I dont understand my credit score can some one help?

Question

Ok so I have a wamu card and they give you your credit score for free. Lately mine has been going down slowly and I dont understand why. A while back though I did miss a few visa payments and my credit used to be 740 now it says 640 and it just went down another 20 points but for the past few months I have been making large payments so why is it still going down? Also a year back I cosigned for a an ex's car which I am trying to get out of because I cant get my own car in my name because I have an open loan with his and he says hes trying to find someone else to cosign and I just feel like sueing him..any one know how to get out of this? and also I looked at my credit profile and it says no deliquent accounts because I wanted to see if the reason was that he wasnt paying but he is... so why is my credit going down? and who r the right people to contact about this. Im really concerned. thanks

Answer 1

wamu is the one to contact

and he may be not payin it just that he is doing secretly

dont sue if you dont have any evidence it will make you look dumb when you loose the case

have you missed any other visa payments? that is the question. Also make a few large payments whe yu have to keep makeing them like a car but not a car that should help

and it is possible that the ex is behind it all he ma be free loading and not paying nothing and not looking fo any cosigners and says he is because he has noone else to do it and he is beeing selfish

but this is an example of hard times stay strong keep  your head up and things will come to change

Answer 2

note..... regardless of what anyone tells you, each time your credit is checked, your score will go down if you do not complete a credit transaction with the company that pulled your credit..... example..... you shop for a new car, the dealer pulls your credit score, and you walk away without buying the car.  your score just went down.  now, imagine shopping at several dealerships over a weekend......

hint..... always know your credit score before buying on credit.  tell the company what your score is and tell them to assume the rate based on your score.  that way they can help you make a buying decision without pulling your credit.  once you agree to terms, then they can pull your credit, you complete the transaction, and your score won't be affected.

Answer 3

You gave a perfect description of why your credit score is going down. Stop buying more stuff on credit, don't ever co-sign for anyone, and make all payments on time.

Answer 4

I also have a wamu card and I like their feature of offering free credit scores every month.

Have you made any purchases that required credit checks lately? Also, when you say you made large payments, does this mean you are paying less than the full balance?

You can increase your credit score by paying off the entire balance every month.

Answer 5

Credit score depends on timely payments, length of credit history,  how old accounts are, when they were open, how large the account is, and deliquency.  To get your name off a loan you cosigned, he would have to refinance the loan in his own name.  It wil extend his term, and he'd have more interest to repay.  But, it gets your name off the loan.  Just b/c your name is on a car loan doesn't stop car finance companies from financing you.  Other factors play into that.  Like, does your missed show on your credit?  Have you been charging up alot of debt?  Do you have student loans?  etc, etc.  Many things lower the credit score, so focus on lowering your overall debt.  Don't open any new accounts for a while.  Pay payments before they're due.  Then, you'll see your score rise

Don't pay off credit cards every month.  You have to have a balance to have a score!!  That is a common misconception among people.  So, keep small balances on cards to build credit.  Make payments on time.

Don't assume that your credit score is what ALL companies go by.  Citigroup has their scoring system, and they don't go by the FICO scores.  It all depends on what you have on your credit!!  People call me with their scores, and it tells me nothing.  A person with a 640 may or may not qualify.. It just depends on their credit history.