ticked about fico now

[llecs]

You weren't rebucketed. Closed CCs continue to factor into utilization up to the point the balance reads $0. So, if you PIF, the CL is no longer factored in and if you carried balances on your other CCs, then your util went up. It is easily fixable by paying your other CCs down.

If you liked the card, you can always try and ask the CCC to reopen it.

IMO, you did the right thing by PIF. You'd have to eventually anyway. BTW, some CCCs have been known to eventually list a closed CC acct as a CO or even sent it to a CA. IMO, always PIF a closed CCC acct ASAP.

[wally2159]

I know llecs but it is the only cc i had left to pay off and was not charge-off but closed by grantor - 1 and half years ago - so my fico tells me that if i pay that it will go up 30-40 points - so i pif cause looking to get mortgage on estate home - have 30,0000 down on 175000.00 house - have been working soooo hard to clear up credit - so now this would have been better off imo paying it almost off - not sure....... so i think my best option is to get a secured cc - cause i dont want any credit pulls - also have about 5 or so inquiries due to fall off in september that would be 2 years old - anyone know how that will help?  dont know what else to do dont have any more bills to pay off besides 2.9 percent interest auto loan which i want to keep so it shows current payment......any thoughts anyone?

[llecs]

If I was walking into a future mortgage with 0 CCs, I would app, even if it was against the advice of the lender. I wouldn't app blindly, though. I'd get a secured like BofA and let that report and then I'd get a second CC, like a charge card (Macys, for example). You will see an increase. You'd see an additional increase 3-4 months after it first reports as the new credit wears off.

You won't see an increase with the drop of the inquiries. FICO stops scoring them after 12 months.

Keep with the car loan. Paying that off will result in a 0 FICO score because you'd have no open TLs.

If you have an account anniversary in September as a result of getting a new account, you may or may not see a boost. Most occur at 1 yrs, but a rare few saw increases at the 2 yr anniversary of when a TL first reports.

[wally2159]

So Bofa and macy's but macy's is not secured - Where do i apply for BOFA and how soon will we see increase?

[llecs]

You can go into any BofA branch and app. You can also get it online via their Credit Cards link. To start, I'd use their preapproval link to see if you qualify for any CCs. It doesn't cost you any inquiries. If nothing comes up then click on the "Build Your Credit" link off to the left-hand side. You can app for it and start with as little as $300. After 9-12 months of perfect payment history, they will unsecure you, give back your money, and will sometimes increase your CL. I like them because they report fast. If you get approved, you will likely see it report before you even receive the CC.

Macys is unsecured, but the charge helps your mix of credit. They will usually start with $300 or thereabouts, but will increase your CL every 3 months if you ask them to. I started with $300 less than 2 yrs ago and now have $2500. They also report fairly quickly.

[wally2159]

thanks llecs i am just at the point i dont know what else i can do.  i have paid everything off and dont know what else to do to bring score up ....... can you give me the link for BofA? also it doesnt cost any inquiries - that is what i dont want

Message Edited by wally2159 on 08-14-2009 08:52 AM

[llecs]

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wally2159 wrote:
thanks llecs i am just at the point i dont know what else i can do.  i have paid everything off and dont know what else to do to bring score up ....... can you give me the link for BofA? also it doesnt cost any inquiries - that is what i dont want

Message Edited by wally2159 on 08-14-2009 08:52 AM

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https://www.bankofamerica.com/credit-cards/cardoverview.action?context_id=overview_page

Towards the lower right you'll find the pre-approval link. It won't cost any inquiry (only a soft). You may get hit with a hard inquiry if they give you a preapproval and you accept. If no preapproval, you will get hit with an inquiry on EX if you app for the secured. BTW, the link for the "Rebuild your Credit" is to the left.

When I went from 0 open CCs to 1-2-and-3, I saw large gains.

[wally2159]

So is this better than being added as an au?  dont want to have to ask anyone

[llecs]

It would be OK to ask a family member, but you'll have positive results going at it on your own.

[wally2159]

so llecs wasn't pre-approved for anything - but if i do secure cc does it have to accept me?  or am i risking dropping me any more on score?   besides just talked to another mortgage broker and he said getting a secure cc isnt going to help the score go up that quick?  he said wait till around sept 10th and see how credit ages or rolls?  I dont think it is going to go anywhere different.  HELP

Message Edited by wally2159 on 08-14-2009 11:27 AM

Message Edited by wally2159 on 08-14-2009 11:28 AM