Credit Card Center Advertiser Disclosure†
04-18-2009 05:40 PM
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?
04-18-2009 05:41 PM
04-19-2009 07:03 AM
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
04-19-2009 08:09 AM
04-20-2009 04:33 AM
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.
04-20-2009 09:12 AM - edited 04-20-2009 09:18 AM
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.
04-21-2009 01:10 PM
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?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.