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I decided I would close a credit card - the one I've been paying off on time more than a decade - and open a new one. My credit score subsequently dropped by over 100 points. This is a problem as I am about to apply for a mortgage. Is there anything I can do to unfuck this? Reopen the account? This whole system is loving bullshit.
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Jun 30, 2022 15:39
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| # ¿ May 18, 2024 03:17 |
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So I looked into it and I actually massively misremembered things. I didn't close my card and open a new one, I just got a new physical card. I looked into getting a new CC but didn't end up doing it. There hasn't been a real change in my credit in ages. I just have one credit card I've paid every month for more than a decade, I have literally never missed a payment once. So my credit score dropped ~130 points for absolutely no reason that I can see. This is according to Experian.
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Jun 30, 2022 21:21
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Ninja edit above, but it's direct from Experian. There's nothing new on there. No new hard inquiries, no new debt, no missed payments, nothing. Just a great big gently caress you to my previously awesome credit score right when I need it most.
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Jun 30, 2022 21:24
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According to the lender I'm working with, it makes a lot of difference. They did a hard pull just before the magic drop, which is still good through August 6. Right now I qualify for 5.4%. If they had pulled the magic drop number, I would not even qualify for 7%. That's despite no actual change in my credit info. What the gently caress?
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Jun 30, 2022 21:58
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asur posted:Did your credit usage change? Credit usage under 5% is good and it's not difficult to shoot a single card through the roof accidentally if the credit limit is low.
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Jul 1, 2022 02:33
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| # ¿ May 18, 2024 03:17 |
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My financial picture is very unusual in that I have a terrific credit score from having paid off one card every month for over a decade, and plenty enough assets to cover the debt I have (which is just a large mortgage) but due to a career change a much lower income relative to that debt. I went to apply for another card with better rewards but was rejected because of a high debt-to-income ratio. Are there other cards I can apply for that take into account my assets as well?
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Mar 12, 2024 18:31
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