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No. of Recommendations: 24
WOOT!

WOOT!

WOOT!

After the first FICO decline in over 24 months last month what ever tripped the decline has been corrected and additionally I got a boost.

FICO 622.

Holy guacamole I'm over the threshold of "shaky" credit and into the realm of fair credit. Another 19 points to reach the realm of "good" credit.

Cripes this has been a long hard road from being below 500 (yes you read that right. I'm 99% sure that my theory of the Capital One card not reporting a limit and showing an artificial high credit ratio is what was hurting on my pay it off each month card. I swapped to a different card and got this bump.

I'm thrilled - absolutely THRILLED.

If your credit is in the toilet snowball, pay on time no matter what, pay more than the minium no matter what, use your credit wisely, build an e-fund in parallel even if it's slowly and you can dig your way out.

YIPPIE!

Milligram46
(doing a happy dance for his wonderful early Christmas present - FICO 620 achieved - next stop - FICO 640)
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Congrats!

I probably missed it, but did you think it was just using the wrong card that caused the drop?

I'm sort of in a similar situation. Two 1/2 years ago DH & I both had credit in the mid 700s. then we bought a (more expensive) house, & had a baby, followed (of course) by DH being laid off unexpectedly his job of over 7 years. Combined with no real e-fund (used it for closing costs) we had some difficulties and got behind on a couple things.

then in March DH had a FICO of 604 and mine had dropped to the horrid number of 529.

We've also been trying to work our way back up and have had steady increases. Earlier this month, (11/17) DH got an increase to 676, and mine was at 626, the highest they've been in some time. Then a mere three days later on the 20th, we both got a decrease back to the immediately previous numbers 658 for DH and 612 for me :0(

Not sure what caused the drop this time... haven't had the score go down since March, when I started keeping score...

I probably shouldn't really care about this stupid score, but I'm like Lisa on the Simpsons... I feel validated when I get a good grade..

Congrats on your good grade!!

Cheeky :0)
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Thanks for the congrats but a 622 is more like having a C-. I'm just glad to be passing the course.

Here is what I think caused my 13 point drop last month.

Capital One doesn't report credit lines - so your "credit limit" as reported is your "high credit," e.g. the highest amount you've ever had on the card. So for my day-to-day pay it off each month so I show some credit activity card I've never been over $500 and I had gone on a trip in October, running it up to just under $400 - so as far as my credit report was concered, I had used 80% of my available credit, which is a red flag (but I didn't use 80% of my available credit only on paper).

My strategy was to switch to a card that reports my actual credit limit to the bureaus so that my percentage of use is more in line of 10% to 20% of available credit and paid off each month and poof - I got an 18 point one month bump.

That was my voodoo.
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Wow, good catch Miiligram! Pretty frustrating that something so stupid on Capital One's part was affecting your credit score. Keep up the good work.
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Wow, good catch Miiligram! Pretty frustrating that something so stupid on Capital One's part was affecting your credit score. Keep up the good work.

I read about this landmine here - it's a great forum!
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Congratulations! You worked hard to get to this point.

JaniceR
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Milligram46
(doing a happy dance for his wonderful early Christmas present - FICO 620 achieved - next stop - FICO 640)


you are totally hot right now

;)


b
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Capital One doesn't report credit lines - so your "credit limit" as reported is your "high credit," e.g. the highest amount you've ever had on the card. So for my day-to-day pay it off each month so I show some credit activity card I've never been over $500 and I had gone on a trip in October, running it up to just under $400 - so as far as my credit report was concered, I had used 80% of my available credit, which is a red flag (but I didn't use 80% of my available credit only on paper).

Another thing that you could try if you have the opportunity - charge up close to your limit for 1 month. Obviously, you would have to have the money to pay it back that month and you wouldn't want to do it in a month when you were going to be loan shopping soon, but maybe if you are getting BT offers from them at a reasonable rate, you may want to take them up on it for one month. That way your 'high credit' will be close to the credit limit, so when you do charge a bit higher than normal in a month like you did in October, this might help. This may also help your overall score - one of the 'good reasons' I've seen on credit scoring is that 'your available credit limits are high', meaning that other lenders trust you with the possibility that you may borrow significant amounts of their money.

AJ
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FICO 622.

Holy guacamole I'm over the threshold of "shaky" credit and into the realm of fair credit. Another 19 points to reach the realm of "good" credit.



Congratulations!! Way to go!

I hope your trip to 640+ doesn't take too many detours. :-)

DizChick
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