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Member
Posts: 8
Registered: ‎02-01-2008
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Did I mess up??

I have to confess, I am hooked to my Fico score and get excited whenever I get an alert from Myfico,  I was at Costco and got an alert on my cell phone and nearly got in an car accident trying to get home to check my score.
 
 But I need some advice.  Here are  my scores as of February 1, 2008: TU-641, EQ-631, EX- 668. I do not  have a mortgage, nor a car loan, and am currently the authorxed user on my wifes Chase card that has a $108 balance and a $3500 credit limit. I have two paid off collections from 2006 and 2007,  and 2 closed Capital One accounts  from 2005 with several late payemnts.  I appllied and recieved a Macys card( i read that a store credit card would be good to have) with  $2000 limit, and a Wamu card with a $2500 limit. Both cards  have a 0 balance.  I also was added as an authorized user on my wifes American Express  Blue card with a $16,000 limit. Did I  get too much new credit too quick?  How long before  my scores will hit 700? Any suggestions, I would like to buy a home in the next year, will that be possible?
 
Thank you in advance for any comments and suggestions that you might give me
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Posts: 7,970
Registered: ‎12-19-2007
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Re: Did I mess up??



bmb123 wrote:
I have to confess, I am hooked to my Fico score and get excited whenever I get an alert from Myfico,  I was at Costco and got an alert on my cell phone and nearly got in an car accident trying to get home to check my score.
 
 But I need some advice.  Here are  my scores as of February 1, 2008: TU-641, EQ-631, EX- 668. I do not  have a mortgage, nor a car loan, and am currently the authorxed user on my wifes Chase card that has a $108 balance and a $3500 credit limit. I have two paid off collections from 2006 and 2007,  and 2 closed Capital One accounts  from 2005 with several late payemnts.  I appllied and recieved a Macys card( i read that a store credit card would be good to have) with  $2000 limit, and a Wamu card with a $2500 limit. Both cards  have a 0 balance.  I also was added as an authorized user on my wifes American Express  Blue card with a $16,000 limit. Did I  get too much new credit too quick?  How long before  my scores will hit 700? Any suggestions, I would like to buy a home in the next year, will that be possible?
 
Thank you in advance for any comments and suggestions that you might give me



bmb, hard to tell you when the score will hit 700. Keep your cards reporting a $0 balance, b/c it looks like at least one of your wife's cards carries a balance. FICO doesn't like it if you have half or more of your open accounts with balances. Keep your individual and overall utilization low and don't you dare be late on any payments and your score will begin to take off.

You can try to GW your lates from Cap1 and from the CAs. A paid collection hurts just as bad as an unpaid collection from a score standpoint. If those can go away, you will experience a nice score increase.
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Member
Posts: 8
Registered: ‎02-01-2008
0

Re: Did I mess up??

I just pulled up my  scores today, and they did drop. Here are the scores:
 
2/1/08: tu-641, ex-668, eq-631
2/13/08: tu-627, ex-642, eq-631
 
Only one of the two new credit cards have  hit my reports.  How  long does it take for the score to rebound?  Thanks.
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