My credit dropped, would you please help??

[coolstuff]

After my credit card spree from August-Sept last year, my credit dropped from 800 to 765, the following are the reasons from Experian. I bumbbed all Equifax and Transunion inquiries. The reason 05 and 24 is conflicting, my credit cards are almost all with high limit and I currently having about 11 credit cards and the lowest card is the macy's card with $2500 and all other cards with limit above $25k and with total credit limit combined to $430k.

 

 

08 TOO MANY INQUIRIES LAST 12 MONTHS

14 LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED

05 TOO MANY ACCOUNTS WITH BALANCES

24 NO RECENT REVOLVING BALANCES

[Kat58]

Your inquiries were probably *R.

05 & 24 are conflicting... I wouldn't worry about it.

Why are you stressing over a 765 score?

[hyschmied]

Do you have any balances? Are you using cards some so they report?

765 still pretty good.

[coolstuff]

You meant they put those inquires back to my EQ? I have not checked it for a while. I would like to keep a very good credit score for mortgage financing and dropping 30 points was a lot. I don't have any installment loans, and the student loan was paid off 10 years ago, I was thinking it may due to 10 years limit for installment loan passed, so the score dropped. Also how do I satisifed the # 24 NO RECENT REVOLVING BALANCES? I do have ballance which month on some credit cards, it probably due to I am having very high credit limit and I usually keep the ballance low at the end of cut off day. This #24 is heavy weight item on credit score.

Edited August 14, 2015 by coolstuff

[muckymucks]

Yes,

 

Do you have any balances? Are you using cards some so they report?
765 still pretty good.

 

800 is better, though, and once you've reached that peak it's hard to let it go. Not that I have personal experience on that front (yet).

 

05 and 24 are conflicting but the first two are just the waiting game.

 

Odds are you have too many cards with balances. PIF a few and only carry a balance on one or two, and keep that utilization low.

[muckymucks]

Another thing you can do is the $2 trick. If you can afford to pay down all your credit card debt, leave $2 on one card and watch that credit score jump.

[coolstuff]

Yes,

 

Do you have any balances? Are you using cards some so they report?

765 still pretty good.

 

800 is better, though, and once you've reached that peak it's hard to let it go. Not that I have personal experience on that front (yet).

 

05 and 24 are conflicting but the first two are just the waiting game.

 

Odds are you have too many cards with balances. PIF a few and only carry a balance on one or two, and keep that utilization low.

 

Yes that's what I was doing, PIF on half of the cards and leave ballance on the rest. but I am more worried about the 24 which is really hurting. Even I have ballance of most of the cards, I still have the 24

[Kat58]

Ignore 24... It's obviously lying to you.

Don't run out and get an installment loan either.

Sign up with Credit Karma, it's free. Good for inquiry count, etc.,.. Worthless score.

I'm pretty sure there's a max score for mortgage approvals. I don't know what that is though.

 

edit to add: Only let ONE account report a balance, $2, to tweak your score (like muckymucks said)

Edited August 14, 2015 by Kat58

[coolstuff]

Ignore 24... It's obviously lying to you.

Don't run out and get an installment loan either.

Sign up with Credit Karma, it's free. Good for inquiry count, etc.,.. Worthless score.

I'm pretty sure there's a max score for mortgage approvals. I don't know what is though.

 

edit to add: Only let ONE account report a balance, $2, to tweak your score (like muckymucks said)

 

I tried letting one account reporting $10, it hurt me a lot. it dropped 15 points for that and giving me the 24 NO RECENT REVOLVING BALANCES. I started to let 2 accounts reporting and the score increased back to 800 points. That was 2 years ago that I only have 3 credit cards. but now I have 11 credit cards almost all with high limits. I am thinking maybe the limits are high( 5 of them over $50k and 5 of them between $25k to $50k) that reporting low balance make them take no affect or no activity so complaining NO RECENT REVOLVING BALANCES.

 

I never have reported more than 1% of my credit limit since last year. always less than 1%.

Edited August 14, 2015 by coolstuff

[NoPresetSnarkLimit]

Dropped 15 fake points

[Kat58]

Dropped 15 fake points

 

Thank you NPSL... Was fixing to ask where he's getting this info from.

