Why has my credit score gone down after making payments?

Question

I have made double payments on my credit card for over a year and have never been late on my car payment. Yet my score has gone down 30 points -- what's up with that?

Answer 1

You need to pull your credit report and look it over carefully.  Possibly a negative item that doesn't belong to you?

Also, credit card companies have recently begun lowering the credit limits on accounts without notifying you.  The result is your debt/credit ratio (a major part of your credit score) drops and this effects your scores.

Answer 2

If you're carrying a large balance, then paying $30 when the minimum due is $15 is not going to help much.  If you continue to charge, it's also detrimental.  You have to make payments and not use the card anymore until the balance is under $100.

Analyze your purchases into "wants" and "needs."  Then eliminate 100% of your "wants" purchases.  You'll be amazed.

EDIT:

In that case, you must look at your credit report...there must be something derogatory on it that's incorrect.

Answer 3

Will if you have other bills that are late in payments, or have recent inquires on your credit, that can also bring your credit score down even if you've made double payments.  Another thing is everytime you make a payment it adds 1 point to your credit. You when apply for things and let them run your credit it knocks it back down 5-10 points, and it takes months to get your points back up again.  If your not seeing any results in your credit points from making double payments just pay and some of it and keep the rest of the money is your pocket or saving it. Or use it for gas because gas is high.

Hope I answered your question have a nice day

Answer 4

Have you recently applied for new credit? and it could be because your credit card balance is over 30% of your credit limit if its neither one i suggest you get a recent copy of your credit reports and look over them

Answer 5

There's a possiblility you took a hit due to your debt to income ratio. You may have paid your balance in full, which is good, however you may have used up your limit or a great deal of it.

Try to keep your usage under 25%, ideally 10%, if you can.