04-08-2013 02:02 PM
I had a 730 score which was going to enable me to get a refinance (720 required) until GMAC sold their credit company to Capital One. A charge of $200 on that "new card" triggered a 14 point drop because it says I carry balances on too many credit cards, but I have exactly the same amount of credit cards with balances as before. The only possible explanation is it must be showing that I carry both cards as open accounts on Equifax which is ridiculous given the size of GMAC, Capital One and Equifax. What is also infuriating is that card has had a zero balance at the end of every billing cycle for at least 5 years as I just use for automatic payments on recurring household bills. Where do I start to get that resolved?
04-14-2013 11:07 AM
Looking back at it very carefully, I can't figure out the rationale for the score change as it doesn't show both cards and I don't have more cards with balances. My score alert from myFico said too many credit cards with balances was only a "possible reason" but now I don't buy that so I really have no idea why my score changed. I paid down about $20,000 last month which doesn't show yet but it picked up a $261 increase on a card from zero which I pay to zero every month when the bill comes as a reason for my credit score lowering. To add to the problem with working on my credit score to get over 720, my wife and I just learned this weekend that both of us just had our identity stolen and someone went around applying for payday loans online and actually received payday loans from SpeedyCash.com and then deposited the money into online account with Ally Bank and nothing was done in person so they stole over $2,000 that we know of so far without ever showing their face. Working through that to keep it off my score and have put fraud alerts on our accounts.