Credit Score

[b4freedom]

I just looked at my credit score history. My score has dropped from 814 to 789 over the past 3 months. Nothings changed. There is nothing bad on my report. The payments are all the same. Sometimes I wonder if peoples credit score is more hype then fact. My score is great. But it wasn't always. At one point I was about 550. What if I'm one of those people that one day has a 635 and then for some unknown reason I get a 620 a month later. The bank decides that a good risk is anyone over 630. So, one day I'm a good risk and pay a lower rate and the next I'm a higher risk and have my rates increased, thereby costing me more money. Yet, nothing changed.

[responduser]

I know some banks. What they do is if they offer any cash back offer, then they deduct the equivalent amount from your credit score.

That may happen with you.

[momof1in150]

Were you an authorized user on someone else's account? They don't use those accounts as part of your credit score anymore. If you were an authorized user then it would have changed your profile with them.

[disneysteve]

There is no fundamental difference between a score of 814 and 789. Both are in the highest ranking. Your score can and will vary from day to day and month to month because of the way in which scores are calculated.

Here's an example. We use our credit card to pay for everything possible and we pay our bills in full and on time each and every month. When our credit scores are calculated, though, they look at a snapshot of our finances at that moment. Depending on the month and on the particular day of the month, they might see a credit card balance of as much as $4,000 (or even more) if they happen to check around the time that a payment is due. On a different day of the same month, the balance might only be a few hundred dollars. It won't ever be $0 since we use the card on a regular basis. As a result, our credit scores will vary from day to day.

Unless you are about to apply for a loan, I wouldn't be concerned with those daily fluctuations. Even then, if you are that far into the highest ranking, it really shouldn't matter at all.

[mrpaseo]

I wonder what my "Snapshot" looks like with 20,000 charged on my cc's?

lol

[disneysteve]

I wonder what my "Snapshot" looks like with 20,000 charged on my cc's?

Depends what your credit limit is. If your limit is 100K, it looks fine. If your limit is 20K, not so fine.