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I had opened a GE Luxury Card to help finance our rings for our wedding. They've reported this account to Equifax and my score dropped a whopping 35 points! We are trying to move into a new apt, but I am concerned about if the score drop will negatively affect the landlord's view of my creditworthiness. What would be the best course of action to get my account back to its good standing. Should I just pay off GE and close the account?
What is your score currently, util, etc? What was the reason why your score dropepd so much? If its util, then pay it off in full. If its due to AAoA lowering, then you cant do anything. Closing it wont change the situation either. As for worrying about your score effecting you getting a new apt, I would not worry. As long as your history is clean, regardless of your score you should be jsut fine.
Congrats on the wedding.
Thank you! I appreciate your response.
My score was 701, with 70% util. and now my score is 665. I did max out the card, however, when we made the purchase. So as long as I don't charge anything else on my other cards, continue my timely payments and pay this one in full, my score should return back to 701?
Your score dropped due to utilization. As you make payments it will drop and your score will rise.