Need Help...Credit scores dropping!!!!

[Anonymous]

Hello everyone. Im new to the forums and any help you can give me would be greatly appreciated. 

I use to have a medium CS of 769. I invested into a business and it didnt go to well. I unfortunately used my credit lines to stay afloat. My utilization went up to 90%. This was 3 years ago. I've always paid my bills on time. Over the past 2 years my CL's have been decreasing. Everytime I make a large payment on my Home Depot, Discover, Citi and Walmart. They continue to decrease my limit which shows a 98% utilization!!! Now, my scores are down to the high 5's!!! I dont understand. I've never been late. No baddies! What can I do?? 

PNC Mortgage, NFCU 7K, Citi 3000 now 1000, Home Depot 4000 now 2500, Discover 2500 now 1000.

[A1Credit]

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@Anonymous wrote:

Hello everyone. Im new to the forums and any help you can give me would be greatly appreciated. 

I use to have a medium CS of 769. I invested into a business and it didnt go to well. I unfortunately used my credit lines to stay afloat. My utilization went up to 90%. This was 3 years ago. I've always paid my bills on time. Over the past 2 years my CL's have been decreasing. Everytime I make a large payment on my Home Depot, Discover, Citi and Walmart. They continue to decrease my limit which shows a 98% utilization!!! Now, my scores are down to the high 5's!!! I dont understand. I've never been late. No baddies! What can I do?? 

PNC Mortgage, NFCU 7K, Citi 3000 now 1000, Home Depot 4000 now 2500, Discover 2500 now 1000.

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Sounds like they are balance chasing you.  Your high utilization must have spooked them.  Have you called any of your creditors and spoke with them about the decrease?

[Anonymous]

It's called balance chasing and it happens when lenders see very high utilization on many accounts and think you're a risk.

Pay off your balances in full and then request restoration of credit limits.

Where do you get your credit scores from?

[Anonymous]

I called Home Depot and simply asked if they could stop decreasing my limits. They said that they couldnt control what happens and they were unsure as to whether or not it would continue.

I actually had a report sent to me from a lender which was in the low 6's. I've also looked at credit karma which showed in the low 5's. i understand that Ck points are around 50-60 points off.

[A1Credit]

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@Anonymous wrote:

I called Home Depot and simply asked if they could stop decreasing my limits. They said that they couldnt control what happens and they were unsure as to whether or not it would continue.

I actually had a report sent to me from a lender which was in the low 6's. I've also looked at credit karma which showed in the low 5's. i understand that Ck points are around 50-60 points off.

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@Anonymous sucks and I hate it is happening to you. I think you should try to pay off the balances as quickly as you can and then ask for them to restore your limits like @Anonymous said.

[Kree]

It is unlikely for scores to drop from the 7s to the 5s just with utilization.  Something else might have started the score drop that spooked your creditors.

Large number of inquiries could do it.

Or even a singular late payment.

Opening new credit perhaps.