I used my card and in one month my score plummeted 18 points!

[MmeLucie]

I bought a computer and used my visa to get the points.  I have been so busy working etc I just decided to let the card report and pay it when the bill came.

I know my fico would go down, but not by 18 points??  I haven't had any late payments in over 2 years    I was doing so well.  I feel as if I was penalized for using my card.  

The card has a limit of $3,000 and the balance reported last month was 1995.00

My strategy is to pay the card down to 9 percent then take 5 months or so to pay the rest..  

Does that sound like a good strategy to boost my score back up?

Thanks..... 

[haulingthescoreup]

Is this your only card? If so, then having 66% util post will definitely hit your scores, easily by this much.

Once you get it under 9%, there's no point in dragging out the repayment, unless this is your only card, or this is the one card that you allow to report a balance.

You don't want to have 9% or less reporting on every card, just on one or two (fewer than half, but more than zero.)

Anyway, as soon as you reduce that balance significantly, and the new balance reports, you'll start getting your points back.

Congrats on the new computer! At that price, was it a Mac? *drools slightly --I miss my Mac, but I can't afford a MacBook*

[MmeLucie]

Okay, great!  Thanks for the strategy advice.  Yeeeeeessss, it is a mac, and imac.  I love it.

The card is 1 of the 3 lines of credit that I have.   

BIG LESSON LEARNED HERE!

Thanks!