Credit Scores

Sailorsaint said
Well, It's funny that while I was deep in debt, so deep that I wasn't able to accumulate more until I paid off the current debt, my score was like 705 or so. I never missed any payments either. But when I finished paying everything off, my score went down about 70 points overnight. It was because I didn't have any open debt. I got rid of a CC, kept one. I have no debt right now, only monthly bills. My score climbs slowly. The minute I used my CC, within two days max, it drops another 30 points. Doesn't matter that I'll pay it off by the due date because my score won't jump 30 points overnite, it will slowly climb back to where it was over months. What am I supposed to think? They don't want to help your score, but they sure as hell don't mind hurting it.

Closing accounts and less available credit will hurt your score. You're better off leaving credit cards open or even ask for an increase in your credit limit. You'll be using a smaller percentage of your available credit. Part of the equation is percentage of your available credit you are using.

Also, you may want to consider getting a full credit report from the big 3. I've found an unauthorized credit card was opened in my name and it was in another state and the card was fraudulently charged. It hurt my credit and it took some time getting it sorted out. Worth checking.