@CA4Closure wrote:In 2012 I had a foreclosure which dinged my credit score badly. After that debacle, I only had one credit card, Capital One. All the otherrs sent me letters that they closed my accounts and asked me to cut my credit card in half even though I was current with those cards. Fast forward to today.
About two years ago I decided to apply for a credit card to see if I would be approved. I was approved for a Discover Card which allowed me to check my FICO scores any time. Since then I added a few gasoline cards and three VISA cards from Chase, Capital One and Citi (Costco).
They said over time that foreclosure will have a lesser effect on my FICO score so long as I paid my credit cards on time and/or paid more than the minimum amount. I have done that. BUT my FICO scores do not increase more than 1 to maybe 5 points tops. If I keep my balances under 1% utilization, my FICO scores actually DROP!
Today my utilizaton is .5% because of my gasoline (Shell, Unocal 76 and Chevron) credit cards which has less than $200 charged on them for any given month. I looked at my Costco FICO 8 score and it dropped from 763 to 760! My Chase FICO score dropped from 749 to 740! How is it that my spending and payments have been exemplary yet my scores are dropping?
I have not applied for any credit because I do not want any more credit cards. I am going to apply for Ford Motor Credit for a new car I want to buy hence the need for a higher FICO score.
1. The score drops you mention ... 3 points and 9 points... are insignificant, and do not indicate "dropping" scores.
2. In order to know to what factors these minor dips are attributable we would need to review your before and after reports to see what's changed.
