Score went from 666 to 632 - why?
08-29-2012 12:00 PM
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!