Posted on: 09th Sep, 2009 10:55 am
I am so confused. I have very little on my credit cards (3 cards - less than $3000.00 total), NEVER been late on my mortgage payment and my score has gone down recently. I am trying to refi my mortgage and was appalled at the scores I got. They range from 634 to 764? I have checked my credit report faithfully, and see no changes. I am in a credit report notification thing by my mortgage as they claim an employee breeched..etc. so it's free. Does this automatic checking on my report hurt me? Just can't figure it out.
the automated service ought to have no effect on your scores, as they've stated. have any of your card companies reduced your limits in the recent past? have you been seeking any credit other than the refinance? have you closed any accounts in the recent past?
I have not closed any accounts in the recent past. I had two late credit card payments at the beginning of the year. That's it! And they were only 4-5 days late at that.
lea, 4 or 5 days late is really 34 or 35 days late when it comes to credit cards. don't these show up on your credit report as 30 day lates?
If that was reported to the credit agencies that woudl have caused it to go down.
It will take some time to get them back up now
It will take some time to get them back up now
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your advice is right on. unfortunately, the economy we are in currently has forced many to carry balances that they might otherwise have paid in full. it is a privilege to be able to say "i pay my bills in full each month." reduced income and increased expenses, however, may predicate a change in strategies that many of us never intended.
nevertheless, i agree in full with your post, and i think it's important for us to tell people these things. for those of you who may just be starting out, take heed - building an exemplary credit record will be easy if you follow this advice.
nevertheless, i agree in full with your post, and i think it's important for us to tell people these things. for those of you who may just be starting out, take heed - building an exemplary credit record will be easy if you follow this advice.