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bennettbaba6

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in may my rating exc.756 inoct itdroppedto746 plusI had a few inq's for best%why
I was shocked to see a drop of 10pts. because I felt having an exc credit rating for a while I was deserving of a better rate and I ca;led a few big banks incl my bank whom Financed it&the refid at 1/2 what it was why the dropof 10pts

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bennettbaba6

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One other item I forgot to mention that should be a relatively small factor is the average age of accounts number.  If the result of all those changes ended up with new accounts, and depending on how old your credit history was, that could drop the average age and that can be a couple point hit depending on where it was and where it is now.  I think when I had one of my credit cards cancel and reopen under another name, it did not treat it as a new acct regarding age of acct.  All these should be small and relatively insignificant changes, but when they add up, they can result in your score changing a couple points.  I know you were proud of that 750 number (as you should be, that doesnt happen by accident).  But if it was barely above it and you made all those changes, it may droop below it briefly.

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bennettbaba6

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Glad you got some answers.  I am not psychic, I thought you mentioned Best Buy in your initial post.  If I were psychic, I would be sitting on the beach in Hawaii counting my lottery winnings.

Regarding all the activity you mentioned: First of all, I dont think the car insurance or homeowner insurance changes you made will have any impact on your credit rating, neither good or bad as far as I know.

The other changes probably will send some ripples thru your score over the next month or so.  Assuming nothing else changes, (no major charges, no missed payments, etc...), then the net effect should be dependent on what your total credit (all your card limits) is divided by the total amount you owe (thats your credit utilization number).  So, after the dust settles, if your credit utilization number is the same, then your score should settle down to about the same.  You mentioned one card limit being reduced, but another being raised.  The companies report at different times each month, so it may be a month or two for the dust to settle, but the bottom line here I think is that when it is over, your number will settle back where the utilization puts it.  Dont panic if you see them go up and down in the next month because of the reporting times.  For instance the closed and reduced limit cards may report this month and the replacement for the closed acct and the increased limit card may not report until next month.  This could result in your number dropping again and then going back up next month.  Just depends one which gets reported when.  I have been watching mine like a hawk for the last years since I repaired it and with the changes you talked about, I would be very surprised if you dont see some more ups and downs in the next 60 days before every thing is reported and current.

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bennettbaba6

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thanx again rich you have enlightened me it was the fact that it was 756 then went to746 then went up to748 which is just 2pts shy of the 

excellent rating ,but as you explain it it 

all comes into place  through this period o fa 10 pt hit my credit utilization was at 8% and my report card was an A rating except the no.of inquiries which was a C yesterday the letter was up to a B and the utilization is still at 8% maybe today or next update will be back to an A ,THANX again my friend you have enlightened me i'll keep an eye on it

have a great day Rich talk to you later  Baba6

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bennettbaba6

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Those are good numbers and a ten point drop is no big deal.  A drop that small could have been caused by a fluctuation in your utilization.  Did you balances go up a little?

As far as the inquiries:  A hard inquiry can end up costing you a few points also.  Not a big deal but it is one of the categories.  You sounded surprised that Best By did an inquiry.  My guess is one of two things.  If this was a hard inquiry, it could affect your score a few points, but you would have had to give them permission to do it.  Did you apply for something at Best By?  Another possibility is that you already have an account with Best By and they did a periodic "soft" inquiry, this does not hurt your score, but will show to you as an inquiry.

You also said you called your bank and got a refi or something.  Be sure they did a hard inquiry before they gave you any money.

 Only other possibility is that someone did it for you, and that isnt good.  Credit Karma has alerts to let you know if something changes, like a new account shows up, etc.. make sure you have that turned on and go pull all three credit reports for free.  If nothing is amiss, then rest easy and enjoy your 750 number, thats a good number.

Just my opinion

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bennettbaba6

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thanx Rich not sure how you came up w/Best Buy ?maybe a little psychic intuition,but they are the ones who sold Best Buy and cancelled my old credit card and the same day sent me a new card with the same credit limitand one  and one of my other cards the co.increased my limit by to twice what it was and another one decreased theirs by an amt because I never used it and I wanted to refi my mustang so I did have inquiries from about 4 banks or finance co's and I also changed my car ins to a co.with same coverage but much lower premiums I saved around 200plus a yr and my homeowners dropped by almost 400 a year that doesnt affect the rating does it anyhow I thank you again for taking time to reply to my question baba6

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bennettbaba6

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Rich my score was 756 forever then down 10pts then up 2 pts for a 746  just 4 pts shy of an excellent rating Thats why Im questioning these numbers sorry I didnt mention this in my first reply

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