|
I'm not going to read through all the responses to see if anyone has mentioned this, so sorry if this is duplicate info. I used to be a commercial and residential mortgage underwriter, so I dealt with credit extensively.
Credit cards report to the 3 credit bureaus (Trans Union, Equifax, & Experian) once a month minimum. It doesn't matter to them if you pay your card off every month, it only matters what your revolving credit-to-credit-limit ratio is on the day your info is reported. ****ed up, but that's how it is. In other words even if you pay your revolving balance(s) in full each month, if your cc balance on the day your cc company reports to the bureaus is $3K, and your cc limit is $4K, to the credit bureaus you're utilizing 75% of your available credit. That will smash your score, you need to always keep your revolving credit utilization ratio under 30% if you want a score over 750. It will definitely knock someone like you (who should be somewhere between 775-800+ if the info you laid out is accurate) down to the mid-600s. Even if you pay it off in full at the end of the month, to the credit bureaus, it only matters what your balance/credit limit is on the day your card reports to them.
You need to increase the credit limit on the card you have or open an additional card(s), whether you plan to use the additional credit or not. I always keep my credit limits as high as possible for precisely this reason, even though I never use the credit. To verify this is what is hurting your score, pay your cc balance in full, then don't use the card again for at least a month-and-a-half. Then check your score, it should improve dramatically.
|