Credit Score Went Down A Bit

I had to put a credit freeze on my accounts when I got notice that my information might have been compromised.  As a result of this, I get alerts every time there is a change in my credit score.

I recently did a big balance transfer to one of my credit cards to take advantage of lower interest rates, in an effort to save money.

This meant that I now carry a high balance on one card, which, along with some other factors, caused my credit score to drop from 710 to 686. I am quite annoyed by this but I am glad that I have the information.

I do not plan on getting any new lines of credit any time soon, so the score should be going back up with careful management of payments and use of other lines.

Author: Lulu

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  1. I recently have had some credit problems. I liked my credit cards waaay too much. I think the best thing you can do to recover is to allow yourself enough time to straighten everything all out. Nothing happens overnight, especially fixing a credit score.

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  2. I agree, fixing a credit score takes time, but it sounds like you are doing the right thing by having an alert each time it changes.

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  3. I am curious how much do you pay for your monthly credit monitoring service? I have been considering it but finding the pricing to be a little steep.

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  4. @ NoBrainerDeals,
    I am using CreditKarma to check my score. It is FREE!!!!!!!!!!!!!!

    I also have a credit card that I got from Juniper that gives you a free score so I am not paying for a credit monitoring service.

    I know that American Express has a service that is $14.99 per month if you have a card with them as well.

    @ Shawn/Credit Hater
    I am not going to rack up more debt to ‘improve’ the score. How will owing more improve my score? That messes up the utilization so it will only bring the score down buddy. 🙂

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  5. Thanks for the info. I will definitely check out CreditKarma. It looks that they offer free credit scores and I see they pay for it with their partners. Pretty cool idea.

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  6. Yes…they only give ONE score…but hey one for free is better than nothing right?

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  7. Yay for my new title 🙂

    30% of your FICO score is based on the amount you currently owe lenders. If that amount drops significantly (aka, you pay off all your debt), your credit score is going to drop like a rock. How do you prevent that? There is only one way… get more debt.

    It really is a terribly flawed system if you think about it. The FICO score is an “I Love Debt” score. Why would you want to go into debt so you have the opportunity to go further into debt?

    Debt is dumb, cash is king! 🙂

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  8. What???? How dare you attempt to keep money from The ALL-MIGHTY-FICO and keep it for yourself! I cast yea down to the live among the 686ers!

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  9. I did the same thing a while back and mine went from 740 to 686. Not a big deal though, because I am living with CASH.

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  10. Hooray Jagular is back.

    On another note…since your roommate is CASH tell him/her to come ‘pay’ me a visit. 🙂

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  1. Link Round-Up: October 17, 2008 | Debt Reduction Formula - [...] Credit Score Dropped - LuluGal says here credit score dropped recently because of a balance transfer. The amount of…
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