Why a drop so much in my credit score?

I have had a creidt score around 750 for the past four to five months. My credit balance monthly is usually between 200 and 600 with a limit of 2,700. That percentage is about roughly 8 to 23 percent. I had a few more expenses for school this last month and my balance was slightly over 1,000. I always pay off my balance in full as i did this last month. My score droped about 10 points from this last month citing my high balance as a negative factor. Why would i drop 10 freaking points from having a balance one month around 39% (still under 50) and paying it off in full.

Why a drop so much in my credit score?

I had the same problem happen. The reason they gave me is that they like to see credit card balances less than 1/3 of your total limit. As soon as I paid down my balance my score was back to normal.

Why a drop so much in my credit score?

Did someone else check your credit? Are you applying for a loan or another credit card? Those checks go against you too. Perhaps the credit card company you currenlty use checked your credit so they can offer you more credit. I would check my credit report and see who else has been checking your credit to know for sure.

Why a drop so much in my credit score?

The more you check your credit the more points you loose. ITs stupid but if you or another compnay has to pull your credit several times more than once a month than that could cause the drop in points too. And dropping 10 points is not that significant. More than 20 or so will have the greatest impact.

Why a drop so much in my credit score?

working in the finance industry i know that checking your score drops you a few points. Inquiries from businesses i.e. car dealerships drops your score as well. The amount of money available versus amount unavailable (debt) is a big factor to the three reporting agencies. If you have 70-75% of your credit available, your score relatively stays in tact. Below 50% available and red flags start showing up. How you pay, how much, what kind of payment (credit card vs installment (home loan, car loan)) %26amp; when all determine a better/worse score. If you say you have a 750 FICO, don%26#039;t worry, you are in the top 8-10%.

Suggestion: Do not close your account...that effects your score negatively.

good luck

Why a drop so much in my credit score?

Checking one%26#039;s own credit does not effect their score. Nor does creditors checking to see if you are eligible for their offers... unless you applied first.

The reason it dropped is because your balance went up to 1000 from 600. It does not matter if you pay off each month. If you charge 2000 this month your score will further drop because you utilized a higher percentage of available balance, even if you payoff the very next day. If you check your credit report, your highest balance is always listed first.

Why a drop so much in my credit score?

believe it or not not having a balance can affect your score (they like to keep you using that card) Also if someone else has been checking your credit, the system assumes you are applying for credit but with out additional credit showing it assumes you have been refused-this also affects score

Why a drop so much in my credit score?

I you got the idea right but not the numbers, they look for you to be ubder 33% not 50% thats why=)....Good Luck

Why a drop so much in my credit score?

Credit Score Explained

While taking a decision on your loan approval, your lender will determine your credit score. The most common scoring method used is FICO scores. These ratings are usually used for determining your eligibility for mortgages. This ...............