Current Events > So why would my credit score drop 100 this year

LurkerFAQs, Active Database ( 12.31.2018-present ), DB1, DB2, DB3 DB4
Topic List
Page List: 1
Squall28
02/11/19 12:59:55 PM
1
On time on all my payments
Higher salary
Much more personal wealth
No debt
---
If you're going through hell, keep going.
-Winston Churchill
MC_BatCommander
02/11/19 1:00:59 PM
2
ID theft
---
The Legend is True!
nemu
02/11/19 1:01:42 PM
3
I think they still like some utilization, so I think it hurts if you're not using them at all.
ArchiePeck
02/11/19 1:05:08 PM
4
Either a quirk of not using any credit at all, or someone has been doing stuff in your name.
Darkrobotisback
02/11/19 1:07:59 PM
5
Your girlfriend probably maxed out your credit cards.
She was like "muh boyfriend is not giving me enough attention"
---
Sariana21
02/11/19 1:11:58 PM
6
Oddly enough, it might be the "no debt." The credit agencies like to see "good debt," such as a mortgage or a car loan, that is being paid off consistently, establishing a good credit history.

I personally think that is stupid, but I'm not in charge of the credit agencies.

It's also possible you're using "too much" credit, based on your credit limits and your spending habits. Asking for an increased credit limit might help if that is the case. You shouldn't be using more than a small percentage of your available credit. (Again, stupid, but that's how it is.)

ETA: The credit agencies don't know anything about your income or your accumulated wealth, only your credit habits.
---
___
Sari, Mom to DS (07/04) and DD (01/08)
Were_Wyrm
02/11/19 1:13:41 PM
7
Trumps America...
---
I was a God, Valeria. I found it...beneath me. - Dr. Doom
https://imgur.com/FKDXbHs
HBOSS
02/11/19 1:16:43 PM
8
im just going by my experiences. it might not be the same for ya. youre probably not using enough tbh.

heres how I understand it-- credit scores are a measure of how potential business with you would make profit for creditors. loans, credit cards, income, assets are all indicators of doing potential business with you. thats why when you take a loan out, buy car or house, your credit score changes because you did business and are not as credit flexible as you once were.

dont answer this here
but whats your credit limit on credit cards? how much do you use the credit cards? how high have you used them? do you have car(s), stocks, or properties?

when you talk about your credit score, its likely youll will be asked to increase activity on it.

just something to reflect on.
---
You don't stop playing because you grow old,
You grow old because you stop playing
Sariana21
02/11/19 1:20:02 PM
9
HBOSS posted...
im just going by my experiences. it might not be the same for ya. youre probably not using enough tbh.

heres how I understand it-- credit scores are a measure of how potential business with you would make profit for creditors. loans, credit cards, income, assets are all indicators of doing potential business with you. thats why when you take a loan out, buy car or house, your credit score changes because you did business and are not as credit flexible as you once were.

dont answer this here
but whats your credit limit on credit cards? how much do you use the credit cards? how high have you used them? do you have car(s), stocks, or properties?

when you talk about your credit score, its likely youll will be asked to increase activity on it.

just something to reflect on.

Predicating on this (sort of): I mentioned in my post above that the credit bureaus don't know your income. But the card companies DO ask for that info, which is why having a higher credit limit can improve your score. Being eligible for that higher limit (by having a higher income) makes you a more attractive "risk" in the eyes of the credit bureaus.
---
___
Sari, Mom to DS (07/04) and DD (01/08)
BuckVanHammer
02/11/19 1:20:07 PM
10
its the no debt...
---
Minimal, yet feature rich.
Jagr_68
02/11/19 1:24:40 PM
11
You have to maintain like 10-15% of card utilization a month (based on your max limit) to continue earning great credit. Yes, it is fucking stupid, disgusting, and illogical to be "punished" for being extra responsible but these companies get a cut of the money for each and every swipe or transaction you make and want you to help/pay them for services.
---
Paragon21XX
02/11/19 1:49:01 PM
12
Payment history is a major factor in your score which includes all types of debt. If there is no history, there is no score contribution to be had. Creditors also like to see a mixture of types of debt in your history (loans, mortgages, credit cards, etc), so if it's been a while since you have taken out a loan of some type, you may want to consider taking out a loan for your next major purchase even if you can pay in full.

Jagr_68 posted...
You have to maintain like 10-15% of card utilization a month (based on your max limit) to continue earning great credit. Yes, it is fucking stupid, disgusting, and illogical to be "punished" for being extra responsible but these companies get a cut of the money for each and every swipe or transaction you make and want you to help/pay them for services.

That is a misconception. All that is required is regular usage of your credit card accounts, i.e. utilization above 0%. But the higher the balance you carry, the more it begins to count against your score, so it's actually ideal to keep usage below 10%.
---
Hmm...
Sariana21
02/11/19 9:16:06 PM
13
What happened to TC?
---
___
Sari, Mom to DS (07/04) and DD (01/08)
Squall28
02/11/19 9:37:54 PM
14
Sariana21 posted...
What happened to TC?


I was at work. I did have some credit cards expired recently that I didn't renew. Other than that, I don't borrow any money. That's probably it.
---
If you're going through hell, keep going.
-Winston Churchill
GregShmedley
02/11/19 9:39:04 PM
15
Are you going off of Credit Karma or an actual FICO score?
---
Highway was jammed with broken heroes on a last chance power drive.
Squall28
02/11/19 9:41:03 PM
16
GregShmedley posted...
Are you going off of Credit Karma or an actual FICO score?


Turbo tax gave it to me after I did my taxes. Last year it was 700-ish. This year 600ish.
---
If you're going through hell, keep going.
-Winston Churchill
MabusIncarnate
02/11/19 9:42:54 PM
17
I told you to stop buying all of those cheeseburgers
---
Ten million dollars on a losing campaign
Twenty million starving and writhing in pain
Sariana21
02/11/19 9:47:08 PM
18
Closing credit card accounts will do it, yeah. But it might be better in the long run not to have those accounts. As long as you dont need a loan any time soon, you should be fine. Your score will recover if you (continue to?) use credit responsibly.
---
___
Sari, Mom to DS (07/04) and DD (01/08)
Topic List
Page List: 1