08-30-2012 07:04 AM
So, the end result of application spree in 30 poininquiries talkers into account acquire and lower age of account. Off to the gardeniWillie go to grow nd hope that my score will rebound after these cards reflect low utilization. Also learned every credit report us different ,y score rebounds whenJim carry a low balance on some cards and pay down the next month. Keeping the cards at zero does not seem to help. My credit advisor said because Iglad challenges in the past creditors don't want to just see thcards was able to get cards and keep them at 0% but they want to see that I can use them and pay them on time and without going over the limit.
08-30-2012 07:21 AM
That was painful to read.
08-30-2012 07:26 AM
08-30-2012 07:44 AM
08-30-2012 09:34 AM
Congrats on your new accounts. You should see much of the 30 point score drop will rebound 6 months to a year from now. Also, as you mentioned, if the new cards help your overall utilization then that will help, too. Keeping your cards at $0 balance won't hurt your score directly, but if you use your cards every now and then and don't go over the limit and you pay on time, you are more likely to be rewarded by CLI's on your current cards. After all, why should they give a CLI to someone who isn't using their card? Some credit card companies like to see people with higher limits on other cards before they will extend credit, so the higher credit limits can only help you obtain "bigger" and "better" credit later on.
08-30-2012 09:42 AM
08-30-2012 09:43 AM
Otherwise, there's no real issue with letting your balances report occasionally, as I completely agree that lenders want to see you actually using your cards rather than simply sockdrawering them. They don't make money if you aren't using them (other than possible AF) so there's no reason for them to extend you additional credit. Extra risk they have to account for in their financial reserves, for no additional profit. They'll lend to someone else instead.
I had a few off-cycle reports to bureaus this month on my credit cards and suddenly 3.6K showed up on them for some reason. Have to admit I had an initial "what the..." indignant reaction before realizing it just didn't matter. Fortunately I remembered to kick payments off before Labor Day .
Going to be interesting to see what my monthly FICO score looks like tomorrow with 50% util or thereabouts.
08-30-2012 04:11 PM
what did i just read??? lol
08-30-2012 04:17 PM
08-30-2012 05:28 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