92 People Helped
Member Since: January 2014
I also feel that some of these "Important/Critical" rating factors do not make sense. Lets' use my current situation as an example. My overal card utilization is 5%, we owe less than 30$K on our 160$K house, have 86$K in our pass book savings and money market accounts, not to mention long term savings, investments and "hard currency" gold and silver and diamond caches, and yet my score dropped from 736 to 716 because my credit limit at Kohls is $800 and I used $736 to go Cmas shopping-inspite of the fact that my history at Kohls will verify I never run a balance for more than four months! The LOWEST bank card credit limit we have is $14K (!) with our largest limit being $25K!! The only reason we dont' have a larger limit with Kohls is that we have never asked for a limit increase in the four years we have had the account.
Absolute rampant stupidity in my opinion.
BVZutphen's reply was:
I agree...see my post and I think you will agree with my point. We never have over 7% utilization, and that for four months or less, but use ONE credit card close to its' balance for Cmas shopping with superior savings,investments, and home equity, and yet get burned with a 20Pt. drop on your credit score! Thank God for "home town service" from our credit union-When we refied our house for 36K$ five years ago (current home value 160K$) they did not even BOTHER to pull our credit report and literally deposited the funds into our account THREE DAYS before we even got the loan contract in the mail to sign!