craigwenxian

3 Contributions 335 People Helped

Member Since: December 2012

Most Helpful Contribution

Why Did My Credit Score Drop?

May 03, 2015
Helpful to 332 out of 346 people

I get free scores and details from two of my CC companies as well as creditkarma and creditkarma is more up to date. I am not sure why  credit details from CK would be more up to date than the other providers! CK appears to update weekly with fresh data whereas the others only do so monthly and may even be a month behind to boot. 

Example. I FK'd up for the first time in a decade last month. We had to take an emergency flight for a family matter. As always I used my AMEX Skymiles card. This card has a low credit line of $1,200 which has never been a problem before as I usually pay it off before the next closing date. Due to the stress of the situation I forgot to eyeball the upcoming closing date. The two roundtrip tickets plus in flight meals pushed me just over the limit. Normally not a problem except the closing date coincided with the return flight and I did not realize it until the next day. BAM!!! Even though my total utilization for last month was under 10% that one event dropped my score by 87 points! 

That was a week ago and creditkarma showed me that drop almost immediately. The other sources using the same credit agencies are still not showing the score drop although they are showing the exceeded credit limit! 

I did immediately pay off that card and have 1 day to wait until the next creditkarma update. I will be curious to see if they pull new data on that balance before the next closing date. 

What I am hoping is that my scores jump back up by the same amount as fas as they fell. 

Another thing I have found out and this is stupid in my opinion, is that individual credit card utilization is a larger factor in your score than total credit utilization. Also having credit cards you never use (zero balance) is also negative. It seems the best scores are attained by carrying a balance between 1% and 3% on each card you have for at least one day past the statement closing date. Going into the closing date with a zero balance will show that card as having a 0% rate of utilization even though it did have activity. 

Activity (3 Total Contributions)

Why Did My Credit Score Drop?

May 03, 2015
Helpful to 332 out of 346 people

I get free scores and details from two of my CC companies as well as creditkarma and creditkarma is more up to date. I am not sure why  credit details from CK would be more up to date than the other providers! CK appears to update weekly with fresh data whereas the others only do so monthly and may even be a month behind to boot. 

Example. I FK'd up for the first time in a decade last month. We had to take an emergency flight for a family matter. As always I used my AMEX Skymiles card. This card has a low credit line of $1,200 which has never been a problem before as I usually pay it off before the next closing date. Due to the stress of the situation I forgot to eyeball the upcoming closing date. The two roundtrip tickets plus in flight meals pushed me just over the limit. Normally not a problem except the closing date coincided with the return flight and I did not realize it until the next day. BAM!!! Even though my total utilization for last month was under 10% that one event dropped my score by 87 points! 

That was a week ago and creditkarma showed me that drop almost immediately. The other sources using the same credit agencies are still not showing the score drop although they are showing the exceeded credit limit! 

I did immediately pay off that card and have 1 day to wait until the next creditkarma update. I will be curious to see if they pull new data on that balance before the next closing date. 

What I am hoping is that my scores jump back up by the same amount as fas as they fell. 

Another thing I have found out and this is stupid in my opinion, is that individual credit card utilization is a larger factor in your score than total credit utilization. Also having credit cards you never use (zero balance) is also negative. It seems the best scores are attained by carrying a balance between 1% and 3% on each card you have for at least one day past the statement closing date. Going into the closing date with a zero balance will show that card as having a 0% rate of utilization even though it did have activity. 

Credit card utilization and your credit score

Apr 27, 2015
Helpful to 3 out of 3 people

Apparently I just screwed myself over an airline flight. I have a Delta Skymiles card and we had to take an emergency trip. The tickets and later in flight purchases took me just over the meager 1,100 limit on the card. Now I always pay this card off before the closing date. The freaking problem because of the emergency I did not pay attention to the closing date which happened to be the day of our return flight. Once I realized what happened I paid it off immediately, but since it was after the closing date it got reported as I exceeded my credit limit. 

A one day mistake dropped my score from a 758 to a 666. WTF!   Now I'm left wondering if it will jump back up as quickly next month or will this be a long crawl back up? The timing could not be any worse because we are about to lease a small retail space and with a score like that I am sure to be rejected.

The annual price of casually using Uber or Lyft -- how ride-hailing apps could cost you big time

Sep 20, 2016

Very interesting. For all intents it appears as if using Uber or Lyft just a few times a week is more expensive than owning your own vehicle even when you factor in gas and insurance. We spend less than $5,000 a year to own and operate 2 premium vehicles. Each vehicle is driven at least 5 times a week.