HELP,MY SCORE DROPED FROM 820!

[Anonymous]

For years my FICO score has been 820,815,805 as it was also in sept. of 2006 when I checked it before I applied for a limit increase on 1 of 3 cc's At that time my card limit was 30k for the previous 2 years untill I bumped it to 60k in sept. of 2006 because of anticipation of increased monthly activity and I wanted to keep my utl% below 9%. (1st inquiry) The other 2 cards where used only once per year to keep them active and always below2%. A month later (oct.2006) I opened and funded a futures account and it was nesessary for the brokers bank to do a hard pull (thus 2nd inquiry). 5 months later (may of 2007) I purchased a new car, 27K 3 years @ 0%. (thus 3rd inquiry) Last week I pulled myfico report and my FICO score had droped from 820,815,805 to 790,770,760 respectivly!! and the report said in order to improve my score I needed to use my revolving credit, they stated I was not using revolving credit. All cards are and have been reporting to all three credit agency's. I been using my 30k/now 60k cc every month and the other 2 cards once a year,,, come to  find out after contacting myfico they said that credit limits on cc"s over 29k are no longer considered revolving and are considered as installments, thus the "not enough revolving activity" > Anyone ever hear of this?Now I started to use the other 2 cards every month in hopes to rectify the issue.The only other change that accured was an address change, I moved 5 months ago. Keep in mind, never late,never over 9%utl, and no debt for my entire credit history ,proper mix of credit, ie. revolving,installment ect.. The only debt was a house and a car, the house has been paid off for 15 years. Im stumped? When will it go back to 800 plus? Thank you in advance.

Message Edited by FICOADDICT on 09-09-2007 09:17 AM

Message Edited by FICOADDICT on 09-09-2007 09:28 AM

Message Edited by FICOADDICT on 09-09-2007 09:33 AM

Message Edited by FICOADDICT on 09-09-2007 09:37 AM

Message Edited by FICOADDICT on 09-09-2007 10:29 AM

[Anonymous]

I have not hear of any revolving account after a specific $$ being scored as an installment. I would like to lean more about this if it is true.

However your scores seem to be correct if you have inquiries. It will take 12 months for your score to rebound from inquiries to hit highs like you had.

UTL will gain you a few more points if you keep "balances" below 4% for fine tuning. However that is only the recorded amount on your credit reports. If you pif and it is recorded as $0 you are actually loosing points. Some people are hit with a point loss when they have more than 4 accounts showing balances including installments.

But ultimately it might come down to just inquiries. I lost a wopping 41 points on Experian due to just inquiries. If you had no inquiries I'd be more worried about the point drop. Inquiries are painful, even just 1.

[Tuscani]

CCs never convert to installment.

You simply lost this many pts because of the Inqs. With scores as good as yours, FICO will look for any reason to penalize you.

[Anonymous]

Its true, I got it from the senior tier experts at myfico, it took no time at all to get to the top tier investigators at myfico because everyone below them had no clue why my score dropped, The senoir investigator told my any credit card with a limit over 29k is considered installment by the credit agency's and no longer considered revolving. What is pif? I dont know what pif meens? thanks.

[Anonymous]

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FICOADDICT wrote:

Its true, I got it from the senior tier experts at myfico, it took no time at all to get to the top tier investigators at myfico because everyone below them had no clue why my score dropped, The senoir investigator told my any credit card with a limit over 29k is considered installment by the credit agency's and no longer considered revolving. What is pif? I dont know what pif meens? thanks.

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Thats a new one on me, convertingto installment class. But PIF means pay in full

[Tuscani]

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FICOADDICT wrote:

Its true, I got it from the senior tier experts at myfico, it took no time at all to get to the top tier investigators at myfico because everyone below them had no clue why my score dropped, The senoir investigator told my any credit card with a limit over 29k is considered installment by the credit agency's and no longer considered revolving. What is pif? I dont know what pif meens? thanks.

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BS. I have several cards over $30k and all are revolving.

[Anonymous]

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Tuscani wrote:

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FICOADDICT wrote:

Its true, I got it from the senior tier experts at myfico, it took no time at all to get to the top tier investigators at myfico because everyone below them had no clue why my score dropped, The senoir investigator told my any credit card with a limit over 29k is considered installment by the credit agency's and no longer considered revolving. What is pif? I dont know what pif meens? thanks.

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BS. I have several cards over $30k and all are revolving.

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Tuscani, its not nice to call BS.  Simply suggest the info may have been wrong ...lol!!! 

[Anonymous]

I dont know, Im only the messenger.I got the info from MYFICO investigators. So the drop in my score was from inquirys? what about the address change from my relocating? what about not using the other 2 cards? would that hurt the score?

[Anonymous]

It is highly possible that lack of activity on the other two cards affected the score.  It is reccommended to use cards at least once a quarter to keep them reporting as active. Otherwise, the cards go inactive and the utilizatin is no longer  calculated in the score, almost like beign closed.  Inquiries can affect the score but not by the 40 or so points you posted here. New loans can also cause a decreasein FICO but that efect should reverse itself as you pay down the outstanding balance versus the new loan amount. Rapidly opening new accounts can also play havoc.

Time-the most important factor in FICO scoring.

[Anonymous]

So, in 6 months or so, give or take, I should be back to the 800"s with all three agencys?