FICO Score down after Settling Account
Date: Mon, 06/15/2009 - 09:52
I don't think that your credit score has dropped due to paying o
I don't think that your credit score has dropped due to paying off the debt. Did you make any purchases recently with your credit cards? If it is so, the credit score may come down if more than 30% of your credit limit has already been used up. This is because "amounts owed" factor plays a major role in your FICO score.
So many factors go into making up your score that it is hard to
So many factors go into making up your score that it is hard to say - even if we were looking at the report itself. But without seeing the complete report that is impossible to guess.
"http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx"
You can call the Credit Bureau and ask them. That's a sharp drop for one paid debt so there is likely other factors involved.
