Re: BIG Score Drop w/ New Tradeline
11-02-2012 04:37 PM
I pulled my score power report and compared it with the one from just 3 days ago.
On the second page under whats hurting your score, "consumer finance account" has been added, which was not there before. Even though that account has been reporting on EQ since 7/2011. The only other difference is the new tradeline with a zero balance, otherwise no changes to my credit report.
So I have no clue why the consumer finance account just now shows up on the "understanding your FICO score" page, when it was not there before.
It is what it is I guess. Just a couple days ago I contacted my credit union and arranged to borrow 10k to satisfy that high interest consumer finance loan, so hopefully once that is reporting paid I will see some kind of score increase. The other obvious course of action is to significantly pay down my credit card debt. Which according to the score simulator, would bring me up to the high 600's, low 700's. But that will take some time.
Thanks for the comments and suggestions so far.