01-24-2013 06:24 PM
Let me give you a timeline....
12/3/12 - Joined MyFico - Got power report
I have 5 credit cards, $8,500/$12,500 cc utilization = 68%, 3-year-old $104k mortgage, $32k in school loans, oldest account is 11 years, never had a late payment, judgement, or anything negative
Myfico score = 677
- got $8k personal loan from bank - paid off $6,500 in credit cards
- my car died.....Bought 2009 Toyota for $13,500 - paid $1,500 down from personal loan above, and financed $12,000 with Wells Fargo @ 4.99% for 60 months
- One of my credit cards lowered my credit limit from $1,800 to $500 because of my 2 recent inquiries (so they claimed...whatever)
1/23/13 - Got power report
5 credit cards, $2,000/$11,000 cc utilization = 18%, 3-year-old $103k mortgage, $32k in school loans, $8,000 personal loan, $12,000 auto loan
Myfico score = 741
1/24/13 - Applied for Navy Federal Cash Rewards card, I make $60k a year
Approved over the phone for $17,000 credit limit!!!!!! Holy s***!! Was expecting a few grand maybe!
01-24-2013 06:37 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO