Score dropped 75 points

[Anonymous]

Hi all.

Three years ago I had horrible credit - my score was about 580.  Three months ago, I had increased the equifax score to 681.  I've missed no payments in over 2 years.  However, I had about 7 years of constantly late payments.  Three years ago I had about $75,000 in debt of all kinds.  However, I now owe about $18,000 on a line of credit and one student loan, and I have about $25,000 in RRSP savings.

Three months ago I put $18,000 onto a $20,000 line of credit, and I pay about $2,000 off of the credit line every two weeks.  However, my score decreased from 681 to 617.

I am certain that the decrease was due to my using a huge portion of my available credit.

My question:  When my credit line balance is about $5,000, will my score rise the 75 points that it decreased?

Thanks!

Paul 

[jackg]

Pau1

I can't understand the facts you posted as how they relate to your FICO score

1. Is it true that today you have $18,000 debt plus 1 student loan?

2. What is $25,000 RRSP savings? Is it your cash?

3.You said you just put $18,000 onto a $20,000 LOC and you pay $2,000 every 2 weeks. Doesn't that mean that after the 1st $2k payment that it's paid in full. Where did the $18k plus the $2k come from? I hope you did'nt take cash advances from CC's.

4. Your ? is missing something. What do you mean by "...my credit line is $5k, will my score rise..."

Just trying to get all the facts in order to give you a more informed response.