Credit Cards

[SwiftTone]

I was approved for CSP and BCE on 10/14/12. At the time of application, my EQ FICO 729(1% util). When my CSP started reporting early this month with a $2500 balance(puts me at 16%), my score dropped to 703. Okay, pretty expected. But I was bracing myslf for a score lower than 700 when BCE reports. So Yesterday my BCE reported with a balance $150 which would put me at around 13% overall utilization when everything on the credit reportis considered. To my surprise, my EQ Scorewatch went up to 710.

The only reason I can think of is that my utilization dropped from 16% to 13% but still very surprised. Can't wait to see my score once my balances updates and my report updates.

[YahComb]

when did you pay down your CSP? you said it reported 2500, thats a 50% balance. High utilization on individual cards can do some damage to your reports.

[SwiftTone]

I didn't pay it down. Right now its sitting at $4800 actually. I bought 2 international plane tickets. But I will PIF before the next statement closes.

I didn't realize it would report so soon. The initial first due date was like 12/23/12. So I thought that the first report to the CRA would be atleast after that. Now the first due date got change to 11/23/12 which is weird.

I would think the inquiry from the application and the new accounts report would do much more damage to my FICO score, but instead it's my 16%/13% utilization. O well, easy fix!

[YahComb]

I remember earlier this year new accoutns would ding me around 20 points. By the time i got my chase cards, it was only 9 points for 2 new accounts.

[lewdog]

Any backdating?

[SwiftTone]

No backdating whatsoever. But I didn't even think of that. good point!

[distantarray]

well one thing i noticed is Chase took a month extra to report my credit limit, so it would make 100% sense if they did'nt report your limit that your score would take a dip, for me Amex reported the credit limit right away so the new credit limit was able to balance out your utility a bit even with new charges on the account.

So let's say you have $10,000 in total credit limits and got a Chase Sapphire for 5k, making a total of 15k in credit limits. but if the Sapphire limit was not reported yet then if you charged $1,000 it would still count on $1,000 / $10,000 and not 15k

now if you got approve for an Amex and charged $2,000 but got a 10k limit reported at the sametime. now your reporting 20k limit immediately sinc Chase hasn't reported the credit limits yet.   $2,000 / $20,000 is the same ratio as $1,000 / $10,000 .

kinda confusing but look to make sure the reports are reporting the new credit limits, I bet it won't since mine didn't.

[YahComb]

chase reported my limit right away(when it first reported i mean) on both cards.

[SwiftTone]

The limits are being reported correctly.