topic Re: Pay it off - Lower Score?! in Credit Cards

Pay it off - Lower Score?!

Anonymous — Fri, 27 Jul 2007 00:03:38 GMT

In May of 2006, I had a good $8,000 racked up by May, 2006. Let's just say that I wasn't too smart about my credit during college; ) I always still paid more than the minimum, and always timely. However, when I got out of college, I paid it all off by May, 2007. Well, ever since May of this year, my credit score has been decreasing! I don't get it! I didn't close the accounts - they are still open. I haven't used the 2 credit cards at all since May, so I don't understand why my score has decreased... Do I have to use the cards to increase my score or something? Help, please

Re: Pay it off - Lower Score?!

chartley3 — Fri, 27 Jul 2007 00:32:26 GMT

You want to keep between 1-9% utility on the cards. Charge a tank of gas a month or buy a 6 pack and charge it. You will see the scores increase.

Re: Pay it off - Lower Score?!

Tuscani — Fri, 27 Jul 2007 17:08:53 GMT

Welcome.. Please read the Scoring 101 thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Re: Pay it off - Lower Score?!

Anonymous — Fri, 27 Jul 2007 18:54:05 GMT

Yes, definitely you need to use your card.

Keep in mind, that NOT using your card does not show that you can manage money. So, treat us to a drink every month and pay it off on time and you'll see your scores increase.

Diamond Dave

Re: Pay it off - Lower Score?!

Anonymous — Fri, 27 Jul 2007 18:58:19 GMT

Good one DiamondDave...