Credit Score / Report Gurus

musclefan21

musclefan21

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My score dumped 90 points (from excellent to good / fair level overnight.

I checked and I had missed a $200 payment for 30 days to a credit card which I rarely use and apparently had balance there that I didn’t remember. Also my credit card balance usage level went from like 1% to 18%.
Those two were the only changes. Is this a normal thing? What can I do about it?

I immediately paid that unpaid balance and even paid off that 18% utilization of my CC balance down to 0. I feel like there has to be something wrong.. I can’t wrap my mind around 90 points. I am not in collections of any kind. I don’t have balances on my credit cards or bills are past due. I am pretty good at being ontop of my finances (except this mishap)

what do you think about this and can this be corrected somehow ?

thank you
 
13COBRA

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Seems pretty standard to me. It'll go back up over the next 90 days.

It sounds like you don't have a lot out there on credit? For people who don't aren't using a lot of credit (loans, credit cards, etc) even a small mishap can really rock your score.
 
Weather Man

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The score should creep back up, but missed payments will hurt you.

Turn on the email alert for payment due.
 
BOOGIE MAN

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That's just one score from one agency. The scores are supposed to match, so find out what the other agencies say your score is, then take the highest two and tell the third you have a discrepancy and they'll bring it up to match. Then play the same game with the next lowest score. This is one of the first things credit repair companies do

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_Snake_

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Sounds about right I’m afraid. My score will swing 10-15 points each month just based on my credit utilization.
 
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90 points for 30 days late seems like a lot. In my late teens, I defaulted on a medical bill I didn't feel was fair. It went to collections and everything and my credit only dropped from high 600s to low 600s. I think I had paid off one small bank loan at that time and had another line for $1000 I was paying off. I didn't even have a credit card. I just kept paying and using my regular credit and my score rebounded pretty quick.
 
sonicx

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Unless you’re planning on taking out a loan, business, or mortgage... it really shouldn’t matter your credit score.
 
scott9050

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Car insurance also uses credit score. This late stays on your report for 7 years but will hurt less as you go. There is a chance of a goodwill removal depending on the creditor and several credit forums have form letters for this purpose. If I were you I would put your credit cards on autopay for at least the minimum to avoid a repeat in the future.
 
Mpoitrast87

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My Credit Score went from 830 to 760 after I put $7000 on a credit card that has a $20k limit. Never doing that again.
 
ON D BIT

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musclefan21 said:
My score dumped 90 points (from excellent to good / fair level overnight.

I checked and I had missed a $200 payment for 30 days to a credit card which I rarely use and apparently had balance there that I didn’t remember. Also my credit card balance usage level went from like 1% to 18%.
Those two were the only changes. Is this a normal thing? What can I do about it?

I immediately paid that unpaid balance and even paid off that 18% utilization of my CC balance down to 0. I feel like there has to be something wrong.. I can’t wrap my mind around 90 points. I am not in collections of any kind. I don’t have balances on my credit cards or bills are past due. I am pretty good at being ontop of my finances (except this mishap)

what do you think about this and can this be corrected somehow ?

thank you
Click to expand...
Late and credit usage up by 17% and you lose 10/12% on credit score seems standard to me.

13COBRA said:
Seems pretty standard to me. It'll go back up over the next 90 days.

It sounds like you don't have a lot out there on credit? For people who don't aren't using a lot of credit (loans, credit cards, etc) even a small mishap can really rock your score.
Click to expand...

correct

BOOGIE MAN said:
That's just one score from one agency. The scores are supposed to match, so find out what the other agencies say your score is, then take the highest two and tell the third you have a discrepancy and they'll bring it up to match. Then play the same game with the next lowest score. This is one of the first things credit repair companies do

Sent from my SM-N975U using the svtperformance.com mobile app
Click to expand...
No they are not. I’ve never seen credit scores match or have the exact same score. They all should be similar though. Within 30-50 points of each other.

tistan said:
90 points for 30 days late seems like a lot. In my late teens, I defaulted on a medical bill I didn't feel was fair. It went to collections and everything and my credit only dropped from high 600s to low 600s. I think I had paid off one small bank loan at that time and had another line for $1000 I was paying off. I didn't even have a credit card. I just kept paying and using my regular credit and my score rebounded pretty quick.
Click to expand...
695-605 is a 90 point loss. Add in the credit usage, meaning he has less money to borrow it all adds up.

sonicx said:
Unless you’re planning on taking out a loan, business, or mortgage... it really shouldn’t matter your credit score.
Click to expand...
Yes. You don’t need credit score or credit. Many people lead great and happy lives without it.
 
nxhappy

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missing a CC payment hurts you bad. You also want to be under 20% total CC limit (on each card). Nothing you can do now, but it will slowly go back up. Best thing you can do is pay off ALL balances and shred your cards. Then work on any auto loans.
 
musclefan21

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Thanks guys. I feel like I have done these in the past (years ago) and never had such impact.
My credit went down from 790 to 700.. this is very sad. I don’t understand this at all. I used my credit card because I have been moving and instead of using my debit card, I used my CC to earn points. I think I went up like 3k but paid it off.

I still think it should never drop down that much at once unless I am in collections, lots of debt etc.

anyways, will be not racking up any amount anymore.
I don’t have any auto loans or anything else. Gotta figure out ways to quickly build this credit score back up above 750
 
Grabber

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I would not worry about your credit score. It is not really "important" in the sense that if you're applying for a loan, most creditors/banks and home load lending companies only look at your FICO score.

That is far more important.
 

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