My FICO score dropped from 747 in November 2006 to 694 this month...... Ive been paying my payments on time, the only thing i could think of is that i had a CareCredit line of up to $8,000.00 that i had never used until April 2007 when I got invasalign so I used my Care Credit and charged about $5,500.00. Could that be why it dropped? And any tips on how to make it go back up? Thank You.
2007-06-12 05:38:34 · 3 answers · asked by **** 2 in Business & Finance ➔ Credit
Using more of your credit line can drop your score. So can any sudden change in you credit habits.
2007-06-12 05:41:59 · answer #1 · answered by Ted 7 · 0⤊ 0⤋
You nailed it.
You are 68.75% of your credit line now. That is the reason your score dropped.
The only way to raise it back is to pay off the line of credit or at least pay it down to under 30% of your credit line.
2007-06-12 05:43:35 · answer #2 · answered by ? 7 · 0⤊ 0⤋
that could explain the drop, its not fair but to have the best fico score it is best to not use more that 25%-30% of all available credit.
2007-06-12 05:43:58 · answer #3 · answered by dustystar 4 · 0⤊ 0⤋