Author Topic: Credit score dropped sharply (Read 15466 times)

aryeh1 · « **on:** June 23, 2011, 11:52:27 PM »

My fico credit score went from the 830's to 670, during the past yr. All I did was open up many cards this yr ie onepass,ba,saphire, platinum gold,startwoods, aadvantage etc . Now I cant get approved for anything I tried chase & amex- no luck. Any advice? should I close some cards? I have a total of about 10 active cards right now.

Dan · « **Reply #1 on:** June 24, 2011, 12:00:08 AM »

Where are you checking your FICO score? Which of the 3 agencies is this for?

Just take it easy for a while, pay your bills on time, and your score will go up again.
And most importantly-keep your spending utilization very low!

shach · « **Reply #2 on:** June 24, 2011, 12:02:03 AM »

Quote from: aryeh1 on June 23, 2011, 11:52:27 PM

My fico credit score went from the 830's to 670, during the past yr. All I did was open up many cards this yr ie onepass,ba,saphire, platinum gold,startwoods, aadvantage etc . Now I cant get approved for anything I tried chase & amex- no luck. Any advice? should I close some cards? I have a total of about 10 active cards right now.

you are not utilizing too much of your credit? from credit cards alone it shouldn't drop so drastically.and besides did you try asking chase/amex to re-allocate your credit so that you can open two accts.?

scwam · « **Reply #3 on:** June 24, 2011, 12:04:13 AM »

You've lowered your average age of accounts quite a bit. Once you close those accounts (as long as each is younger than your average age) then you should see those scores go back up along with your average age. This is given you are not in high utilization status. Go look at a credit report from last year and check it's average age against today's on the same bureau.

aryeh1 · « **Reply #4 on:** June 24, 2011, 12:06:16 AM »

Quote from: Dan on June 24, 2011, 12:00:08 AM

Where are you checking your FICO score? Which of the 3 agencies is this for?

Just take it easy for a while, pay your bills on time, and your score will go up again.
And most importantly-keep your spending utilization very low!

Thanks dan I knew i can count on you. The amex rep today provided me with my fico-experian score, which was the main reason for my denial.How long do I have to wait before getting another card? I shouldnt close some cards im not using?

Dan · « **Reply #5 on:** June 24, 2011, 12:07:56 AM »

Quote from: aryeh1 on June 24, 2011, 12:06:16 AM

Thanks dan I knew i can count on you. The amex rep today provided me with my fico-experian score, which was the main reason for my denial.How long do I have to wait before getting another card? I shouldnt close some cards im not using?

Find out your Equifax and transunion scores.
Are you spending more than 25% of your credit line on any of your cards (and not paying the bill off before the statement closes)?

aryeh1 · « **Reply #6 on:** June 24, 2011, 12:08:33 AM »

Quote from: shach on June 24, 2011, 12:02:03 AM

you are not utilizing too much of your credit? from credit cards alone it shouldn't drop so drastically.and besides did you try asking chase/amex to re-allocate your credit so that you can open two accts.?

No im not using any of my credit or less than 5%. Amex said theres nothing they can do until I have a better credit score.

aryeh1 · « **Reply #7 on:** June 24, 2011, 12:09:54 AM »

Quote from: Dan on June 24, 2011, 12:07:56 AM

Find out your Equifax and transunion scores.
Are you spending more than 25% of your credit line on any of your cards (and not paying the bill off before the statement closes)?

But they only check experian right? I pay right away and using less than 5% of my limit.

Dan · « **Reply #8 on:** June 24, 2011, 12:11:48 AM »

Quote from: aryeh1 on June 24, 2011, 12:09:54 AM

But they only check experian right? I pay right away and using less than 5% of my limit.

You can freeze Experian and have them pull another report.

elikay · « **Reply #9 on:** June 24, 2011, 12:12:37 AM »

I thought that only works with Chase, Amex asks for pin to unfreeze.

scwam · « **Reply #10 on:** June 24, 2011, 12:13:05 AM »

Quote from: Dan on June 24, 2011, 12:11:48 AM

You can freeze Experian and have them pull another report.

That didn't work for citibank this week with me.

aryeh1 · « **Reply #11 on:** June 24, 2011, 12:14:10 AM »

These are my recent requests for credit: Is this that much?

• CHASE
Date: May 16, 2011
• AMERICAN EXPRESS
Date: May 3, 2011
• AMERICAN EXPRESS
Date: April 11, 2011
• CHASE
Date: April 11, 2011
• CHASE
Date: January 27, 2011
• AMERICAN EXPRESS
Date: November 28, 2010
• SEARS/CBSD
Date: November 13, 2010
• CHASE
Date: August 5, 2010

scwam · « **Reply #12 on:** June 24, 2011, 12:15:23 AM »

for the last 6 months yes, that's alot. If they were more spread out past 6 months then maybe not that bad.

mords · « **Reply #13 on:** June 24, 2011, 10:49:57 AM »

@Dan..You pay up before your statement closes? It makes a difference whether I pay before my due date or before stament closes.

AsherO · « **Reply #14 on:** June 24, 2011, 10:52:12 AM »

Quote from: Dan on June 24, 2011, 12:11:48 AM

You can freeze Experian and have them pull another report.

Reported on here multiple times that it doesn't work for Amex.

mords · « **Reply #15 on:** June 24, 2011, 10:55:57 AM »

@scwam..I'm not sure I understand this idea of lowering average age. Am I better off to close a newish credit card then to downgrade? Because according to the theory of lowering average age it would sound like its better to cancel the new account? Is that true?

AsherO · « **Reply #16 on:** June 24, 2011, 11:02:50 AM »

Quote from: mords on June 24, 2011, 10:55:57 AM

@scwam..I'm not sure I understand this idea of lowering average age. Am I better off to close a newish credit card then to downgrade? Because according to the theory of lowering average age it would sound like its better to cancel the new account? Is that true?

In theory he's right. I'm betting there must be something else adversely affecting the OP's score.

aryeh1 · « **Reply #17 on:** June 24, 2011, 11:16:21 AM »

Quote from: AsherO on June 24, 2011, 11:02:50 AM

In theory he's right. I'm betting there must be something else adversely affecting the OP's score.

I never payed late or more than 5% of my credit limit... what else could it be ? maybe having too many open cards..

AsherO · « **Reply #18 on:** June 24, 2011, 11:20:22 AM »

Quote from: aryeh1 on June 24, 2011, 11:16:21 AM

I never payed late or more than 5% of my credit limit... what else could it be ? maybe having too many open cards..

Nope. I have 26 cards and my score is safe. Sign up for identity monitor, I think they include a score analysis.

compddd · « **Reply #19 on:** June 24, 2011, 11:21:08 AM »

What's the best way these days to find out what my credit score is for free?