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My Recent Score Drops

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Anonymous
Not applicable

My Recent Score Drops

I wanted to check this out anyway since all my accounts have updated now, and since FICO was so generous with the active forum member discount (Orman for $12.49!) I guess the time is right.  I'll put this here since the drops are mainly the result of my credit card usage.
 
8/10/07: TU 771 EQ 793 EX 809
5/30/08: TU 714 EQ 735 EX 749
Drop:     TU 057 EQ 058 EX 061
 
Major changes include:
1. Going from 8% overall Utility to 23%.
2. Two CC's now have 97% individual Utility (0% for 12 months)
3. I now have 9 accounts with balances compared to 4 previously.
4. I have three recent inquirys on TU, one each on EQ and EX.
5. I have three new CC's and one new HELOC (reports as mortgage thankfully).
6. Oldest acount is 16 years 7 months, average age is still 5 years, but the new accounts hurt.
 
Not so bad considering all the changes.  It could have been worse.  At least they all stayed above 700.  I thought it was interesting that the drops were so close to each other.  I'll check again in 12 months or so after the CC's have been paid off.  By then the newest accounts will have had a birthday and hopefully the scores will have rebounded.

Edited to add some info that I didn't cut and past properly.

Message Edited by krystofur on 05-30-2008 02:44 PM


Message Edited by krystofur on 05-30-2008 02:45 PM
Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: My Recent Score Drops



krystofur wrote:
I wanted to check this out anyway since all my accounts have updated now, and since FICO was so generous with the active forum member discount (Orman for $12.49!) I guess the time is right.  I'll put this here since the drops are mainly the result of my credit card usage.
 
8/10/07: TU 771 EQ 793 EX 809
5/30/08: TU 714 EQ 735 EX 749
Drop:     TU 057 EQ 058
 
Major changes include:
1. Going from 8% overall Utility to 23%.
2. Two CC's now have 97% individual Utility (0% for 12 months)
3. I now have 9 accounts with balances compared to 4 previously.
4. I have three recent inquirys on TU, one each on EQ and EX.
5. I have three new CC's and one new HELOC (reports as mortgage thankfully).
6. Oldest acount is 16 years 7 months, average age is still 5 years, but the new accounts hurt.
 
 
 
 
 
 


CC UTIL should be below 10% for best scores....FICO also likes CC  UTIL under 10% and some CCs wil Bal $0
Message 2 of 7
Anonymous
Not applicable

Re: My Recent Score Drops



HappyDays wrote:

CC UTIL should be below 10% for best scores....FICO also likes CC  UTIL under 10% and some CCs wil Bal $0

Don't I know it, but I need to take advantage of the 0% for 12 months while I pay down the HELOC.  Then I'll use the HELOC to pay off the CC's, and hopefully our tax return will pay off the HELOC. Smiley Happy
Message 3 of 7
Niki9
Regular Contributor

Re: My Recent Score Drops



krystofur wrote:


HappyDays wrote:

CC UTIL should be below 10% for best scores....FICO also likes CC  UTIL under 10% and some CCs wil Bal $0

Don't I know it, but I need to take advantage of the 0% for 12 months while I pay down the HELOC.  Then I'll use the HELOC to pay off the CC's, and hopefully our tax return will pay off the HELOC. Smiley Happy


At least you have a plan!!!

Message 4 of 7
Anonymous
Not applicable

Re: My Recent Score Drops

Fail tp plan, plan to fail, right? Smiley Happy  Of course, if all my plans followed though I wouldn't have needed to use the CC's in the first place, but oh well.
Message 5 of 7
haulingthescoreup
Moderator Emerita

Re: My Recent Score Drops

Newest danger factor for credit scores: a new baby! Smiley Happy

But you know, your scores are a support for the argument that it's worth pushing to get scores beyond 760. A lot of people say that anything beyond 760 is just ego or something, but I disagree. You had a nice cushion there that came in handy.

How's life with the tiny terror? Isn't baby-proofing fun? Smiley Very Happy


edited because I can't read properly this morning...

Message Edited by haulingthescoreup on 05-31-2008 06:57 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 6 of 7
Anonymous
Not applicable

Re: My Recent Score Drops



haulingthescoreup wrote:
Newest danger factor for credit scores: a new baby! Smiley Happy

But you know, your scores are a support for the argument that it's worth pushing to get scores beyond 760. A lot of people say that anything beyond 760 is just ego or something, but I disagree. You had a nice cushion there that came in handy.

How's life with the tiny terror? Isn't baby-proofing fun? Smiley Very Happy


edited because I can't read properly this morning...

Message Edited by haulingthescoreup on 05-31-2008 06:57 AM

Yeah, I'd have to say it was worth it Smiley Happy
 
Whoever has that motto that's something like, "don't ask for the credit you need, ask for the credit you might need", kind of fits in here.  Work for the highest score you can get, because you never know what might happen.  Especially these days.  Hardly anybody reads the T&C of their CC's, but CCC have most if not all of the power.  No one has to give anybody unsecured credit, but when they do, they have control.  How many people are just one emergency (or "emergency"), APR hike, CLD or AA away from disaster?
 
On a good note, Sam is doing wonderfully!  Our lives sure have changed, but I wouldn't go back for all the FICO points in the world. Smiley Happy
Message 7 of 7
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