I am a college student and i only own 1 credit card which i monitor to keep on paying the bills on full amount to raise my credit score. However my credit score went down by 22 from last month. is this possible?
2007-11-18 16:31:10 · 3 answers · asked by staepuff 2 in Business & Finance ➔ Credit
Yes that makes sense. Even if you paid the bill of in full, the scoring looks at your highest monthly balance. So if that month's balance was higher than normal, your score could very easily take a hit.
If your highest balance was more than 30% of your credit limit, your score would definitely take a hit.
2007-11-18 17:07:03 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Yes! A lot depends on your score and many factors make this score what it is. What you should do is go to my website and read all of it, but especially the "how credit scoring works" section. You will find an accurate and detailed account of what makes up your score!
I had to go through credit repair and recovery, what my site is about, after my ID was stolen and then I declared bankruptcy!
My score is now up from 486 to 729 in a little over a year!
2007-11-18 16:41:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes it is possible. When you use your credit card, if you almost max it out, your credit score goes down some, just keep paying it off like you are doing, it will go back up.
2007-11-18 16:40:49 · answer #3 · answered by tilishabingo 2 · 1⤊ 0⤋