FICO score dropped but no reason

[Anonymous]

Old Report--
1. You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.     (3 years ago)
2. You've recently been looking for credit.                                        (6 inquiries)
3. You have multiple accounts showing missed payments or derogatory descriptions.                    3 accounts (1-3 years ago)
4. You recently missed a payment.                                             (1 year ago)

New Report --
1. You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.     (3 years ago)
2. You've made heavy use of your available revolving credit.                                 (20%)
3. You have multiple accounts showing missed payments or derogatory descriptions.                     3 accounts (1-3 years ago)
4. You've recently been looking for credit.                                        (5 inquiries)

Message Edited by valenjimmo on 06-03-2009 03:53 PM

[haulingthescoreup]

2. You've made heavy use of your available revolving credit. (20%)

Whatever your util (utilization; total balances reported divided by total credit limits) was before, it's higher now. It wasn't even listed in the negatives on the first report, but now it has jumped to second place.

You should aim for 9% or less total util, with as few CC's reporting balances as you can manage. Right now, your util is more than double the ideal.

(Lots of people don't realize this, btw. )

[Anonymous]

actually my util was at about 40% before... I paid half of my debt with my last bonus... so that's why it's at 20% now... and of the 4k I owe... $3500 is on a 0% APR until 11/09.