Credit score gone down

For just about anything you want to get off your chest about credit cards.
4 posts
itsmeandrew
Gold Member
Gold Member
 
Posts: 43
Joined: Mon Apr 09, 2012 10:53 pm
Location: Utah

Credit score gone down

Postby itsmeandrew » Mon Jun 25, 2012 8:07 pm

History of me and my credit:

-Capital One Platinum 02/11 ($500)
-Wells Fargo College Platinum 09/11 ($1,200)
-Chase Freedom 04/12 ($3,000)
-AmEx Zync 04/12

-Car loan 01/12 ($4,800) remaining
-Student loans 08/10 ($11,000) remaining

-VerizonWireless (04/12)

I have always pif and my payments are always on time. Lately I have been letting a balance carry over and being reported as to show activity on the card/reports.

Annual income at $20-$24K with my one part time job, plus I just got another part time job that will bring in another $10-$15K. I am also a student.

On my credit reports, my (experian) score has gone from 725 (sep 11), 704 (dec 11), 724 (mar 12), and finally 684 (jun 12). My guess is that my inquiries took my score down. Earlier today I applied for the AmEx Blue Cash Everyday. I got insta-denied. No reasoning yet as I have not gotten an email/letter and the website will not pull up my application. Probably due to recent inquiries and/or short history. Most of my credit has been created in the last 3 months. My question is why do you guys think? And what can I do to obtain this card relatively soon? If I have to wait x about of months/years for my credit to rebuild itself from inquiries, the balances carried, or whatever it is I will. There's no big rush in getting this card other than building an ideal wallet that I can carry for the next few years without worrying about getting another card and still obtaining great rewards. But if a recon will work, all the better as I can get inquiries out of the way now.
Capital One Platinum $500 (2/2010) CLOSED (1/2013)
Wells Fargo College Cash Back $1.2K (8/2011) CLOSED 3/2015
Chase Freedom (Signature) $10K (4/2012)
AmEx Zync NPSL (4/2012)
Samuels Financing $2.9K CLOSED 4/2015
Discover IT $3.95K (7/2012)
Chase Marriott Premier (Signature) $5K (9/2012)
Chase Slate $2.5K (12/2012)
Citi Simplicity $4K (3/2013)
AmEX BCE $9.5K (5/2014)
Chase Amazon $4.5K (5/2014)
Barclaycard Apple Financing $2K (6/2014)
Capital One VentureOne (Signature) $5K (1/2015)


TU (Discover): 760


bmw1990Z
Centurion Member
Centurion Member
 
Posts: 341
Joined: Sun Mar 18, 2012 10:08 am
Location: USA

Postby bmw1990Z » Mon Jun 25, 2012 9:10 pm

too many credit cards for your income?
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

bernhardtra
Gold Member
Gold Member
 
Posts: 26
Joined: Sun Nov 06, 2011 9:18 am
Location: Jacksonville

Postby bernhardtra » Tue Jul 17, 2012 11:13 am

It could be the inquiries. Your score drops about 10% based on too many inquiries, which affect your score for 1 and 2 years. (There is no real rationale for this in today's electronic climate where we know within 30 days of new accounts.) It could also be the utilization rate. If the utilization rate is high then it affects your score. It doesn't matter if you pay it off each month in full, too high looks as if your are using too much and might have the risk of default. Keep utilization under 30%. For me my utilization score is highest around 3%. If I get to 10% I see a drop. If I get to 20% a little more of a drop. I can't tell you at 30% or higher, I never get there. Part of your score has probably decreased based on the length of time for your history. They average all your accounts together, so adding so much will cause the length to shorten and lower your score. Do you enjoy that CapOne card? Do you ever get increases from it? Do you ever expect to?

Your limits are a bit low and this could have a few points shaved off. Ask Cap One to change your account into a no fee account and give you a credit limit...... Actually, I am joking, it would probably be a waste of your time. If you do get both, count yourself lucky!
EX 686 TU 690

Cap One $500 6/10 closed no CLI 7/12
Cap One $2000 9/10
Household $500 9/11
Merrick Bank $2800 10/07
Marathon $900 10/11
Bealls $950 10/11
Marathon Visa $2500 6/12 Yeah finally a good limit card!
Barclays Rewards MC $1500 8/12
Belks $800 8/12
Walmart $1000 8/12

DeadSpider
Platinum Member
Platinum Member
 
Posts: 82
Joined: Tue Jun 12, 2012 10:51 am
Location: Las Vegas

Postby DeadSpider » Tue Jul 17, 2012 12:10 pm

bernhardtra wrote:It could be the inquiries. Your score drops about 10% based on too many inquiries, which affect your score for 1 and 2 years. (There is no real rationale for this in today's electronic climate where we know within 30 days of new accounts.) It could also be the utilization rate. If the utilization rate is high then it affects your score. It doesn't matter if you pay it off each month in full, too high looks as if your are using too much and might have the risk of default. Keep utilization under 30%. For me my utilization score is highest around 3%. If I get to 10% I see a drop. If I get to 20% a little more of a drop. I can't tell you at 30% or higher, I never get there. Part of your score has probably decreased based on the length of time for your history. They average all your accounts together, so adding so much will cause the length to shorten and lower your score. Do you enjoy that CapOne card? Do you ever get increases from it? Do you ever expect to?

Your limits are a bit low and this could have a few points shaved off. Ask Cap One to change your account into a no fee account and give you a credit limit...... Actually, I am joking, it would probably be a waste of your time. If you do get both, count yourself lucky!


You made me laugh Capital One no fee and increase LOL.
Cap! QuickSilver VISA 2005 $6500
Chase Freedom MC 2006 $5000
Amex Sky 1999 $2000
BCE 1999 $8800
NFL 2013 $1500
Discover IT 2013 $3500
FICO July 16/2012 ---- 742 Experian (Amex)
BK comes off ---- 9/2014



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests