c/credit-score-help

3

nora_park72•17h ago

My credit score tanked after I bought a $700 inflatable hot tub

I saw a sale online and thought it would be a fun way to relax, so I put it on a store card I rarely use. The new high balance on that single card dropped my score by 40 points because it messed up my credit utilization. Has anyone else had their score drop from a single silly purchase like that?

10

shah.zara•1d ago

Update: My credit score jumped 40 points after I fixed a tiny error on my report

I was looking at my free annual report from AnnualCreditReport.com last month and saw a credit card I closed in 2020 was still listed as open. I filed a dispute online with Experian, and they fixed it in about two weeks. I checked my score again yesterday and it went from 680 to 720. Has anyone else had a big jump just from fixing a small mistake like that?

9

olivia_morgan8•3d ago

Why does nobody talk about how a 20 minute call with a bank in Phoenix fixed my credit card limit?

I mean, I just asked them to move some of my credit from an old card I never use to my main one, and they did it right then, which made my credit score jump 40 points because my usage went way down.

20

simon378•6d ago

I was at the library in Springfield and saw a free seminar on reading your credit report.

The presenter pointed out that a lot of people miss the 'date opened' field for old accounts, which can really help your average account age if you keep them active.

5

jordanm19•6d ago

I finally stopped ignoring my credit card's annual fee

It hit $95 again this month, so I called and asked for a product change to a no-fee card instead of just paying it. Anyone have experience with how that product change hits your average account age?

7

hill.barbara•6d ago

Question about paying down credit card debt

I used to only pay the minimum on my $4,500 balance, which kept my score stuck at 620. After six months of paying $300 a month, my score jumped 40 points. Has anyone else seen a big jump from focusing on utilization?

1

jana_miller31•8d ago

PSA: I used to ignore credit card statements until the due date

I'd just pay the minimum and move on, which kept my score stuck around 620. After my car loan got denied in March, I started paying the full balance the day I get the email. My score jumped 40 points in 4 months. Anyone else see a big change from just paying earlier in the cycle?

9

wyatt_fisher41•9d ago

Unpopular opinion: I was happy to see a 40 point drop on my report.

It was from paying off my car loan in Seattle, which closed the account. Now I know my score will bounce back in a few months, but has anyone else felt weirdly relieved finishing a big debt even with the temporary hit?

15

sageellis•10d ago

Just talked to my brother about his new car loan and he said his score dropped 40 points after the hard pull.

He thought it would bounce back fast, but it's been stuck for months. Does a single inquiry really tank you that much, or is something else going on?

27

violafox•11d ago

I had to pick between a $300 secured card or a $99 fee card to fix my 580 score.

I went with the secured card and after six months of paying on time, my score jumped to 635, so has anyone else had to make a call like that with a really low starting point?

19

drewb45•11d ago

Update: My coworker in Denver said his score dropped 30 points for a simple reason

He told me he paid off his only credit card and closed the account, thinking it was a smart move. The drop happened because it messed up his credit age and available credit. Has anyone else seen a big hit from closing an old card, even with no debt on it?

16

rowan593•13d ago

I thought those credit builder loans were a total scam until I tried one

For years, I saw ads for those 'credit builder' loans from apps and figured they were just a way to trick people. My score was stuck around 580 and I felt hopeless. Then my buddy in Phoenix, who had a similar score, told me his jumped 40 points in three months after using one. I was super skeptical but desperate, so I signed up for a Chime Credit Builder card. I put my $50 phone bill on it each month and they reported the payments. I checked my FICO score yesterday and it's now 635. The whole 'paying yourself' thing actually works by showing consistent payment history, which I had zero of before. Has anyone else used a tool like this and seen a bigger jump, or is my experience pretty typical?

34

derekhenderson•14d ago

A weird thing happened when I finally checked my TransUnion report

I logged in last Tuesday and saw a collection from a $75 medical bill I never got, which tanked my score by 40 points. Has anyone else had a surprise like this pop up from a doctor's office?

24

violay27•14d ago

My friend swore by those 'credit repair' services and I'm out $500 with nothing to show for it.

They charged me upfront, sent a few generic dispute letters that got rejected, and my score is exactly the same as it was six months ago, so what's a better way to actually fix a 620 score?

