Rebuilding Your Credit

[newbee2012]

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.

[madmann26]

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.

[madmann26]

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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.

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

[newbee2012]

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

[MovingForward_2012]

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.

[newbee2012]

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.

[NewbieReed]

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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.

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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)

[RM21]

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?

[newbee2012]

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.