topic Re: need feedback --TU score dropped in Understanding FICO® Scoring

need feedback --TU score dropped

Anonymous — Thu, 16 Oct 2008 00:04:46 GMT

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

need feedback --TU score dropped

Anonymous — Thu, 16 Oct 2008 00:08:37 GMT

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

Re: need feedback --TU score dropped

llecs — Thu, 16 Oct 2008 01:18:28 GMT

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.

Re: need feedback --TU score dropped

Anonymous — Thu, 16 Oct 2008 15:30:51 GMT

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