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I have NO idea what is GOING ON!

New Visitor

I have NO idea what is GOING ON!

After years of credit problems following a divorce I finally had it under control and heading in the right direction, reaching a high of 634 in October of 2006. To try ot push it further I thought I would get rid of old debt that was just hanging on (credit cards long since cut up) so I took out a Equity LOC and paid everything off in December 2006. Since then my Credit Score is nose diving, currently sitting at 535.
 
I have NO bad debt on my file, NO judgments on my file, and almost zero balances on all but three CC's. Have no idea what is going on and how to stop the dive. VERY frustrating.
 
Anyone know what to do??
Message 1 of 7
6 REPLIES
Regular Contributor

Re: I have NO idea what is GOING ON!

to the bat cave!!!
 
you probably cut your credit history in half or so when you closed those accounts
=bad
 
depends how old those accounts were,..they say to never close any accounts, unless they're costing you money
and especially don't close your oldest cards
more years of credit history = better score
 
but, you can build it back up with no lates and keeping your report clean


or, did you leave those open after you paid them off? i kind of jumped to a conclusion there

Message Edited by Bruiser on 06-25-2007 10:09 PM
BK 7 Filed: 08/07/15
BK 7 Discharged: 11/04/15
Discharge Scores: Equifax (572) - TransUnion (586) - Experian (511)
Goal: 700+
Credit Cards: NFCU nRewards ($500) - CapOne Platinum ($300) - CapOne QuicksilverOne Rewards ($300) - Victoria's Secret ($250) - Firestone ($1200)
Auto Loan: NFCU ($34.6K @ 7.7%)
Message 2 of 7
New Visitor

Re: I have NO idea what is GOING ON!

I did leave them open for that express reason. I was told not to close them since they were the older accounts. I am really at a loss here.
Message 3 of 7
Regular Contributor

Re: I have NO idea what is GOING ON!

Is your LOC reporting as a revolving balance? Was it for a larger amount than your CC balances?
 
LOC's can tend to hurt scores because they report as revolving balances; if you get 10K and that's your LOC, then it's reporting at 100% utilization on that tradeline.
 
 
Message 4 of 7
Established Contributor

Re: I have NO idea what is GOING ON!



Batman1113 wrote:
... and almost zero balances on all but three CC's.




So what is the balance and credit limit for each of those three CCs - anything significant?
Message 5 of 7
New Visitor

Re: I have NO idea what is GOING ON!

I can answer the last two at the same time:
 
1.The LOC is reporting as a line of credit but was much less than the cc's that we closed (it is 10K, of which a little over 5K is used)
 
2. The three CC's open are a MAster CArd for a credit of $2,000 (about $300 used), a VISA for $500 (nothing used) and a ChevronTexaco Card for $1,000 ($193 used).


Message Edited by Batman1113 on 06-27-2007 06:21 AM
Message 6 of 7
New Visitor

Re: I have NO idea what is GOING ON!

I can answer the last two at the same time:
 
1.The LOC is reporting as a line of credit but was much less than the cc's that we closed (it is 10K, of which a little over 5K is used)
 
2. The three CC's open are a MAster CArd for a credit of $2,000 (about $300 used), a VISA for $500 (nothing used) and a ChevronTexaco Card for $1,000 ($193 used).


Message Edited by Batman1113 on 06-27-2007 06:21 AM

Message Edited by Batman1113 on 06-27-2007 06:22 AM
Message 7 of 7