Community Chat

[SilleeMee]

Fluctuations of 20 to 25 points up or down is normal during a monthly cycle. No alarms would be going off in those instances. However, a drop of 100 points or so would be reason for immediate action if there were no apparent reasons for it.

[bells4me]

If you don't use your credit your score will go down.  Mine was 836 & now is 831 because I paid 3 off.  Try to keep a couple small ones & pay off every month.  If you don't utilize credit available to you you will lose it. Doesn't seem fair.

[50Mickey]

@katie1859   The unemployment rate has been at 4% or under for the past 2 years. It ticked up a bit in April from 3.9% to 4%.  It is definitely not elevated. It is considered a historically low rate of unemployment.  

While banks do fail this has been rare in recent years. So far in 2024 there has been 1 bank failure, 2023 there were 5 bank failures, 0 in 2022 and 0 in 2021. From 2017 through 2020 there were 16. 

So may I ask where you are getting your news from? 

[THEY CallMe Mr Wilkes]

I can get an updated FICO score daily from my bank (Capital One.)

Because it's a snapshot of your debt profile on a particular day, it can bounce around temporarily. 

If I put a large charge on a card my score may drop 2-5 points based on the Debt to Available Credit on that day.  I pay the entire amount off and the score rises again after a brief period.

(And please don't believe some of the nonsense posted here about the financial and banking systems.  Much is false, phony, inflammatory, irresponsible, difficult to interpret and meant to instill unfounded fears.)

[BirkiLady]

@NYCLatinaMe 

My bank statement (on-line is how I use it) has a place to find my credit score. So does my Financial Advisor who has all of my investment accounts. 

Check with your bank or invester statements. Bet you'll find your credit scores easily!

[katie1859]

I'm in the mortgage industry, and economists like Peter Schiff and Steve Moore are brands used to follow .

The unemployment numbers you see are only those representing part time jobs. Bank are failing but the new offer on the table to subsidize the industry is the equity govt loans.

There are limited offers because banks don't have money to lend. The administration has to keep the delinquencies from hitting foreclosures. It will give a lift, not only for temporary delinquencies but long term it will feed more debt. Most likely these loans will pay for CC debt and that's a temporary fix.  Eventually, banks will be faced with calling in the notes on these loans.

People are not qualifying for loans. Their debt ratios are too high. Elites of course are buying up but be aware, the numbers are being skewed by the administration and media.

The election won't change anything but perhaps the truth will come and we will see a free fall. It's coming.

[50Mickey]

@katie1859  No the unemployment numbers that I quoted are not those representing part time jobs. Those who have have part time jobs are not included in the unemployment numbers because they are working. 

As far as banks failing that is very rare in recent times. So far from 2021 to 2024 6 banks have failed. From 2017 to 2021 there were 16 bank failures. I got these. numbers from a Forbes article. 

[Stray]

I get mine from my bank, American Express & Identity Guard on my PC & tablet.

[Tinkrbl44]

My credit score has gone up about 5 points in the last several months and I have no idea why.  I'm okay that it's a mystery.  

[beckyb1012]

Mine is in the 800's but went down five points a couple of months ago even though I have no debt. I have a Citibank MC since 1985 and use at least once a month to keep it active and pay off in full.   All of sudden a few months ago they lowered my credit limit due to the lack of use.  Then I noticed my score dropped five points.  I figured that was the reason.  Still not going to make me have debt if that is their plan.