need feedback --TU score dropped

[Anonymous]

Hello Everyone.  Thank you for all the people who are contributing to the forum.  I'm learning a lot!

I do have a question.

I pulled my TU in April 2008.  My score was 678.  

• BestBuy (Opened in 2007.  I owe $1600.  Credit Limit was $2000.  Never late.)
• Dilliard (Opened in 2000.  I owe $0. Never late.)
• MBNA (Opened in 2000.  I owe $0.  It's charged-off and will be deleted in 3 months.)
• HSBC (Opened in 2007.  I owe $0. Never late.)

I pulled my TU in October 2008.  My score was 643.  

• BestBuy (Opened in 2007.  I owe $2000.  Credit Limit was $2400.  Never late.)
• Dilliard (Opened in 2000.  I owe $0. Never late.)
• MBNA (Opened in 2000.  I owe $0.  It's charged-off and will be deleted in 3 months.)
• HSBC (Opened in 2007.  I owe $0. Never late.)
• Capital One (Opened in 2008.  I owe $200.  Credit Limit is $500.  Never late.)
• Citibank Student Loan I (Opened in 2008.  I owe $9500.  I'm still in school; not yet paying.)
• Citibank Student Loan II (Opened in 2008.  I owe $5500.  I'm still in school; not yet paying.)

My questions are:

•  How can I increase my credit score? 
•  When my charged-off MBNA is deleted in 3 months, will my FICO score go down because I have a short history of credit?

Please help.  What can I do to raise my score?

Thank you. 

edit: this post was split off from "Fico Point System - How does it Work?" to form its own thread.

Message Edited by haulingthescoreup on 10-15-2008 05:04 PM

[Anonymous]

Hello Everyone,

I'm new to this forum.  Can someone help me with my question?  I'm in school and just got a student loan 2 months ago.

3 months ago my TU score was 668:

• Best Buy (I owe $2400.  Credit Limit was $2400)
• I had no student loan

Today my TU score is 643:

• Best Buy (I owe $2000.  Credit Limit is $2400)
• I have 2 student loans with CItibank ($9400 and $5500)

I have some other credit cards but they are all in good standing and have $0 balance.  I don't have any collections nor any public record.  My question is why did my score drop almost 40 points for students loan that I haven't even started to pay for?

Thank you. 

edit: this post was also pulled off of another thread, this time from "Student loans and FICO."

Message Edited by haulingthescoreup on 10-15-2008 05:08 PM

[llecs]

If you opened those SLs and the CapOne CC recently, then your avg. age took a hit and you lost some points. Also, FICO doesn't like new accounts, if you opened those within the past couple months, then FICO will ding you for 4-6 months after it first reports, but you'll gradualy gain points in time. My avg. drop has been 20-25 points lost with each new account added.

Don't app for anything new. Sit it out for a while.

Also pay down your CCs to under 10% of the CL.

[Anonymous]

My Amex Blue Cash cost me ridiculously 54 points.

So do the maths.

This gonna take a long time to recover from that hit right in the kisser.

Message Edited by Flo on 10-16-2008 08:30 AM