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Regular Contributor
tbone74
Posts: 121
Registered: ‎04-23-2009
0

CC -vs- score question...

[ Edited ]

Okay...I'm currently 7 points shy of qualifying for my first mortgage!  It's been a hard fought battle, but we're almost there.  Anyway, I have 1 CC w/ my local CU that has a $1000 CL, $0 balance. 

 

What option, if any, would have a positive effect on my score:

 

1.  Getting a CLI for the CC I currently have?

or

2.  Applying for...and hopefully getting approved for another card...such as Juniper?

 

Any advise would be greatly appreciated!  Thanks in advance! 

 

TU: 633 (TU98) 603 (TU04)  EQ: 613  EXP: 658

Message Edited by tbone74 on 03-03-2010 01:16 PM

Starting Score: TU04: 603 EQ: 613
Current Score: TU04: 667/EQ: 670/ EXP(LO Pull): 676
Goal Score: 710


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Valued Member
2librasmama
Posts: 41
Registered: ‎07-28-2009
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Re: CC -vs- score question...

I am by no means an expert - however, having recently gotten my mortgage (2nd house), I would NOT consider applying for a new card.  The inquiry is going to lower your score, not raise it.  Your best option of the two is to seek a CLI from your existing card - even better if they don't do a hard pull.  Good luck!

Starting Score: 645
Current Score: 678
Goal Score: 750


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Regular Contributor
tbone74
Posts: 121
Registered: ‎04-23-2009
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Re: CC -vs- score question...

Thank you for the info....and, I do believe I can get an CLI w/ a soft pull!  :smileyhappy:  We'll see.....fingers crossed!

Starting Score: TU04: 603 EQ: 613
Current Score: TU04: 667/EQ: 670/ EXP(LO Pull): 676
Goal Score: 710


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Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007
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Re: CC -vs- score question...

With 0% CC util, CLI wont do anything for you and may infact hurt your score if they do an INQ or close your account.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: CC -vs- score question...

[ Edited ]

tbone74 wrote:

Okay...I'm currently 7 points shy of qualifying for my first mortgage!  It's been a hard fought battle, but we're almost there.  Anyway, I have 1 CC w/ my local CU that has a $1000 CL, $0 balance. 

 

What option, if any, would have a positive effect on my score:

 

1.  Getting a CLI for the CC I currently have?

or

2.  Applying for...and hopefully getting approved for another card...such as Juniper?

 

Any advise would be greatly appreciated!  Thanks in advance! 

 

TU: 633 (TU98) 603 (TU04)  EQ: 613  EXP: 658



Couple of questions:

-- Where did you get your scores? If your mortgage lender has already pulled them, they're probably FICO's. If you got them yourself from somewhere else, they're probably FAKO's, since Experian is included. (Have to ask, because so many people still don't realize this.)

-- What is your exact timeline for buying a house? Normally we say no apps within six months of a mortgage. But if you only have one open CC, you might well see an immediate score increase from opening a second card. This is not because of increased total CL, but because the scoring formula "wants" to see good scoring history on multiple lines, not just one. The magic number of CC's seems to be 3, btw.

I would hate to tell you to open a second card based on the above if you're going to be apping within the next several months. If you have a bit more time, though, you might want to consider this.

Have you pulled your FICO EQ and TU scores here? (Although your lender will probably pull a more current version of TU.) What are the negative factors holding your scores down, listed in order? You can find these on screen 2 of the myFICO score reports. Alternatively, you can go to myFICO.com/12, which won't give you positive factors or some other goodies, but will list your negative scoring factors by code number.

Your best bet in getting those last 7 points is to tackle the first and maybe second negative factors on your reports, if you possibly can. They're what are holding you down the most.



edit: can't type worth a flip today :smileytongue:
Message Edited by haulingthescoreup on 03-03-2010 04:23 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
tbone74
Posts: 121
Registered: ‎04-23-2009
0

Re: CC -vs- score question...

haulingthescoreup:

 

 Couple of questions:


-- Where did you get your scores? If your mortgage lender has already pulled them, they're probably FICO's. If you got them yourself from somewhere else, they're probably FAKO's, since Experian is included. (Have to ask, because so many people still don't realize this.)

 

The scores posted were pulled by my mortgage lender.  However, I pulled mine (TU: 633 EQ: 613) from here.  It appears there's a 13 point difference because they're using the TU04 version.

 

 -- What is your exact timeline for buying a house? Normally we say no apps within six months of a mortgage. But if you only have one open CC, you might well see an immediate score increase from opening a second card. This is not because of increased total CL, but because the scoring formula "wants" to see good scoring history on multiple lines, not just one. The magic number of CC's seems to be 3, btw.

 

 My timeline is....as soon as I can get pre-approved...lol.   

 

 Have you pulled your FICO EQ and TU scores here? (Although your lender will probably pull a more current version of TU.) What are the negative factors holding your scores down, listed in order? You can find these on screen 2 of the myFICO score reports. Alternatively, you can go to myFICO.com/12, which won't give you positive factors or some other goodies, but will list your negative scoring factors by code number.

 

My scores from here are posted above :smileyhappy:  Factors holding down my score are:  

 

#1, You have a collection and a serious delinquency on your credit report (4 Medical Collection paid 14 months ago - attempted HIPAA removal = disputed but verified)  

#2, You recently missed a payment 1yr. 2 months ago (missed student loan payment, no issues since)

#3, You have a short credit history - Your oldest account was opened 20yrs. 8 months ago, AAoA 6 years (I'm a AU on an AMEX below 3% w/ unblemished history)

 

Thanks again for the information and advise.  I'm going to send out another GW letter for my medical collections.  I'm still considering applying for Juniper...figuring the credit increase should compensate for the minor drop due to the pull?   So close but yet so far....grrrrrr! lol....


Starting Score: TU04: 603 EQ: 613
Current Score: TU04: 667/EQ: 670/ EXP(LO Pull): 676
Goal Score: 710


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New Visitor
wantingahome
Posts: 1
Registered: ‎02-14-2010
0

Re: CC -vs- score question...

you might try applying for a secured card- no credit pull and it reports the same as a reg. card- we did this to get our midle trimerge score to 660 and it jumped the score 20 points as soon as I activated it!
Regular Contributor
FSUGAPEACH78
Posts: 111
Registered: ‎02-23-2010
0

Re: CC -vs- score question...

Wantingahome-Might I ask you where you got your secured cc from?
hr>Starting Score: 488
Current Score: 632 (In only 6 months!!!)
Goal Score: 700


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Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
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Re: CC -vs- score question...

Most secured cards involve credit pull.  

 

Public Savings Bank does not pull credit.   There may be others. 


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