Community Chat

[Jordan2]

I have a very good credit score, but I have noticed it has gone down by about five or six points in recent months. I haven't done anything differently, I pay my bills in full on time. I haven't applied for any new credit cards, so I haven't been turned down by a credit card company. One of my cards did lower my spending limit so that could be the reason for my change of my score. Should I be concerned about this?

[katie1859]

Credit scores are nothing more than a reflection of DEBT.  Perhaps your score reflects the lack of debt you have, which is a VERY GOOD THING.

Our society relies on credit, they rely on credit score as a safety net.

What you should be concerned about is that you are worried about your score and not the debt reflection.

I made a point to wipe out all my debt, end the credit score cycle and load up on savings instead. When you do that, you can purchase whatever it is you need and pay for whatever it is that you should.  Debt will become a cycle of draining money esp in a economic free fall the country is in.

You were reduced in credit because you're not buying on it and making money for the company that holds your card. Banks are failing, companies are loaded with debt.

Capitol One just ended their relationship with the Walmart card because of 8 billion dollars of unpaid consumer debt 

[Meowingkitty]

My credit score is 826 and we have zero debt. No car payment, no mortgage and we only use one credit card that we pay of monthly. It goes up and down a few points here and there but I don't worry about it. 

[Carolina925]

Mine goes up and down without any reason that I can see. I have a mortgage and one credit card. I've kept the new charges paid off, keeping a small balance on the card account, so really don't know why these ratings fluctuate. I've considered paying off the credit card but have a friend who had paid off her mortgage, car, and credit card debt. When she wanted to purchase a new car, the bank wouldn't approve because they said she didn't have any credit! I wouldn't be concerned about 5 or 6 points.

[Bri369]

It fluctuates a little from time to time.  I think unless you're planning a large purchase like a house, it should be fine.  I would be concerned if it was a large drop.

[songbird]

Mine stays the same in the 800's.  Sometimes it goes up, and sometimes down a little.  Most of the time it stays the same.  No mortgage either. And we lease cars. 

[Carmie]

I wouldn't worry about it.  My credit score goes up and down a few points every few months.

 We/I have zero debt and pay all CC off in full each month.  One credit card I share with my DH has a balance of $1000 to $3000+ each month.  It is always paid off in full, but it never looks like the balance goes down because we put reaccuring charges on it.

My credit score is higher by about 10 points than my husband's, but we are both in the same boat financially, with no debt. I can't figure that one out.

[Tori3569]

If a card lowered your credit limit that is probably why your score went down.  Amount of open credit does affect one's credit score.  

[katie1859]

Your credit score reflects what you were paying on.

Mortgage

Car payment

Medical bills

Utilities

Credit cards

So IF  your house is paid for

If your cars are paid for, if you have no medical debt

If you pay your utilities 

Chances are ....you  use credit cards and in every cycle of payment you are paying in FULL..... THEREFORE , You are in a holding status 

[ECBG]

When we went to buy me a car last summer, we almost had trouble because DH had paid cash for his and we paid off our mortgage.