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Frequent Contributor
ace9848
Posts: 285
Registered: ‎03-29-2008
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Get another CC to raise a FICO score?

After living in CC debt for more than five years, and ending up with over $10,000 owed about 18 months ago, I think I will be CC-debt free in about five months. This has helped me to learn discipline, and I know I will never be so careless with my money again.

 

That being said, I know that having a good FICO score is important when I do need credit - say for an auto loan, or refinancing a mortgage. Should I consider adding another CC account just to raise the score? Would it? Perhaps something with some rewards that might be useful? (I also have Chase and Discover rewards cards.) Is there any benefit to this? 

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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Get another CC to raise a FICO score?

Did you keep your cards open through all this? (I certainly hope so.)

Can you post back with what you have, what its credit limits and reported balances are, and month/year each was opened?
* 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
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ace9848
Posts: 285
Registered: ‎03-29-2008
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Re: Get another CC to raise a FICO score?

Chase - 7/08 - $45.00 - $7500 CL

Chase - 7/05 - $0.00 (used to be  WAMU card) - $2600 CL

Discover - 9/02  $0.00 - $10,600 CL

Cap 1 - 7/08 $0.00 - $7500 CL

BofA - 7/08 $2500.00 - $7500 CL

 

Thanks! 

 

 

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manyquestions
Posts: 307
Registered: ‎10-20-2008
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Re: Get another CC to raise a FICO score?

I think you score would drop a little if you got a new account.  You have 5 open accounts now. Your utilization looks like about 7% which is not bad.  You have three new accounts in the last year, but no new accounts in last six months.  If you got a new account that would put you at 4 new accounts in last year and a new account in last six months.  Try the FICO simulator, I think your score would drop like maybe 20 -30 points if you got a brand new card, even if it had a high limit.  If your main concern is raising your score I would not get a new card at this point in time.
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txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: Get another CC to raise a FICO score?

ace - have you tried to use the FICO estimator?  It wont' give you an exact score, but will provide an accurate range based upon certain factors.

 

You can plug in number of accounts, level of debt, age of newest account, etc.

 

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=60929

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
casinoannie97
Posts: 1,986
Registered: ‎08-17-2007
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Re: Get another CC to raise a FICO score?

[ Edited ]

HOW MANY INQUIRIES DO YOU HAVE?  New ones will lower your score temporarily  If you get another card it will lower  for awhile.  why do you need another card?  better to let them age and keep utilization under 7%.   There are no quick fixes.

PS: pay down your BOFA.

Message Edited by casinoannie97 on 04-20-2009 09:16 AM
Message Edited by casinoannie97 on 04-20-2009 09:18 AM
Frequent Contributor
ace9848
Posts: 285
Registered: ‎03-29-2008
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Re: Get another CC to raise a FICO score?

I know I need to pay down the BofA. It goes off of a year-long 0% BT on June 1st. That 0% rate really helped me to pay that down, instead of paying interest on it. I have 2 offers on my Discover to BT - 2.99% until 9/09 with 4% fee, and 3.99% until 3/10 with 4% fee. On the other hand, I have a Cap1 offer to BT at my existing rate at 7.9% forever with no fee. To mee, the Cap1 offer is best, because the other upfront fees could be looked at as "prepaid interest", which I won't have to pay if I can pay off the Cap1 card. Do you agree that this is the best route?

 

Thanks!

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ace9848
Posts: 285
Registered: ‎03-29-2008
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Re: Get another CC to raise a FICO score?

I think I have 3 inquiries in the last 12 months, in July they will all be a year old.

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