from 750 to 643 in one month. HELP!!!

[takeshi74]

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@Lazaraki wrote:

all my hard work for nothing!

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It's not all for nothing.  Always be very careful relying on the word of a single CSR no matter who the CSR works for -- whether it's a credit card company, cell phone company, computer company, etc.  Reps can be mistaken or uninformed.  They can also be correct but one should always validate and corroborate.  A little research would have indicated the utilization certainly does play a role in your credit scoring and here's just one reputable source:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

As indicated above, your score wil rebound from the utilization hit as you pay the balance down.

Also, as indicated above, the collection is probably the biggest hit and you need to address that.

[Anonymous]

I would say that the collection and the high utilization are both playing big factors in his drop in score.

One is recoverable once paid down, the other isn't.

[SunriseEarth]

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@Lazaraki wrote:

Hello myfico'ans

for 4 years I built my credit to go from 620 to 750 and because of my ignorance i have destroyed it.

I have a BOA credit card with a 7500 limit.  I made plans to buy my gf a ring so i called BOA and asked them if my spending will affect my score?  the rep said "no we dont report that information, all we report is your line amount"  after a 30 mins conversation of me asking if he was sure and him saying yes i charged half the amount to my credit card.  i also opened up a tiffanys card the same month which i didnt use because they told me it would be a soft hit. and to top it off my doc sent a bill to collections and it hit my report.  all this in 1 month.  all my hard work for nothing!

i need  help, how can i get my scoe back up to 750 in 6 months?  i plan on buying a home  

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You ran up your UTIL, you have shortened your AAofA plus you have new account ding (and possibly, an additional HP), and a collection.   Naturally your score is going to take a hit.   it's a big one, but it's not insurmountable. 

As for AAoA, there's not much you can do about that other than wait.  Same with the new account doing.  If you did get HP'd for the Tiffany TL, most of the ding for that should be gone in 6 months (and all will be gone in a year).    Once you get your UTIL back, that should help too.

You got a good suggestion regarding what to do with your medical collection.  I'd follow those steps.

In any case, FICO scores don't have a memory.  It's simply a snapshot of your credit at that moment in time.  So they will come back once these issues are resolved.