Please help why my Fico went down from 786 to 691

[Gunnar419]

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@Anonymous wrote:

It looks to me like you have a utilization problem. They want to see a lower percentage of your credit limit in use, and they want to see your loan balances paid off more.

You might be on something here. I usually pay of my CC's in full. My brother bought new car, in April and  I told him if I can use my card. I used my discover and chase (maxed out 25K in total) to get points and I paid them off when bill came out. I usually pay my student loans, monthly installment payments. 

My student loan is still 22k that inculudes the 5K interest during college years. So you are saying they want the loans to be paid off and then the score will go up?

Thanks,

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Ah, well that looks like your problem right there. You ran your cards up and let the higher balances report, if I understand correctly. So now they're paid back down, but as of the last statement/reporting date you had high utilization.

That will do it. Should bounce right back, though.

[Anonymous]

 I do see each amount on both of my cards on the TU report that I pulled this morning. Hoping it goes back! Thanks, I will report back in this thread.

[SouthJamaica]

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@SouthJamaica wrote:

It looks to me like you have a utilization problem. They want to see a lower percentage of your credit limit in use, and they want to see your loan balances paid off more.

@Anonymous wrote:

You might be on something here. I usually pay of my CC's in full. My brother bought new car, in April and  I told him if I can use my card. I used my discover and chase (maxed out 25K in total) to get points and I paid them off when bill came out. I usually pay my student loans, monthly installment payments. 

My student loan is still 22k that inculudes the 5K interest during college years. So you are saying they want the loans to be paid off and then the score will go up?

Thanks,

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Need to keep utilization percentages low on revolving accounts.

And need to make significant reduction of instalment loan balance.

[gdale6]

Welcome to My Fico OP

I noticed you may be having some trouble quoting other posters here is some info that will help you out.    http://ficoforums.myfico.com/t5/Community-Feature-FAQ-s/How-to-Quote-a-Post/td-p/2603189

[Anonymous]

you can't quote on mobile

[NRB525]

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@SouthJamaica wrote:

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@SouthJamaica wrote:

It looks to me like you have a utilization problem. They want to see a lower percentage of your credit limit in use, and they want to see your loan balances paid off more.

@Anonymous wrote:

You might be on something here. I usually pay of my CC's in full. My brother bought new car, in April and  I told him if I can use my card. I used my discover and chase (maxed out 25K in total) to get points and I paid them off when bill came out. I usually pay my student loans, monthly installment payments. 

My student loan is still 22k that inculudes the 5K interest during college years. So you are saying they want the loans to be paid off and then the score will go up?

Thanks,

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Need to keep utilization percentages low on revolving accounts. Except if you want to buy a car

And need to make significant reduction of instalment loan balance. Perhaps, but the point of an installment loan is to pace the payment of the borrowing over a time period the borrower can handle the payback. Accellerate if you can? Sure, but otherwise just make the scheduled payments on time every month. 

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[Anonymous]

Thanks everyone who commented on the thread. I checked my Fico this morning 776. Its getting back up there.