 

Did I read somewhere, that accts over $50k don't report, or am I crazy? lol

[NoPresetSnarkLimit]

 

Dropped 15 fake points

 

Thank you NPSL... Was fixing to ask where he's getting this info from.

 

Did I read somewhere, that accts over $50k don't report, or am I crazy? lol

I'm mobile right now but yes a BW thread seeking data on reporting 40-45, 45-50. IIRC either Mad scientist or Fico score simulator results Edited August 14, 2015 by NoPresetSnarkLimit

[coolstuff]

I am thinking the $2 reporting trick does not work for thick credit profile. I read it somewhere that for thick profile should be reporting 1%?

[NoPresetSnarkLimit]

$2 will show as 1% if using Fico scores, for fakos it's meaningless.

[coolstuff]

$2 will show as 1% if using Fico scores, for fakos it's meaningless.

 

I was using FICO, my mortgage lender pulled the credit report. It really hurts to have no revolving ballance. however I do have ballances on a few cards each month.

[Kat58]

 

$2 will show as 1% if using Fico scores, for fakos it's meaningless.

 

I was using FICO, my mortgage lender pulled the credit report. It really hurts to have no revolving ballance. however I do have ballances on a few cards each month.

 

 

I need 2 drinks

[NoPresetSnarkLimit]

 

 

$2 will show as 1% if using Fico scores, for fakos it's meaningless.

I was using FICO, my mortgage lender pulled the credit report. It really hurts to have no revolving ballance. however I do have ballances on a few cards each month.

You can't track changes unless you have Ficos that you can see change with the changes, an old Fico from mortgage is 04, the $2 works with revolving balance based Fico 08, check out Credit Check Total . Com

 

 

 

 

$2 will show as 1% if using Fico scores, for fakos it's meaningless.

I was using FICO, my mortgage lender pulled the credit report. It really hurts to have no revolving ballance. however I do have ballances on a few cards each month.

I need 2 drinks

Make it 4 and take two for me

[Kat58]

 

 

$2 will show as 1% if using Fico scores, for fakos it's meaningless.

I was using FICO, my mortgage lender pulled the credit report. It really hurts to have no revolving ballance. however I do have ballances on a few cards each month.

You can't track changes unless you have Ficos that you can see change with the changes, an old Fico from mortgage is 04, the $2 works with revolving balance based Fico 08, check out Credit Check Total . Com

 

 

$2 will show as 1% if using Fico scores, for fakos it's meaningless.

I was using FICO, my mortgage lender pulled the credit report. It really hurts to have no revolving ballance. however I do have ballances on a few cards each month.

I need 2 drinks

Make it 4 and take two for me

 

 

Done

 

 

(Dang it... I still didn't win 5k on Wheel)

[coolstuff]

I just looked at the credit report from the mortgage lender, all cards reported on the 15th of July and only 2 cards with balance and these two cards having limit over $50k. That probably the reason that cards with $50k or more wont count. Strange thing is why all cards report to credit bureaus on the 15th??

Edited August 15, 2015 by coolstuff

[Kat58]

15th of July is probably the date of the report itself. Look at the accounts individually.

 

I've been trying to find some info... Looks like Fico 04, which most mortgage lenders use, the 40/50k CL's don't report balance and/or limit?

Fico 08, I don't believe follows this logic.

 

As an experiment, you could let 1 card report a small balance, using a card with a ~@20k limit.

 

Maybe someone else with more knowledge on this topic will chime in.

[NoPresetSnarkLimit]

It won't illuminate anything for him unless he tracks Ficos ongoing, again CCT.

[Kat58]

It won't illuminate anything for him unless he tracks Ficos ongoing, again CCT.

 

Yes, do what this guy said... NOW

[coolstuff]

Lowest limit cards I have are $25k except one Macy's card that I can't use often. The lender pulled the credit on the 8th of this month, so the 15th was stated as credit card companies reporting date

[coolstuff]

Any credit expert know if $25k limit cards report balance will eliminate the "no revolving balance"?

[Kat58]

Any credit expert know if $25k limit cards report balance will eliminate the "no revolving balance"?

 

Pretty sure you are safe using the $25k limit card. I was just shooting low.