Credit reporting agencies are evil !!!

I had a pretty high credit score. Just below excellent.
I have 2 cards with low limits, which I use for small purchases. I make the payments early.
While out of town, I ran one of them up near the limit. We're only talking about 500 dollars.
I make timely payments and have an excellent history, yet I'm lucky to see score increases of 2-3 points per month.


I forgot that you're not supposed to use more than 30% of your available credit, so I quickly made a payment
online when I got home. Apparently, these bastards flag your account and drop your credit score the second
your "utilized credit amount" exceeds 30% of your total available credit.

My score dropped almost 50 points instantly! Now I need to try and bring it back up. I wonder how long that will take?

Probably take a couple of years.
One of our credit cards, I made the payment two days late, twice in a year....interest went up 5 percent, for the next year, you know that went straight to the credit score.....

Every time you apply for another card , loan, your score drops for about six months...

Couple of years ago, I made a payment to a business (and I was quite late), the business then reported my payment to the agency, and they put it down as owing instead of paid!

They are evil, yes.

a reply to: ColeYounger
While that sucks, raising your score that amount could only take a day. But that really depends on your past.Try not to be too upset by this though. I made some very stupid decisions in my early twenties and managed to ruin my credit. By the age of 26 I was in a well paying career and by 29 my credit was almost near the top. I also want to add that unless you have children getting things based on credit is not too terribly hard. I bought a house and currently rent it out to a small fraternity. They screwed up horribly and in doing so they will be evicted. I hope live out my days there!. The point is don’t beat yourself up, it happens and even with bad credit which most have now days won’t affect you doing what you want.

a reply to: Allaroundyou

My credit isn't bad, I'm just livid that the pricks dropped it almost 50 points instantly!!!
50 POINTS!

a reply to: ColeYounger That is a real dirt bag move but look at the bright side. 50 points shouldn’t take that long.

a reply to: ColeYounger

You are doing better than most by monitoring it.

The credit system is the biggest sham there is, let's face it they can't even protect our information so how good are they really. I give them a F.

a reply to: ColeYounger

They don't believe in good and evil, they worship money.

Nothing personal... (lol)

a reply to: ColeYounger

Now I need to try and bring it back up.

And that's how and why they get away with being evil.

Creditors hate us. Our only creditor is our mortgage and we've had a perfect payment record with them for over a decade... but because we don't have enough creditors our credit is only "very good." We probably have too much equity in our home as well. But I like it this way. We've been talking about buying a new car for a couple years now, but I just can't bring myself to get an auto loan, and my husband doesn't like anything we can afford to pay cash for... so I keep driving my old Jeep! (And that's cool. I love my Jeep)

Our PTB like to keep us in debt and living according to what we can afford to borrow -- NOT what we can afford.

i hate inter-nationalists. the fact they mark us with a phantom number.
i wish people would wake up and take back the planet.

If you dropped 50 points and have a bad credit score, then it wasn't very good to begin with.

originally posted by: ColeYounger
I had a pretty high credit score. Just below excellent.
I have 2 cards with low limits, which I use for small purchases. I make the payments early.
While out of town, I ran one of them up near the limit. We're only talking about 500 dollars.
I make timely payments and have an excellent history, yet I'm lucky to see score increases of 2-3 points per month.


I forgot that you're not supposed to use more than 30% of your available credit, so I quickly made a payment
online when I got home. Apparently, these bastards flag your account and drop your credit score the second
your "utilized credit amount" exceeds 30% of your total available credit.

My score dropped almost 50 points instantly! Now I need to try and bring it back up. I wonder how long that will take?

I work in mortgages. Without knowing your score, a 50 point drop could be meaningless. A 800 score that drops to 750 is still an excellent score. Lenders treat a 750 the same as an 800. The credit algorithms look at certain characteristics and is just a snap shop at the moment. There is no rhyme or reason why some have 800 vs say a 750.

An easy way to help your score though is simply call credit card company and have them increase your limit. I have like $30,000 limits on my credit cards so even if you happen to run up say $5k on a vacation or something, you still will not cross the 50% threshold where carrying a balance starts to hurt your score.

Another thing to keep in mind is the credit scores you get as a consumer are actually different from what lenders get from the credit bureaus. They are usually directionally correct, but the bureaus actually sell / provide a different score to consumers than what they give lenders. I've seen like a 50 point variation.

Lastly, you have to remember credit scores are for businesses /creditors. YOU ARE NOT THE CREDIT BUREAU'S CLIENT. The credit bureau doesn't give a flip about you even though it yours information. This is why credit bureaus seem so non-personal to individuals.

a reply to: ColeYounger

It's likely not even a person that pushes a button to drop your credit score, just some obnoxious algorithm....

originally posted by: Bluntone22
If you dropped 50 points and have a bad credit score, then it wasn't very good to begin with.

Apparently you can't read well, or you have comprehension problems. I've stated twice in this thread that
my score isn't bad. I'm angry because the reporting bureaus dropped my score 50 points for simply using my card, even though I paid it off right away. You're not supposed to use more than 30% of your available credit.

a reply to: ColeYounger


Here's how crooked those agencies are: