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Utilization scoring involves (1) overall utilization, (2) utilization per card, (3) proportion of cards with balances, and (4) maxed out cards.
My guess is that the late payment is the big factor, especially if the starting score is high before the late is reported.
So Citi is the new BoA.
I went through the same thing with BoA in 2009. $10k limit down to $2k because I paid off a lot of the card. It took me months to get the $10k limit back and it has not moved since then, not that I have even tried.
another whammy, that I just noticed is that a really small credit line that I closed in 2006 just fell off my report.
so this is a mixture of bad luck and bad timing. That is probably affecting my credit more than other things suggest, due to AAoA
@notfancy wrote:
@gen-specific wrote:
@Revelate wrote:@Anonymous late payment date is what I'm interested in too, @OP if that was recent and you had a pretty score otherwise 80 point drop isn't unreasonable. The tradeline it's on doesn't matter, a late on a 25K CSP is the same as a late on a $300 Cap 1 secured.
Had a pretty *WHAT* score? Can you revisit that thought because I don't understand it
The late payment date is reported as November 2013 in my report. This is the second quarterly credit report that I've seen it on.
What can I do about the late thing? This is the first and only late report on my 7 year credit history
What Rev is saying is that if the drop in your score was recent and before that late payment posted, if your credit report was "pretty" or "clean" other than that one derog, it is not uncommon to see such a large drop in your score. Recent lates and collections are very hard on your score.
The UTL you're showing is very high, so that indeed will lower your scores also, as will having balances on several of your cards. You should see a point gain now that you've lowered those balances.
If the late was bad enough that it went into collections, then I don't know if you can get that taken care of. It sounds like you're saying that the business account was derogatory enough that it was closed and sent to a collection agency. If that is the case, I would look into it further. Are you sure that it was paid off, and paid immediately? If someone else is doing the books and bills for your business, I'd review every speck of financial paperwork that you can. That should never have been late or gone into collections, especially if you had the funds to take care of it.
I would call the original creditor and ask for the late to be removed. If the bill was paid to a collection agency, I would send them a letter asking them to please remove the derogatory account from your credit report.
Thanks notfancy, apparently I missed some punctuation in there which would've mad it more easily comprehensible: I had to re-read it twice before understanding what I said and I wrote the darned thing .
@gen-specific wrote:another whammy, that I just noticed is that a really small credit line that I closed in 2006 just fell off my report.
so this is a mixture of bad luck and bad timing. That is probably affecting my credit more than other things suggest, due to AAoA
I doubt it....it is more likely the late payment. I had one that dropped me 40 pts immediately, but I was able to get them to goodwill it off. It was an annual fee on a credit card I didn't use, so I hadn't even opened the statement. After they goodwilled the late payment off I closed the card.
Alright, I called about it at least a week or two ago now (have to look when I started this thread)
the banking/credit institution said it could take 60-90 days to be removed if they were able to do it, I don't really know how to get an update on that! I feel like I should be able to swing my credit scores up 100 points as old inquiries are also dropping off like flies in the next few months
but I don't want to get optimistic yet, I hate it when my score is depressed
Updated my signature after checking the free AMEX experian credit score, I swung my Experian score 73 points upwards in 1 month
nuts.
regarding the missed payment from october/november 2013, the lender said there was nothing they could do about that :\ but it looks like lowering my utility per card helped waaay more than it should have and old inquiries are dropping off now