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07-07-2009, 10:19 AM
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Credit score.
Remember a while back when I was complaining about my credit score falling 3 points? Well the complaints continue. It has consistently fell sence then, down 30 points this year for no apparent reason. I did spend more on the CC and carry a balance every now and then could that be causing the problem? I am never late on a payment for anything but the only thing I can think of is the ever so often CC balance.
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07-07-2009, 10:22 AM
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The amount of debt you are carrying definitely influences your score, especially if your balance ever exceeds 30% of your limit. In fact, something I read yesterday used 25% as the figure to stay under. So if your limit is $5,000, for example, you should never let your balance go over $1,250.
Have you checked your credit report lately? 30 points is a pretty big drop. I would suggest making sure there are no errors on your credit reports.
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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07-07-2009, 04:40 PM
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I don't know as if I would worry about it too much. Many banks today look at a persons real ability to repay more than at a credit score. Steve is right tho - google the composite used to compile a FICO score and you can probably figure out why your score is changing.
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07-08-2009, 09:17 AM
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I check my report every month as a feature on my CC, I also get notified immediately if there are any changes day to day. The CC balance must be the reason. I will have to stop doing that.
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07-08-2009, 09:51 AM
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Were any accounts closed or did you have any limit reductions? Those are other things that can raise your credit utilization ratio and under some circumstances cause your score to drop...
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07-09-2009, 11:21 AM
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Not at all. I had my mortgage transferred to another lender, not my doing but was told it would not change anything with my credit. All my accounts are opened and in good standing, never a late payment and I have NO bad accounts at all on my credit.
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07-09-2009, 11:25 AM
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Quote:
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