scores to see the affect of reducing my debt by over $10,000. I use TrueCredit to monitor my credit reports and usually pull a new report every 2-3 days to check on any changes.

Here is a summary of how my scores have changed since 11/14/07.

  • Transunion (11-14-07) = 707 Transunion (11-27-07) = 701 Not real sure why the score dropped by 6 points since my total debt load did not increase and there were no new inquiries.
  • Equifax (11-14-07) = 694 Equifax (11-27-07) = 709 My score with Equifax went up 15 points and there are have been no major changes besides 2 old inquires dropped off my report. They are still reporting the balances on my credit cards that have been paid off. The balances should update on the first week in December and I expect a huge jump in my score.
  • Experian (11-14-07) = 706 Experian (11-27-07) = 706 No change in my score here which makes sense since everything is still the same as it was 2 weeks ago.

It's funny how much your credit scores can change in such a short time. Once my report shows my credit card debt as paid off, I will be interested in my numbers then.

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5 comments

  1. Chitown // November 29, 2007 at 9:37 AM  

    I use TrueCredit also, it gives me nice peace of mind. Congrats on the rise of your credit scores. You are moving in the right direction in more ways than one!

  2. SingleGuyMoney // November 29, 2007 at 7:33 PM  

    * Thanks Chitown! I'm trying!

  3. Single Ma... // November 29, 2007 at 9:03 PM  

    You're debt free too? Oh goodie, congratulations!

  4. SingleGuyMoney // November 29, 2007 at 9:27 PM  

    *single ma: I am credit card debt free. I am still working on the car loan and student loan.

  5. Nick // December 5, 2007 at 10:15 PM  

    SGM -
    Have you read the recent press about Discover doing additional credit checks on active card holders and raising their APR based on whether or not their credit scores went down? Our local news had a feature on it this weekend and I have to say it was pretty crappy.

    Anyways, congrats on being debt free and having above-700 on your scores.

    Nick
    Free Annual Credit Reports