Hi,
Newbie here. I am repairing my credit after a bankruptcy in Sept 2004. Before the BK I had outstanding credit and never a late payment and then a reversal of personal fortune happened suddenly putting me financially under. I had no late payments before or after the BK and paid off everyone possible before I filed. I was able to keep all my other accounts "pure" and in good standing. I only filed on two CC's that I just had no choice on.
In May 2007 I checked my credit report and Fico scores. I was actually surprised that my score was 727. After I recieved a large sum of money as back pay from L and I. I decided to pay off my mortgage 9 years early with the money. I also paid $6,000 off on a CC's. in the month of June. It is now the middle Aug and my credit score has actually dropped to 709!!!! What is up with that? I don't understand. Was it a mistake to pay off my mortgage? Does it take 3 months to show the decrease in my CC debt? I have been patiently waiting for my score to improve just a little bit more before apply for a new credit card, so i can do a balance transfer on my remaining credit card debt because the difference is 9.99% on the new card verses 24.99% on my current one.
Anyone have any ideas of why I am seeing a decline instead of an increase? The only thing I can think of is that I wrote to each Credit Reporting agency to correct some mistakes in the reporting of my BK and that is when my Fico score dropped from 727 to 709.
Thank for any ideas.