Why did my score drop???

[LS2982]

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@zerobacan wrote:

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@E150GT wrote:

your utilization is high. Why do you "need" to apply to care credit? Your score will rebound whent the balances are paid down more than they are. 

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+1 on utilization being high + as I see 3 new account compared the only 1 old you had before brought your Average of credit down too fast

Care Credit = High interests!

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Not if you have the balance on a deffered interest plan, anything spent on that card should only be done like that to avoid interest.

[Sitori]

Yes...plus it really doesn't matter at this point. Interest or not, I need it. 

What is hurting it the most? The UTL or the age of the accounts?

[LS2982]

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@Sitori wrote:

Yes...plus it really doesn't matter at this point. Interest or not, I need it. 

What is hurting it the most? The UTL or the age of the accounts?

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I'd say util. more than anything. Get that under 15% then go for it.

[Anonymous]

It takes about 6 months to establish a rebound in score after adding new accounts. I've heard Care Credit is a pretty easy card to get...I've been told they approve in the low 600's.

But having all cards paid to zero except one that has high utilization will still tank your score. For max points, all but 1 should report a zero balance and the one card that reports a balance should be around 9%.

Don't feel bad, my score has dropped from 703 to 689 (my siggy isn't updated yet). I have 8 inquiries from buying a house, leasing a new car, applying for 2 credit cards and using them to the max for new home purchases all over a 3 month period (so I am gardening right now). But I know it is going back up once I get my utilization down. The money is starting roll in starting Friday. I will get $8,000 over the next couple of weeks from my yearly bonus and I have already scheduled 2 out of 4 CC payments for this Friday and the next to get my utilization on those two cards back down to ZERO! My Best Buy card hasn't came yet in the mail so I have to wait to pay that. One of my cards is at 97%...yep it is bad. But they reported 71% to the credit bureaus as they reported right in the middle of my charging spree. So the nice thing is I will have it back down to zero before it reports again so the 97% won't actually report.

I'm the type of person that doesn't like debt. I only charge what I know I will have cash for in the near future. I don't take advantage of zero % APR offers for 18 months because I hate when my score tanks because of it and I don't like just paying a $150 per month for a year. I like my cards to be assessable to the max. Different strokes for different folks. But your score will come back up and probably be higher than it was initially given the new mix of credit. Utilization is a score killer...always keep that in mind.

[Sitori]

Oh wow. Thanks for the info. I had originally planned on paying them ALL off in January but now I'm fighting with my previous employer over tax issue's. I should have atleast $3000 coming in from a tax credit but they are being shady about giving me a 1099 so that I can claim it. If I had known I was getting nothing I wouldn't have even used the cards half as much as I did. The only reason I used them was so that I could charge them up and pay them down.  I'm going to try and get them down as much as possible. I may have to wait a couple of months..hopefully I can hold out that long!!

Thanks again

[nicholasyud]

1. 3 new account + 1 old account = Score drop
2. 3 /4 card report balance and with high % utili. = Score drop
3. Paid small balance off first then let only 1 card report balance. Then do did until your balance completely gone then let only small balance report on 1 card. You should see increase on credit score.