08-19-2009 11:49 AM
okay i get it, reduce balance to zero before i get a statement, that way the statement is $0. makes sense.
well even though i've gotten the FAKO at 655 is it even worth it right now to pull a true FICO? i mean i doubt it's all the way at 700, right? pretty much it seems my options are to get a Macy's card (non Visa) or apply for the Fidelity card, which appears is a little too good for me so far based on my current credit. i don't mind paying for a true FICO score, but i'm not sure in what ways it will help me at this exact moment. i don't mean to sound ignorant, so feel free to enlighten me if i am wrong in this thinking.
that is weird about the fidelity being BofA and not Amex. so exactly what type of affiliation does Amex have with the card, since the card obviously says Amex on it? thanks for all the help guys/girls, very informative!!
08-19-2009 12:00 PM
Many issuers offer Amex cobranded cards (BofA, FIA, Citi, USAA). You have to check the benefits to see what you get with the card. The Amex logo means the charges are processes on the Amex network against a merchants Amex merchants account. That's all.
While you are waiting for your score to come up make sure you know exactly what is on you credit reports. This is most important. Fix what needs to be fixed or don't app until it is better. Reports and possibly baseline scores may be important in that regard.
08-19-2009 12:17 PM
Will it help reduce the confusion to think of AMEX like you do VISA or MC? I have a VISA (it's USBank), I have a MC (it's BofA), I have an AMEX (it's Fidelity) etc......
If your bank pulled a 700 FICO (as I think you indicated in your original post), I'd be curious to pull my scores and see what's what. That way you're not working in the dark. Plus the myfico simulator tells you what to do next to improve your scores, and they indicate what you're doing that's helping and what things you might improve on. Because it's FICO information, it will help you in your efforts to improve your scores and be ready to apply for the cards you want. High recommendations for that. In addition the score you pulled from freecreditreport is unfortunately, not only not free, but also not accurate. The advice they give to improve your scores is not accurate as well, and following that advice has been known to actually lower people's scores. There are not a lot of great tools out there for those wanting to improve their fico scores and get the credit they want (and at a good rate) - myfico is one of the few places you can pull that information. It's true - you pay - but it's what - the price of lunch at MickeyD's? I'd be willing to have PB&J and spring for a real report & score. MHO!
08-19-2009 12:24 PM - edited 08-19-2009 12:51 PM
WOAH!! i just paid and i'm glad i did. my equifax score is 709!!
where the hell did 655 come from???
08-19-2009 12:30 PM - edited 08-19-2009 12:31 PM
What EX score - you can't buy an EX score anywhere!
08-19-2009 01:01 PM - edited 08-19-2009 01:03 PM
it looks like the bad is (in worst to only slightly bad order):
1. a missed payment in 2003, which is strange because i didn't even have a credit card then and i was 19 so i have no clue what it could be
2. short account history (6 years and 9 mos, again i'm confused, my first revolving CC account was in feb this year)
3. 1 inquiry in the last year to apply for credit in oct of 08. also weird to me because i applied for an amex card in april 09 and the current WF visa i have now i applied for in jan 09 -- why are neither of these on my report
the good is:
1. no evidence of serious delinquency
2. paid bills on time
3. limited use of available credit (28%)
the recommendation for me is to pay off 90-100% of my credit balance by the statement date so that i guess i'm only utilizing about 10% of my available credit. they recommend this for the next 24 months to reach 769-809 credit score.
okay so that's helpful to know. 709 is a lot better than 655. how weird the 655 came to me as an experian score and yet they don't even give out scores. odd. i guess i wonder now if i should apply for the fidelity card or just keep my current card for another 2 years... there was really no insinuation from this report that a store card would be all that helpful. any further advice?
08-19-2009 01:36 PM
They will never tell you on that report that adding a store card will help you. You just have to know that -- and it does. No urban legend that.
They only thing that might snag you is a short revolving history. Some of the better cards want to see 2+ years clean revolving history, possibly on more that one account.
If you wanted to take a shot at Fidelity the worst it would cost you is an INQ. Then you would know where you stand with it. You might want to try and pay down that UTIL a little bit and tweak your score before you do. Also, if you do app and are declined you have to call in for a recon and to find out exactly why. Then you would know what has to happen before you try again.
08-19-2009 02:10 PM - edited 08-19-2009 02:11 PM
very helpful, thank you. last points/question. i don't shop at macy's. i feel like that is a way for me to waste money and i guess i believe one revolving account is better than having an account i spend money on every so often just to help my score a little bit. maybe i don't fully understand still.
what does recon mean?
08-19-2009 02:12 PM
There is no FICO ding for not having a store card. You can get dinged for not having a bank card (you only need one), you can get dinged for using a consumer finance company, and you can get dinged for not having a mix of revolving and installment credit.
It's more important to look at the quality of the card.
Good luck! Have fun! And a huge congratulations on pulling that FICO score - don't it feel good?????
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