Credit Advice

i had a credit score of 534 then i signed up for a credit card to help my score then it dropped to 515. and i just got the thing

I've r4ad that the credit scoring models basically compare you to others with similar characteristics, so as your score improves you might move into a different "band" and show a drop.

i paid off my car loan and am wondering if my score will drop after it is reported to the credit bureaus. my score is currently 762 with TU, 741 with Exp and 734 with EQ

I just wanted to mention that card companies are closing accounts for no other reason then to just close them. My husband and I both individually had 2 different card companies close an active account that was in good standing. Because of that, our scores dropped due to a closed account made by the card lender although not because of anything we did. Be aware!

I refinanced my home about 5 years ago and had a credit score of 820.I have always been on time with all payments and usually pay in full. A few months ago Chase closed 2 of my credit card accounts because I had not used them in the last 24 months even though accounts had been open for over 10 years. I called Chase and told them this would affect my credit score and they told me that if anything it would make my score better as it would appear there was less availble risk because it would lower my available credit(What risk,I have always been an excellent risk. They did not feel I was a credit risk all the years they kept increasing my credit limit). I also told them, it would have been nice had they notified me ahead of time instead of after the fact that they were going to close the accounts for non-usage. I would have made purchase in order to keep the accounts open.

I just check my credit score and it is 788. Would the closing of these 2 accounts reduced my score from 820 to 788?

Thank you for your comment on this matter

I have a small business, if I take out a business credit card will that card effect my personal credit score?

Without knowing the specifics of your credit report, it is difficult to know the exact cause. Here are a list of things that can affect your credit that are not based on new inquires or a new accounts.

1. Changes in debt.

Are you carrying more debt that before? Think about credit card balances, home equity lines of credit, or even mortgages that may have chanced recently.

2. Changes in available credit.

These days most banks are lowering credit limits. Is it possible that you missed one of the notices in the mail? Credit cards and home equity lines of credit are top candidates for reductions in available limit. This will often trigger increases in your credit card utilization which could lower your score.

3. Closure of old or inactive accounts.

Some credit cards companies are simply closing inactive accounts. To avoid this happening to you, use your cards every couple of months on necessities to discourage overspending.

Those are some speculative reasons. Lastly, remember not to worry about a perfect credit score. If you are in the high 700s, a drop of 14 points won't hurt your ability to get the best pricing possible.