Credit Cards

[Nmbr1ballr]

I only have 1 CC now with a CL of 11k. I had an AMEX opened and closed within the same day about 1 year ago. If I was to re open this AMEX how would this affect my score? I would think it would go down because it would have an inquiry on my account, but in the Fico Simulator, when I simulate a new CC with a 10k CL, it says my current score will raise 20-50 points. Is this really correct? How accurate is the Fico Simulator?

Message Edited by Nmbr1ballr on 06-04-2008 02:09 PM

[Creditaddict]

until you have atleast 3 credit card accounts, fico scoring is not giving you all your points you could be getting.  They want to see you manage more than 1 account.

[Nmbr1ballr]

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Creditaddict wrote:

until you have atleast 3 credit card accounts, fico scoring is not giving you all your points you could be getting. They want to see you manage more than 1 account.

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So if I did re-open this card, you believe that my credit score would indeed increase immediately and stay increased as long as all payments were on time and util was low or paid in full etc?

[Creditaddict]

I believe so and in addition, amex will open the card this month but date it on your credit as opened in June of last year because you use to have an account with them, so you will skip right over the new account time period.

check out bank of america for 3rd card or discover.

[Nmbr1ballr]

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Creditaddict wrote:

I believe so and in addition, amex will open the card this month but date it on your credit as opened in June of last year because you use to have an account with them, so you will skip right over the new account time period.

check out bank of america for 3rd card or discover.

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Ya I was considering applying for the BoA World Points Visa card along with the AMEX. I currently have my 1st card through Citi. I just don't want to see a drop in my score. Right now I owe roughly $3,100 on my Citi and it will be paid in full around mid August. Should I wait till it is paid off to apply, or apply now?

Message Edited by Nmbr1ballr on 06-04-2008 02:43 PM

[Creditaddict]

I would apply now so your accounts can begin aging right away.