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Member
ACAT
Posts: 14
Registered: ‎03-13-2011
0

Big FICO Increase for me!!

So I've posted on here a little bit about my credit.  I'm a 20 year old college student with practically no credit history aside from my $1700 student loan I took out towards the end of 2008.  Since then any cc I have applied for has resulted in denial.

 

In the past two months I applied for and was approved for both a CAP1 Secured CC ($251 Limit) and a Discover More CC ($500 Limit).  Before having either of these on my report my TU score was 669 on March 13th of this year.  I opted to buy my current TU score from this sight (on a curiosity impulse, I admit) and I was delighted to see that my score as of today is now 705!! :smileyhappy:  The current report only shows my new CAP1 card, not the discover.

 

Following the advice on this forum, I was careful to have a 9% balance on the CAP1 cc when the statement generated, and as promised the TU report I just pulled reflects exactly that: a 9% R-UTIL.  Yay!!!!

 

I actually just got the discover card today so that is why it was not on the current report.  I do however expect it to show up soon.  I am concerned that once it reports there will be a decline in my score due to having two new accounts, but I will just garden for awhile and see what happens.  This is my plan:

 

1.  I will use the CAP1 card, but since it has the lower limit, I will make sure to pay it completely off before the statement cuts so that it reports a zero balance.

 

2.  I will use the DISC card and will make sure that when the statement cuts, a 9% balance is reflected and therefore reported. (The $500 limit gives me a little more to work with)

 

So I will always have the DISC report at 9% and the CAP1 at 0%.  Good plan right?  

 

I also plan to start paying down my student loan next month, just to decrease the balance and begin so show some payment history.  It has been deferred since I opened it in 2008.

 

Thanks to everyone for their help!  Thumbs up for credit responsibility!. 

Established Contributor
aftermath
Posts: 519
Registered: ‎05-09-2008
0

Re: Big FICO Increase for me!!

You're off to a great start.  You've got a good head on your shoulders. Keep up the good work. :smileyhappy:

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Regular Contributor
ferrari
Posts: 192
Registered: ‎07-21-2010
0

Re: Big FICO Increase for me!!

I would use the discover for everything and pay it off even multiple times a month. Discover likes heavy usage and will give you frequent CLIs if you do. I wouldn't worry about using the Cap1 as much, just once every couple of months to keep it active.


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