My Fico score last month was 620 and now its 545 I am not sure what caused such a drastic decrease. First of all my credit is relatively new I had my first credit card in August 2005 from Capital one. I since applied for one from Bank of America in November 2006 and lastly Washington Mutual in January 2007. I have had 9 inquires made to my account in the last 24 months. Not sure why so many. I have a delinquent payment to FAU due from august 2005 it was initially $5000 now its $3300 I was in a failry bad spot since October of last year and have been living on credit so my credit card balances are Capital one $944 with credit limit $1000, Bank of America $2426 credit limit $2,500 and Washington Mutual $680 out of $750. I have been late once with my capital one account and due to an error with my routing number I was also late for my Washington Mutual Account for the first payment. My concern is I really want to change this and am working on rectify all this. I need to know if I pay off the delinquent $3300 owed to FAU by this month end and stop using the credit cards for the next 3 months while making on time payments (I always pay more than Minimum) will this increase my credit score or will I have to wait another year to see a significant change?
