What caused my FICO score to jump from 732 to 761 within 6 months?

Question

I am 23, no mortgages. I didn't get any new loans or close out any old ones. I have no loans out. The only thing that I have do with my credit cards is for large purchases which I pay off almost immediately after they post (I do this for the cash back). I spent/paid off about $2500 on one card. Could just this cause it to jump 29 points? Both scores were from the same company too, Equifax. This is only the 2nd credit report that I have run and added the FICO score on, so I do not know if these fluctuations are normal.

Answer 1

When you received your credit score, it should have come with your "key factors" which explain why your score is what it is, along with a copy of your credit file. Compare the information on your new credit report with the old, and it will give you exactly what is different. Having a higher "high credit" and paying it off can make a big difference in the score, especially if you do not have an extensive credit history.

Answer 2

Yes, that is normal. Paying off cards will surely help your score. Things that make your points go up are: a good payment history (paying on time with no late charges), only having 30% or less owed on your credit card and not having too many credit cards.
That is a great score for a 23 year old, keep it up !!!

Answer 3

A good payment history could help that much. As someone else said, scores are unpredictable. My mortgage was recently sold, the new company didn't report my account until about a week after the old company reported that I no longer owed them. My score actually dropped a point while the debt was missing.

Answer 4

having been in the finance world for many years I can tell you that there are no real predictable reasons or formulas on the way scores go up or down.