Credit Scores dipped by 100 points

[Anonymous]

I  went on an APP Spree and added the following banks-

1) BOA plantinum - $2500

2) CAP1 --- Didnt need another CAP1 i thought I was being approved for Ventura but got the same Platinum with $500 limit

3) Chase- $2000

4) Barclays - $2500 

All these card added in Feb....

I started using the above cards heavily  

.. I have had three Amex ( One, Blue & Clear)  they had high balances and now all paid off.... I did some BT from Chase...

I lost 100 points because of heavy use and an someone hit me with a $500 collection ( Direct TV) which will be rsolved.... 

My question is.... I plan to carry only 10% of the total balace... rest Pay every month...

How soon should I see the scores go back on?

[marty56]

You will see some increase when you pay down the CC debt but the collection is dragging your score down the most.  Note a paid collection hurts your score as one that isn't so any resolution the the collection must include it being removed - A PFD if the collection is valid.

[Anonymous]

Well Like I said... Paying off debt is not an issue... Most like I will only carry about 10% debt out of the total 12k limit.,...

Collection is not valid and will be removed... 

I'm trying hard to getinto the 700 club...  I'm thinking these prime banks should help me...

[cw81]

Getting rid of the collection will definitely give you most of your points back  you will lose some points due to the drop  in your AAoA and the inqs   due to the apps  and when  you take care of you util  you should see some improvement

[LS2982]

---

@Anonymous wrote:

I  went on an APP Spree and added the following banks-

1) BOA plantinum - $2500

2) CAP1 --- Didnt need another CAP1 i thought I was being approved for Ventura but got the same Platinum with $500 limit

3) Chase- $2000

4) Barclays - $2500 

All these card added in Feb....

I started using the above cards heavily  

.. I have had three Amex ( One, Blue & Clear)  they had high balances and now all paid off.... I did some BT from Chase...

I lost 100 points because of heavy use and an someone hit me with a $500 collection ( Direct TV) which will be rsolved.... 

My question is.... I plan to carry only 10% of the total balace... rest Pay every month...

How soon should I see the scores go back on?

---

What were your scores when you went on the app spree??

[ILBrian]

The app spree would very doubtedly cause such a dramatic drop-

It was most definitely the collection and like the poster said above you will need to PFD if its a true collection you owe, else the damage will be there for sometime

[Anonymous]

Wat is a PFD? .....

[LS2982]

---

@Anonymous wrote:

Wat is a PFD? .....

---

Pay For Deletion

[Anonymous]

if you bring down the ult. to 10% great but that collection even if you pay it which for sure is playing the heaviest roll on the 100 point downgrade , still will not help you. If your utl. is over 0% and you bring it down to 10% with that collections, you will only see maybe 20 point increase. unti that collections is removed it will play big roll on your fico. As it ages though, little by little it will less impact your fico