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- Posts: 36
- Joined: Thu Feb 09, 2012 8:29 pm
- Location: OKC, OK
Credit score dropped from 671 to 629 (42 points) in less than 3 months (as reported by Equifax)
Newbie here, both on the forum and credit history. I got a (Cabela's) Visa Credit Card 13 months ago w/ a $500 credit limit and have used it pretty consistently since then, especially since August. I have paid IN FULL every month, NEVER made a late payment, and NEVER gone over my limit. I've only exceeded $200/mo in spending in four of the months since i've had it ($1997.58/yr 2011)
I have not had my credit pulled but one time since i've had the card, and no history of it being pulled much if any (ie.. not applying anywhere for credit or loans) before that.
I am early twenties and have 18k in student loans, which i am not yet liable to make monthly payments (just graduated). The one time it was pulled, it was for a limit increase that i didn't ask for or approve of (which is another issue). But after this was done, i got a piece of paper from Cabelas Visa/Bank dept saying i had been declined the increase, and it had my credit score as reported by Equifax. It said that as of 10-25-2011 i had a score of 671.
Last week i tried to rectify the issue of them pulling my credit for a limit increase i didn't ask for, and i asked if i was eligible for an increase now. The rep told me that i wouldn't be, b/c my score was too low, and she told me it was now a 629.
In less than three months, during which i made full payments, my score dropped from 671 to 629. I have yet to dispute this b/c i had no idea what credit utilization was till this week. Reviewing my spending during those three months, it was 50-75% of my limit. Is this enough to crush my score like that in three months, or am i getting screwed?
Also, I have been getting tons credit apps in the mail (Amex green twice, and gold once, chase freedom, citicard, etc) and many of these apps say something about my credit getting better and what not. I just received two more this week. Does this make sense to get these if my score is on the decline like that?
Any thoughts, facts, advice, and general sharing of knowledge would be great, b/c i need to know whether or not to dispute this. Thanks in advance, and sorry for the long post.