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RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ

Member

Re: RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ

Thanks everyone.  My last questions is... I know that I have 11 inq.  will those affect my score for the next 2 years?  If I apply for Amex Green in Feb. 2014 - 1 year from today.  Can Amex stil reject me with the same reason?  I was denied recently because of too many inq.  Should I wait 2 year before I apply to make sure that there no hard inq. on my report?  Thanks.

Message 11 of 19
Valued Contributor

Re: RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ

I personally would not. When that card is paid off, the utili will drop to 0%  for the card and will also lower your overall util which will increase your score.

Scores: about 700 across the board
Total CL: $275k
Message 12 of 19
Valued Contributor

Re: RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ


newbee2012 wrote:

Thanks everyone.  My last questions is... I know that I have 11 inq.  will those affect my score for the next 2 years?  If I apply for Amex Green in Feb. 2014 - 1 year from today.  Can Amex stil reject me with the same reason?  I was denied recently because of too many inq.  Should I wait 2 year before I apply to make sure that there no hard inq. on my report?  Thanks.


Inquiries only affect your score for 12 months from the date of the inquiry.

Scores: about 700 across the board
Total CL: $275k
Message 13 of 19
Member

Re: RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ

Awesome!! You are a great resource.  Thank you so much! I am going to garden with zero balances for a whole year!

Message 14 of 19
Highlighted
Valued Contributor

Re: RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ

Yes if the $4500 on the card you are an AU on won't be paid off soon, I would remove yourself as an AU from that card as it is dramatically affecting your score. Utilization accounts for 30% of your score and the UTL should be no more than 30%; less than 10% is ideal. 90% is considered to be maxed out by lenders.

If you can get added to some of his other cards with higher limits and lower UTL, that will definitely help your score.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 15 of 19
Member

Re: RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ

The balance is paid off.  My util. including the AU should be now zero.  Will my score increase immdediately or will it take a few months to see the results?  Thanks.

Message 16 of 19
Frequent Contributor

Re: RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ


newbee2012 wrote:

The balance is paid off.  My util. including the AU should be now zero.  Will my score increase immdediately or will it take a few months to see the results?  Thanks.


It should increase as soon as the creditors report to the CRAs. U should see a significant bump if it was brought down from 90% util to 0%, but from what everyone says u should have all cards but one at 0% for the reporting. The one outlier should be reporting at 5-9%. (for a maximal boost that is)

Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012
Current Score: 705 FICO TU (10/2014)Take the FICO Fitness Challenge
Message 17 of 19
Valued Contributor

Re: RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ

Do you have to wait until the statement comes out and its past due for a credit card to report the 5-9%? How does that work?
EX 08 Fico: 729 TU 08 Fico: 735EQ 08 Fico: 740Total Credit Line: $128,600Utilization: 6%Inquiries:EX-6TU-7EQ-5


Message 18 of 19
Member

Re: RE-BUILDING - SCORE IMPROVEMENT -- NEED HELP PLZ

My total available revolving limit is 7k - 4 cards.  My Bank of America card has a 500 limit.  If I want to show 5% debt balance on this card and 0 balance on others cards for max score, should I let it report $25 (5% of 500 card limit) or, 5% of my whole available balance which is $350. Thanks.

Message 19 of 19