opencircles Posted December 24, 2013 Report Share Posted December 24, 2013 I got a credit card to get my credit score up. I have been buying gas with the card and then at the end of the month paying all but $30 of the bill. My credit score went down 6 points. And ideas? Link to comment Share on other sites More sharing options...
willingtocope Posted December 24, 2013 Report Share Posted December 24, 2013 Which score? 1 Link to comment Share on other sites More sharing options...
admin Posted December 24, 2013 Report Share Posted December 24, 2013 @opencircles - You also need to tell us about the rest of your credit profile. 1 Link to comment Share on other sites More sharing options...
opencircles Posted December 25, 2013 Author Report Share Posted December 25, 2013 My score is 566 because of missed payments from 6 years ago. The credit card is the only form of credit that i have I opened it to get my score up but it went down. Link to comment Share on other sites More sharing options...
willingtocope Posted December 25, 2013 Report Share Posted December 25, 2013 If you're looking at any of the FAKO scores that the 3 CRAs offer...don't sweat it. Nobody who is going to lend you money uses those. The "do you know what your credit score is?" sites are scams. If you're looking at an actual FICO score obtained from myFICO.com, realize that the only score us consumers are allowed to see is the FICO Consumer Score which is closest to the FICO Bank Card score (the "sucker" score). You have a sucker score for each of the 3 major CRAs. And, since the sucker score is intended to predict who credit card companies will make money on...you paying it off each month means they're not making much...therefore, your score drops. Link to comment Share on other sites More sharing options...
opencircles Posted December 26, 2013 Author Report Share Posted December 26, 2013 I don't pay off the whole bill i let at least $30 stay on the card. My experian says 568 and my fico says 630. Link to comment Share on other sites More sharing options...
opencircles Posted December 26, 2013 Author Report Share Posted December 26, 2013 Didn't mean fico. My Vantage score is 630 Link to comment Share on other sites More sharing options...
willingtocope Posted December 26, 2013 Report Share Posted December 26, 2013 Both are FAKOs. Leaving a $30 balance does you no good. "Utilization" is double-speak for "here's a sucker that pays us interest". Link to comment Share on other sites More sharing options...
opencircles Posted December 26, 2013 Author Report Share Posted December 26, 2013 Then what should i do. Link to comment Share on other sites More sharing options...
willingtocope Posted December 26, 2013 Report Share Posted December 26, 2013 Why are you trying to raise your scores? Link to comment Share on other sites More sharing options...
opencircles Posted December 26, 2013 Author Report Share Posted December 26, 2013 For a home loan. Link to comment Share on other sites More sharing options...
willingtocope Posted December 26, 2013 Report Share Posted December 26, 2013 Get a mortgage broker or a bank to check your FICO Mortgage Scores. If you don't have a foreclosure on your reports, your mortgage scores may be higher than you think. Link to comment Share on other sites More sharing options...
opencircles Posted December 26, 2013 Author Report Share Posted December 26, 2013 I'm 24 with no foreclosures and no debt. The only thing against me is 3 accounts that went to collections 5-6 years ago. Link to comment Share on other sites More sharing options...
willingtocope Posted December 26, 2013 Report Share Posted December 26, 2013 If those collection accounts have been paid, you should be okay (although you may need PMI or a higher interest rate). If they're still unpaid, the bank is going to want them paid before they'll approve a mortgage. Note this has nothing to do with credit card utilization. 1 Link to comment Share on other sites More sharing options...
admin Posted December 27, 2013 Report Share Posted December 27, 2013 Have you thought about an FHA loan? 1 Link to comment Share on other sites More sharing options...
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