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Member
Posts: 11
Registered: ‎07-23-2010
0

Score went from 666 to 632 - why?

I went bankrupt and got my discharge 10/2011.  I checked my score in Febuary and it was 666.  

 

I was surprised it was that high, but happy about it.  

 

I have not applied for any credit in the past 12 months. 

 

I have continued to pay my car loan on time.  

 

I have a 'revolving account' with my credit union which allows me to get up to $250 against my next pay check.  I have used this option a few times as I only get paid once a month and the last week can be tough sometimes.

 

Anyway, according to this recent report my Amount of Debt went from VERY GOOD to VERY BAD.  

 

I do have a $250 loan that is scheduled to be paid back when I get paid Friday. The account shows "pays as agreed" with a scheduled payment of $250 and credit limit of $250.

 

Is my amount of debt "VERY BAD" because I have a debt equal to the total credit limit?  That is all I can think of.  My car loan is the only debt I have now and that is lower since Feburary.  

 

Once the credit union reports back the $250 is paid, how long will it take for my score to go up? A month...or less...or more?

 

Thanks for any insight!

 

Regards,

 

Dean

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Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
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Re: Score went from 666 to 632 - why?

Owing $250 against a $250 limit is 100% utilization on that account and that is a negative. It would be a bigger negative to be over the credit limit, even by $1.If that is your only revolving account then you are also at 100% utilization on all your revolving accounts and that is a bigger negative.

 

Lower debt on the installment loan has very little effect once you are substantially below the original loan amount.

 

Assuming this is an actual FICO score, the score will go back up as soon as the lender reports, which is usually a few days after the statement date.

 

Member
Posts: 11
Registered: ‎07-23-2010
0

Re: Score went from 666 to 632 - why?

Thank you for the confirmation- that is what I figured.

 

Dean

Member
Posts: 11
Registered: ‎07-23-2010
0

Re: Score went from 666 to 632 - why?

Just to update the topic I checked my score today and it is back up to 670.  :-)

Frequent Contributor
Posts: 375
Registered: ‎01-20-2012
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Re: Score went from 666 to 632 - why?

Phew!

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Start: EQ 584 Feb2012 / TU 629 July2012

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