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Member
newbee2012
Posts: 17
Registered: ‎01-20-2013

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.

Valued Contributor
madmann26
Posts: 1,402
Registered: ‎08-30-2012

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.


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $1.5k; NFCU Cash Rewards $22K; AMEX BCE $6k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k
Goal Score: 700 across the board.
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Valued Contributor
madmann26
Posts: 1,402
Registered: ‎08-30-2012

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.


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $1.5k; NFCU Cash Rewards $22K; AMEX BCE $6k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Member
newbee2012
Posts: 17
Registered: ‎01-20-2013

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!

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

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! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Member
newbee2012
Posts: 17
Registered: ‎01-20-2013

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.

Frequent Contributor
NewbieReed
Posts: 416
Registered: ‎12-05-2012

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: 4/2013 TU FICO 697, 02/2013 EQ 698 FICO (lender) 04/2013 674 Credit Sesame
NEW GOAL SCORE FOR 2013Breaking into the 700 club
[OLD GOALS: For now- 680 on all 3 = GOAL REACHED IN 02/2013}
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App Free since 2.8.13
Member
RM21
Posts: 28
Registered: ‎01-08-2013

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?

Starting Score: TU=594 Equifax= 605
Current Score: TU=594 Equifax=605
Goal Score: 850


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Member
newbee2012
Posts: 17
Registered: ‎01-20-2013

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.


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