03-16-2009 08:18 AM
03-16-2009 08:34 AM
a low CL does not impact score. the score hit comes from allowing balances to report (utilization of the CL) which dings score. if you already have major cc's and you want to app a new card i highly recommend checking out a CU of your choice.
also, if you do not yet have a pure store card (one without mastercard/ visa/ amex/ discover logo on the card) please note that getting one can help your 'credit mix' and give you a score bump as well.
Guys. Curreently I have 2 credit cards totalling to 1500 credit limit. I recently bought a car and at the dealership the finance guy said that the low credit limit is hurting my fico score. My scores are TU-657 EX-669 EQ-635. I have 3+ years total history. Can I apply for new credit cards(if so when?)? I will pay off my balances this week. So will be less that 10% util(which shd improve my score further). How to look for a good credit card with low apr and decent credit limit?
03-16-2009 08:58 AM
apparently some compelling data used by issuers shows that 6 or more inqs on a single report within a year makes you about 8Xs more likely to default. so as a general rule you want to stay below that cut off if you are in app mode. keep in mind that some issuers are more sensitive to inqs than others. also, there can be mitigating factors for eg. a 7 figure income etc. that may soften the lenders perspective on inqs. YMMV.
i believe that multiple automobile inqs technically will count as only one inq if posted in the same week. GL!
Score Builder, Thanks..
I just bought a car last week and so would have 7-8 enquiries on my report. How long should I wait to apply for a cc?
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.