Why did my credit score go down? A few months ago, i signed up for a credit card through my bank that lets you access your FICO credit score online. I signed up for the credit card in hopes of building up my credit score which was, when i started a not-so-great 644.
I charged some stuff on the card and began paying. I always always pay more than the minimum payment and i pay twice a month (whenever i get paid) even though only 1 payment is due per month so i am never late. I don’t pay it off– but i pay way more than the minimum. I’m only on my third month in my new awesome-credit-regime.
I just went to go pay the bill again and i checked my score and my score has gone DOWN. In August i was at 644 and for Sept i am 627. What gives? Should ignore this and look at in the longer term? I have no other debt to my name besides my cellphone bill which i pay on time as well. Maybe not as strictly as my credit card, but they never ever have to call me to remind me to pay (at most i’m only a few days late or so).
I have not applied to any other credit cards or for credit since getting this one. I have not applied to any credit cards since earlier this year.
So, what gives? I’m a complete n00b when it comes to finances. :cx