credit score?

This should help you to understand how credit scores work..

FICO scores from 300 to 850 and Vantage Plus scores from 501 to 990.

Here is the breakdown for both systems.

Vantage Plus system scores from 501-990.
A-901-990
B-801-900
C-701-800
D-601-700
F-501-600

FICO system scores from 300-850.
Elite-740-& up
Prime-700-739
Preferred-660-699
Standard-625-659
Sub-prime-624-& under

FICO is the only one that matters since it's the one that all major lenders look at.

So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.

As far as what makes up credit scores it's the following;
1. Payment history (longer the better) 35%
2. Time in bureau (longer the better) 15%
3. Types of credit (mix of credit cards & installment loans) 10%
4. New credit (new accounts and inquiries) 10%
5. Debt to credit ratio (lower the better) 30%

Things that don't effect your score.
1. How much you make or how long you have been on your job.
2. Where you live or how long you have been there.
3. Any account not considered real credit like cell phones, rent, utilities, cable, insurance or gym memberships.
4. If your a registered voter or not.
5. Having a checking or savings account.
6. How wealthy you are.

So as you can see credit is based on opening and paying accounts. So without that you would have no score at all. To have the best score and profile people need 3 credit card accounts (revolving) and 2 cars, boats, homes, personal loans etc. accounts (installment) all with good long payment history's.

The credit bureaus use different scoring systems, Equifax scores from 250 to 843, Experian from 253 to 893. Transunion from 250 to 877.

There are also 3 different types of scores. The standard that you see, the auto enhanced that only auto dealers and lenders see and the factual which only mortgage companies and lenders see.

So each person can have 12-15 different scores none of which will match. Great system huh. Add to this the fact that all lenders do not even report to all 3 credit bureaus and some don't report at all and you begin to see the problem with our current system.

As far as a real score goes, go to myfico.com it will cost $20.00 but you will get a real FICO score. You might also go to annualcreditreport.com where you can see and print free once a year all 3 credit reports. Not scores just the actual reports.

Hope this helps.

opening a credit card dropped your score lightly.
it can take a score months to catch up to your activity.
leaving large balances can seriously hurt your score,,, check your next statement if you paid in full,, i bet the score will be normal again

don't sweat a score,,, lenders look at reports and judge you by that
a 3 digit number is not the bible.

You should pay the balance when you get your monthly statement. If you pay before then the monthly statement will always have a balance of zero so when calculating your credit score you owe nothing so pay nothing so a zero balance has no effect on your score at all.

Paying ~900-1k tuition with a Discover Card that has a 1k limit could be the problem.

Using 1/3 of the limit is enough to lower your score.

Utilization ratio is 100% which is causing the problem, you utilized the full limit of your card. next time try to pay off 70% before the statement is issued, so the statement comes with only $300 not $1000

A credit score is based on a 12 month activity and goes up 5 to 10% per month providing you are paying on time. In 12 moths you have a fair score, in 24 a good score 660/749 and in 36+, excellent 750/840. Having more than one card will not boost it any faster and the balance should always be paid the following month. If you can not pay the balance, then pay it off in 90 days and pay some interest