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I check my credit scores on my Capital One account online. My credit score has been steadily rising over the past few months, but it dropped 22 points this month for no apparent reason. I don't have any new accounts, no credit checks, nothing that could potentially harm my score. I have a quicksilver MasterCard from Cap One with $1000 CL, the bill of which I pay off every month. I have had a BoA credit card too with $800 limit, the balance of which is $600, and I have been only been paying the minimum amount on that over the last year. So what could be the issue here? Please help me out.
EDIT
Just noticed that my CL on the quick silver MasterCard was increased from $1000 to $1500
@Anonymous wrote:I check my credit scores on my Capital One account online. My credit score has been steadily rising over the past few months, but it dropped 22 points this month for no apparent reason. I don't have any new accounts, no credit checks, nothing that could potentially harm my score. I have a quicksilver MasterCard from Cap One with $1000 CL, the bill of which I pay off every month. I have had a BoA credit card too with $800 limit, the balance of which is $600, and I have been only been paying the minimum amount on that over the last year. So what could be the issue here? Please help me out.
EDIT
Just noticed that my CL on the quick silver MasterCard was increased from $1000 to $1500
The credit score on Capitol One is a FAKO (not real), has no relationship to the FICO score given on this site and I wouldn't worry about it too much.
I agree with Irish. Cap-1 scores are FAKO, aka worthless. I know in at least my case, my Cap-1 scores and Credit Karma scores are always identical, so I suspect they are from the same source. The scores provided by Discover and Barclay are of more value, as they are FICO 08 (TU).
@Anonymous wrote:I check my credit scores on my Capital One account online. My credit score has been steadily rising over the past few months, but it dropped 22 points this month for no apparent reason. I don't have any new accounts, no credit checks, nothing that could potentially harm my score. I have a quicksilver MasterCard from Cap One with $1000 CL, the bill of which I pay off every month. I have had a BoA credit card too with $800 limit, the balance of which is $600, and I have been only been paying the minimum amount on that over the last year. So what could be the issue here? Please help me out.
EDIT
Just noticed that my CL on the quick silver MasterCard was increased from $1000 to $1500
Are you at 0% on that BoA card? If you're just paying the minimum on a $600 balance you're probably paying more towards interest than you are toward principal unless it's promotional, not to mention how the 75% utilization is hitting your score. I got a Sears card a couple months ago that I used to get a TV and it reported with a 70% utilization and dropped my score 10 points. But I know these aren't the questions you asked, sorry. I agree with the other posters and these fako scores change when the wind changes direction.
Would paying off the BoA completely help my score any? I have read people paying off their cards and it ended up hurting their score instead of helping.
On topic: why would the FAKO score go down though? Nothing has changed really
Paying it down to less than 80 bucks would make a significant difference once they report the new balance. and save you a pile of money in interest.
@Anonymous wrote:Would paying off the BoA completely help my score any? I have read people paying off their cards and it ended up hurting their score instead of helping.
On topic: why would the FAKO score go down though? Nothing has changed really
You take a hit to your score when they're all reporting zero because you're not showing any responsible use of credit. Anybody can get a couple credit cards and never use them and let them report zero every month and sit back and watch their score grow. You have to show that you can borrow and pay and everything reporting zero doesn't do that. I'm not going to get into the all cards at zero and one reporting 1-9% utilization thing. I know that's supposed to be the "rule" but on months where I have more cards at zero than previous months I seem to lose a few points. You definitely should get it below 30% though if you can and even lower if possible to save money and have a better score, if that's important to you. On the fako going down, I don't know. It should go up a little when your cap one starts reporting the higher limit.
@Anonymous wrote:Paying it down to less than 80 bucks would make a significant difference once they report the new balance. and save you a pile of money in interest.
Saves the better part of $10 per month
Regarding utilization of $600 on an $800 CL, I have my doubts that makes much difference in overall score.
I do agree it is important to make large payments on the $600, for the purpose of showing that CCC that the balance is being well managed and not just floated.
OP: What scores (FAKO or otherwise) are you looking at?