MyFico Score dropped ouch!

[Mayfriday0529]

I dropped almost 30 points from one year to another 696 to 664 wow....

I think the main reason is
The proportion of balances to credit limits on your revolving accounts is too high

 

[BigJ]

Simple solution is to pay off your credit cards.

 

[Gibson486]

Originally posted by: BigJ
Simple solution is to pay off your credit cards.

even better would be to just ignore it and go on with his life.

 

[Mayfriday0529]

Originally posted by: BigJ
Simple solution is to pay off your credit cards.

I cut up all my CC's about three months ago so i'm in the progress of doing so.
Although i thought that having two car payment always paid on time would help briging it higher.

Anyone know if its normal that they keep a record of inactive and closed accounts forever?

 

[BigJ]

Originally posted by: Gibson486

Originally posted by: BigJ
Simple solution is to pay off your credit cards.

even better would be to just ignore it and go on with his life.

So his credit score stays low and he gets a higher interest rate if he ever has to take out a loan, or possibly have trouble getting approved for something? Yeah, that's much better than correcting the problem :roll:

 

[joecool]

Originally posted by: Gibson486

Originally posted by: BigJ
Simple solution is to pay off your credit cards.

even better would be to just ignore it and go on with his life.

indeed - both scores are fine.

 

[woowoo]

Originally posted by: Jnetty99

Originally posted by: BigJ
Simple solution is to pay off your credit cards.

I cut up all my CC's about three months ago so i'm in the progress of doing so.
Although i thought that having two car payment always paid on time would help briging it higher.

Anyone know if its normal that they keep a record of inactive and closed accounts forever?

You did leave the accounts open......
Didn't you?

 

[Mayfriday0529]

Originally posted by: woowoo

Originally posted by: Jnetty99

Originally posted by: BigJ
Simple solution is to pay off your credit cards.

I cut up all my CC's about three months ago so i'm in the progress of doing so.
Although i thought that having two car payment always paid on time would help briging it higher.

Anyone know if its normal that they keep a record of inactive and closed accounts forever?

You did leave the accounts open......
Didn't you?

Of course.. they are all open, all i did was cut the credit cards that way i can't use them. I'm only left with my ATM/Debit Card from my bank.

What i mean about inactive and closed, is that there are two accounts on my report one from 99 that just states Inactive and another from 2001 that just states Closed, no other information about them.

 

[JulesMaximus]

Did it land on your foot?

 

[nakedfrog]

Get each CC down to 49% of the max balance as quickly as you can, and that will help.

 

[Mayfriday0529]

Originally posted by: nakedfrog
Get each CC down to 49% of the max balance as quickly as you can, and that will help.

By the end of the year I could probably have two revolving accounts or CC's down to below 50% and one student loan down to 10%. That's my realistic goal.

 

[xgsound]

Originally posted by: Jnetty99

Originally posted by: BigJ
Simple solution is to pay off your credit cards.

I cut up all my CC's about three months ago so i'm in the progress of doing so.
Although i thought that having two car payment always paid on time would help briging it higher.

Anyone know if its normal that they keep a record of inactive and closed accounts forever?

Your score is actually pretty good. If you are interested in paying off credit cards, look for "Dave Ramsey" . He has a radio show about getting out of debt forever.

If his show is avaliable in your area, it could give encouagement on a daily basis.

His idea is to owe nothing to anyone, which may not be for everybody, but will make paying off credit cards seem like small potatoes.


Jim

 

[purbeast0]

My friend whom works doing loans and mortgages checked my credit report and told me I have an average credit score of 724. Not too bad for only being 23 years old. I haven't had one late credit payment he said.

 

[Mayfriday0529]

Originally posted by: xgsound

Originally posted by: Jnetty99

Originally posted by: BigJ
Simple solution is to pay off your credit cards.

I cut up all my CC's about three months ago so i'm in the progress of doing so.
Although i thought that having two car payment always paid on time would help briging it higher.

Anyone know if its normal that they keep a record of inactive and closed accounts forever?

Your score is actually pretty good. If you are interested in paying off credit cards, look for "Dave Ramsey" . He has a radio show about getting out of debt forever.

If his show is avaliable in your area, it could give encouagement on a daily basis.

His idea is to owe nothing to anyone, which may not be for everybody, but will make paying off credit cards seem like small potatoes.


Jim

Well i'm about to take more loans, but theses are School loans so i dont know how much effect school loans have. but yeah the Credit Cards have to go.

 

[spacejamz]

Good Stuff Here...