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.