my credit score dropped 22 points in a week with no new reports is this normal and will it rebound? trying to buy a house and this now puts me below the beacon i need to be at
score dropping could be one of several reasons
1) purchasing on credit and balances to high
2) Too many inquiries
3) late payments
4) new credit
5) new car loan or other new installment purchase
6) revolving balances are above rercommended ratios
Credit scores can actually fluctuate on a daily basis even if there are NO changes to your report what so ever. The algorithms basically take all of your factors and compare them to the rest of the nation. This causes the scores to be in a constant state of flux. Keep your balances low (between 7 and 25%), keep only 2 or 3 credit cards (preferably the ones that you have had the longest that have the largest limits) and keep a good mix of different kinds of credit, revolving, installment, mortgage, car, loans and you should be all right. It is not an exact science for those of us on the outside of the credit scoring formula, just try to keep your ducks in order and you will be all right.
score dropping could be one of several reasons
1) purchasing on credit and balances to high
2) Too many inquiries
3) late payments
4) new credit
5) new car loan or other new installment purchase
6) revolving balances are above rercommended ratios
Just a couple
Lori
[addsig]
I would pull all 3 bureaus and see if you can dispute any inquiries or incorrect info
Credit scores can actually fluctuate on a daily basis even if there are NO changes to your report what so ever. The algorithms basically take all of your factors and compare them to the rest of the nation. This causes the scores to be in a constant state of flux. Keep your balances low (between 7 and 25%), keep only 2 or 3 credit cards (preferably the ones that you have had the longest that have the largest limits) and keep a good mix of different kinds of credit, revolving, installment, mortgage, car, loans and you should be all right. It is not an exact science for those of us on the outside of the credit scoring formula, just try to keep your ducks in order and you will be all right.