08-12-2008 07:04 PM
08-12-2008 07:08 PM
08-12-2008 07:16 PM
08-12-2008 07:26 PM
Thanks for the advice Haulings.
You will see some decent recovery from the newness penalty when each new card hits 6 months. That, plus smacking the utility back down, will definitely help. You will also see a benefit from "diluting" your older bad credit with new credit, so those new cards aren't entirely negatives.
I don't begin to try to predict score numbers, but I think you can recoup most, if not all, of the loss in this time period, if you're able to reduce the util. That's why my siggy looks like it does: I lost 75 points on EX. After 6 months, a bit more than 50 of them are back, and I don't have the option to reduce utility like you do to get even more points.
Keep facing forward, and don't get tangled up in regrets! GL
08-12-2008 07:30 PM
08-12-2008 07:59 PM - edited 08-12-2008 08:02 PM
08-12-2008 08:04 PM
08-12-2008 08:05 PM
siangirl34 wrote:My EQ score jumped from 600 to over 700 (in a few weeks), just by paying down all my cards (util was at like 90ish percent, to about 20-25% percent (it'll be more like 5 % if HSBC ever reports my new PIF balance). In my past credit life in Canada, when I was in a low paying job, I would simply cut up my cards, to remove all temptation to use them (putting them away wouldn't work for me). I could still use the account for some of my online bills, such as gas, hydro, phone and cable, so that they didn't go inactive. Not having a physical card on hand, really helped with my control.I wish you luck with everything!
Message Edited by siangirl34 on 08-12-2008 08:02 PM
08-12-2008 08:12 PM
tac1234 wrote:You mentioned changing jobs, I suggest you look for a temp way to increase income to slam the util down...or cut all spending to the bone.....the amounts of money that you owe should not be holding you back. so if possible pick up OT or a second and at the same time cut costs........carpooling , not eating out etc..... Its tough to know the road back and have it blocked.....
08-13-2008 04:05 AM
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.