17

lucas_jenkins•14d ago

Rant: I used to think my 620 credit score was just stuck there forever.

My score finally started climbing after I focused on paying down the card I was closest to the limit on, even though it wasn't the one with the highest interest rate, which felt totally backwards at the time.

26

willowthomas•16d ago

My neighbor in Phoenix told me his credit score jumped 40 points after one simple call

We were talking by the mailboxes last week, and he said he called his card company to ask for a higher limit on his oldest card. He told me they said yes right away, and his score went up because his total debt looked smaller compared to his new limit. Has anyone else tried asking for a credit limit increase to help their score?

17

hannahpatel•19d ago

I always thought checking my own credit hurt my score until I went to the bank in Tacoma.

The loan officer there pulled my report and showed me the soft inquiry section, explaining that my own checks don't count. I was avoiding looking at my score for months because I was scared to hurt it. Does anyone know if all the free score apps use soft pulls too?

19

michael_jones•19d ago

My credit union in Boise showed me a free tool that boosted my score 40 points

I was at a financial workshop at my local credit union last month, and the advisor there told me about Experian Boost. It lets you add your utility and phone payments to your credit report. I linked my Verizon bill, and my FICO score went from 680 to 720 in about a week. Has anyone else tried something like this with a different service?

22

harper_rodriguez97•20d ago

Pro tip: my friend said my 30% credit card usage was too high, so I cut it to under 10%

They argued it's about total credit across all cards, not just one, which I never considered. Has anyone else seen a bigger score jump from focusing on overall utilization instead of just paying one card down?

15

wells.reese•20d ago

I was at the library in Springfield last week and saw something about credit scores that surprised me

I was picking up a book on home budgeting when I noticed a small flyer on the community board. It was for a free seminar called 'Understanding Your Credit Report' hosted by a local non-profit. What really caught my eye was the claim that one in five credit reports has a mistake. I pulled up my own report on my phone right there using the official AnnualCreditReport site, something I do every four months. Sure enough, I found an old medical bill from two years ago that was marked as unpaid, but I have the bank statement showing I paid it. It was only for $127, but it was definitely dragging my score down. I had to start the dispute process right then. It made me wonder how many people have errors they don't even know about. Has anyone else found a mistake on their report and had to go through the dispute? How long did it take to get it fixed?

20

riley860•25d ago

I keep seeing people close their oldest credit card after paying it off, and it's a huge mistake.

My friend in Phoenix paid off a card he'd had for 15 years and closed it last month. His score dropped 40 points because his average account age got cut in half. I've seen this happen with three different people now. They think a zero balance card is bad, but it's actually helping their history. The length of your credit history makes up 15% of your score. Has anyone found a good way to explain this to people without making them feel dumb?

11

grant.luna•25d ago

Vent: I was stuck at a 640 score for months until I tried asking for a credit limit increase on my oldest card, which boosted my available credit by $2,000 and finally pushed me over 700.

I called my Discover card issuer after reading a tip on this forum, and they did a soft pull that didn't hurt my score at all, so has anyone else had success with a specific card company being really easy about this?

20

david701•26d ago

I was at the bank in Denver to get a car loan and the loan officer said something that really surprised me

I went in thinking my score was solid, around 720, and I'd get a good rate. The loan officer pulled my report and pointed out something I never noticed. He said I had a credit card from a store I opened back in college, with a $300 limit, that I hadn't used in over five years. He told me the bank that issued it closed the account last month because it was inactive. He said that dropping an old account like that, even with a small limit, can hurt your average account age and knock points off your score. I had no idea that could happen. I was so focused on paying my main cards on time that I forgot about that old card. Has anyone else had a score drop from an old, unused account being closed by the lender?

3

casey_brown•26d ago

Vent: My credit score dropped 40 points last week because of a single missed payment I didn't even know about.

I was checking my score on Credit Karma before applying for a car loan and saw the huge drop, which happened after my gym's automatic payment failed when my card expired and they sent the notice to an old email.

1

wyatt932•28d ago

Had to choose between paying a medical bill or a credit card last month

The hospital in Austin gave me a payment plan, but my card was at 90% usage. I paid the card down first, and my score jumped 12 points in 30 days. Would you have done the same thing?