Hey guys,
So about four years ago I totally fucked up my credit-- I had two credit cards (a Visa and a Bloomingdales card) and a bank account and due to some personal issues that were going on at the time, my bank account went into the negative and I just stopped paying for the cards. I fixed my bank account but wasn't dancing for a couple years while I was in school and barely had money to pay for groceries and rent, so I just ignored the credit cards which I know was really fucking stupid. Two years later I got a letter saying that a collection company was going to take me to court if I didn't pay off the credit card and someone told me it would be better to make monthly payments for a year instead of paying it off at once, so I did that and paid it all off about 8 months ago. However I applied for four credit cards in the last year and no one would give me one until I finally got a Mastercard last November.
My credit was hovering around the 600-610 mark at the end of the summer and it jumped up to 630/640 after I finished paying off that credit card, I think I was at 638 or something in November. I've been paying my credit card bill every month, sometimes I pay the whole thing off and sometimes I just pay half or something.
Anyway, I checked my credit yesterday because I can now do that when I pay my bill... according to my credit card site it says my score is now 598! That is the lowest it has ever been. According to Equifax it's 625, which is still lower than it was before. I don't understand why it's so different? Which one is more accurate? And I don't understand why it's gone down to begin with, since that's a 13 point drop? I'm dying to get into the 700 range and I thought that now that someone was willing to give me a credit card and I could make monthly payments it would go UP, not down.
My credit card company has like a report card of my credit activity and this is what they told me:
On Time Payments- A
Oldest Credit Line- C (5 years? I don't understand this one)
Credit Utilization- D (have no idea what this means either)
Recent Inquiries- C
New Accounts- B
Available Credit- D
Anyone have advice? I don't understand anything about credit reports. I have about 30k in loans as well, though it's all school loans and none of them are delinquent since I have another 6 months before they start asking me to make monthly payments.




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