Scores dropped a bit with clea

Discussion in 'Credit Talk' started by judyputy, Feb 14, 2001.

  1. judyputy

    judyputy Well-Known Member

    Like Jim mentioned in his previous post I think my scores took a little hit after the last round of corrections from the credit agencies. I already saw the changes in my Transunion account through worthknowing. I haven't gotten the actual updated report from Transunion yet. What I corrected mostly was old accounts that were really closed but remained as open on the report. That gave me all this available credit with zero balances. Or so it looked.

    I think my problem is that as I have been paying off cards I close the card...which makes my debt to available credit ratio look higher. Plus they just added my new car loan in and that goes as an installment loan with no extra credit line but a $20,000 hit to the debt total. Most of my cards are at the 75% usage too. I think I will think about either re-opening a card OR getting one new card (with good teaser rate) and spreading out the balances a bit. Only problem is that I can't move too much around because I got some great rates from BofA that last the life of the transfer. (8.5 and 9.0%)

    I'm not too worried though. Not shopping for mortgages until maybe next summer 2002.

  2. ble103

    ble103 Guest

    RE: Scores dropped a bit with

    You may have trouble on getting a new card,or re-opening a existing account.Take my word for it that they are going to pull your credit report,and see you are carrying very high balances against your limits.Anything over 73% used is a red flag to any lender because it indicates very heavy revolving credit usage along with your instalment loan amount warning any new lender that you are overextended with credit obligations.My advice pay down on your balances,and get you total amount of usage down to 60% or less,then try for a new card.Your score will go up eventually as your balances decreases.Credit scoring is a very funny thing to figure out but who knows how the new generation scoring models will calcalate your over all risk to any lender.Just keep your credit clean,and you will have a high score soon.

    GEORGE Well-Known Member

    RE: Scores dropped a bit with

    I have closed MANY (30+) accounts, they say you have 30-90 days to ask for it back with-out re-applying...

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