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Discover offers two different FICO 8 scores.* One is drawn on TU data and is given to people with Discover credit cards.* The other is drawn on EX data and is given to people who have signed up for a free service they offer called Credit Score Card.
typically fico 8 industry specific scores are up to 900 . i can't find anything that says discovers fico 8 industry specific bank card score's dont run to 900
I don't know about the Credit Score Card scores. But my Discover statement has a chart showing that score going from 300 to 850.
I believe when you pay off a loan it is no longer considered an open account, and the number of open accounts you have affect your credit score. CreditKarma has breakdown of how a score is calculated, and the different ranges of each category. You may have dropped in to a lower category of open accounts now.
I believe when you pay off a loan it is no longer considered an open account, and the number of open accounts you have affect your credit score.
True, once a loan is paid off, it is closed, but depending on the credit agency, it should still be on your credit history/report for up to 10 years after closing. Plus, as mathjak107 mentioned, these "credit card FICOs" are heavily weighed towards credit card usage and less on loans, so loans that have been closed shouldn't way as heavily on the calculation.
I don't know about the Credit Score Card scores. But my Discover statement has a chart showing that score going from 300 to 850.
all explanations i have seen on all the cards show reference to 850 as they explain how credit scores work , but then they do industry specific mods . i have never seen discover print their exact policy like citi does .
Being a small business owner for over three decades was always able to purchase my cars with a check.
On retiring with four CC cards and a score of 840 bought a lot and built my retirement home.
Used the cards for material etc and when done paid off the cards cancelling three and retaind my AMEX..then BOOM my score dropped to the mid 640 range.
That was a few yrs ago.
No Rent or Mortgage to pay...no other debts of any kind ...money in my pocket is mine so recently went to my bank for a small personal loan was declined.
Reason was I had NO recent Credit paymenasts that required paying any Interest.
During my business yrs, my Reputation and Integrity was beyond reproach
Tis a shame nowdays a person has to pay Interest inorder to survive.
Today CC debt is at it's highest in yrs along with many homeless or homes in forcloser
Just my personal take in today's goings on
i have never paid interest in 25 years on anything . we charge everything we can , we pay everything in full and our scores are in the 800's .
we get credit issued to us all the time , paying interest is irrelevant . showing an ability to pay and want to pay is what getting credit is all about . i don't buy in to this nonsense about not getting a loan because you don't pay interest on the things you charge .
I am inferring from the first post that the OP only has 1 credit card.
If true, then he/she needs to get both a Visa and MasterCard.
Each should be used once a month and paid off in full.
OP -- you don't gain anything credit wise by being an 848 vs a 750+. Once you reach about 750 the offers of credit are basically the same, and in fact at 848 you might even miss out on special offers because it is assumed you don't use credit.
Edited to add: A lot of lenders are stil in the process of switching to FICO 9. The reason for the change in your score in 1 months could be that Discover may have made the conversion recently from 8 and the data calculations were a little different. Just a thought.
however it does depend if it is a fico 8 bank card score or a full comprehensive credit score . the free ones are fico 8 bank card scores and are weighted differently . they do not weight a lot of other things . not only that some like citi go to 900 not 850
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