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FICO score: how long does it take to increase?

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Cstl05
Contributor

FICO score: how long does it take to increase?

My original score was 780, after opening 2 accounts, declined for 2 accounts, and 2 hard inquiries on my credit score it has gone down to 745.  With 10% utilization, and now having a balance on just one card instead of 5, how long can I expect to wait before my score starts to increase again?  I have about 50k revolving credit, no late payments, the only things myfico is showing that has hurt my credit score are the new inquires.  Myfico shows 9 revolving accounts, currently trying to keep it to my Amex as the only one to have a balance, is this a smart idea or should i have a balance on another card or two too?  My oldest account is 18 years old.  Credit cards are always paid in full each month.  Any advice would be much appreciated!
Message Edited by gl4662 on 01-30-2010 09:51 PM
Message Edited by gl4662 on 01-30-2010 09:53 PM
Chase Sapphire Reserve/Chase Sapphire Preferred/Ritz Carlton/Chase Freedom/Amex Blue Cash/Discover IT/Capital One Quicksilver/Bank of America Cash Rewards/Citi Costco/Citi Double Cash/Barclay Apple Rewards
Message 1 of 23
22 REPLIES 22
Jazzzy
Valued Contributor

Re: FICO score: how long does it take to increase?


@gl4662 wrote:
My original score was 780, after opening 2 accounts, declined for 2 accounts, and 2 hard inquiries on my credit score it has gone down to 745.  With 10% utilization, and now having a balance on just one card instead of 5, how long can I expect to wait before my score starts to increase again?  I have about 50k revolving credit, no late payments, the only things myfico is showing that has hurt my credit score are the new inquires.  Myfico shows 9 revolving accounts, currently trying to keep it to my Amex as the only one to have a balance, is this a smart idea or should i have a balance on another card or two too?  My oldest account is 18 years old.  Credit cards are always paid in full each month.  Any advice would be much appreciated

Hi...and welcome.

 

I think you are best off to try to keep your balance on just one card. FICO likes to see balances on less than half of your revolving tradelines. They also like to see that balance under 9%, or as low as possible.

 

Can I ask if the scores you have given are FICO scores...or are they "credit scores" sold by various companies? Where are you getting your scores? I ask, because at 780....why did they tell you that you were declined?

 

Also, when you say that the "cards" are always paid in full each month...does that mean you are letting balances on other cards show before you pay them off? I guess I'm a bit confused.

Message 2 of 23
Cstl05
Contributor

Re: FICO score: how long does it take to increase?

Thank you for the reply.  My credit scores were from myfico.com, except for experian I got that from their website.  What I meant by paying off my cards is whenever the balance is posted I pay it right away, so usually before the due date everytime.  By the time I had applied and been declined for my other two cards my credits score had fallen to 756, they said I had to many new accounts/inquiries, and that is why I got declined, when they pulled my experian, i pulled it to to see why, and it seems experian had many more inquiries on their credit score than TU or Eq.

 

This are all the reason for my decline:

I just applied for an AMEX blue cash card and was declined..

They said it was due to the following:
1. Opened too many new accounts (Only opened 2 last year Nov 2009 1. AMEX Delta Gold 2. Citi AA)
They might be going back 2 years from the time you applyed.
Past Two years I have opened 3 accounts total

2. No recent revolving bank account information? What does this mean?
this one sounds like a bogus reason to me.

3. Length of time accounts have been established'
How old is your oldest account?
18 years old

4. Ratio of the highest account balance to the sum of the balances on all accounts (what does this mean?)
Most banks like seeing low balances on overall credit limits and on a single card.
Ah yes.. Right now I have balance on three cards

My Fico Score Nov was 780, after inquiring for 2 CLI's and being declined it has gone down to 756, before being denied the AMEX blue cash card. I have about 10 cards total, but I only use 3.

So,
How much will my score go down now?
When can I apply for a new card again? (I have a citi AA card and an Amazon chase that I would like to replace with cash back cards, thus my reason for applying for new cards)
What's the best way to get my score back up? 

Any advice would be great, thank you in advanced 

Chase Sapphire Reserve/Chase Sapphire Preferred/Ritz Carlton/Chase Freedom/Amex Blue Cash/Discover IT/Capital One Quicksilver/Bank of America Cash Rewards/Citi Costco/Citi Double Cash/Barclay Apple Rewards
Message 3 of 23
Cstl05
Contributor

Re: FICO score: how long does it take to increase?

thanks for the welcome too!
Chase Sapphire Reserve/Chase Sapphire Preferred/Ritz Carlton/Chase Freedom/Amex Blue Cash/Discover IT/Capital One Quicksilver/Bank of America Cash Rewards/Citi Costco/Citi Double Cash/Barclay Apple Rewards
Message 4 of 23
MarineVietVet
Moderator Emeritus

Re: FICO score: how long does it take to increase?


@gl4662 wrote:
My original score was 780, after opening 2 accounts, declined for 2 accounts, and 2 hard inquiries on my credit score it has gone down to 745.  With 10% utilization, and now having a balance on just one card instead of 5, how long can I expect to wait before my score starts to increase again?  I have about 50k revolving credit, no late payments, the only things myfico is showing that has hurt my credit score are the new inquires.  Myfico shows 9 revolving accounts, currently trying to keep it to my Amex as the only one to have a balance, is this a smart idea or should i have a balance on another card or two too?  My oldest account is 18 years old.  Credit cards are always paid in full each month.  Any advice would be much appreciated!

My advice? Be happy for your scores and sleep well at night. You are almost to "FICO High Achiever" status (760+). Keep doing what you're doing. Pay on time, keep your utilization low, and don't apply for any more new credit. Your scores will take care of themselves.

 

It's important to maintain a good credit rating but don't obsess over a few points here and there. You're doing just fine.

 

 

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work.

Message 5 of 23
Cstl05
Contributor

Re: FICO score: how long does it take to increase?

Thanks for the reply.  Wow, great job on your credit score, so from what I am doing I should see an increase in about a month or so?  Also kinda off topic but how often should I try and get a CLI?

 

Thanks! 

Chase Sapphire Reserve/Chase Sapphire Preferred/Ritz Carlton/Chase Freedom/Amex Blue Cash/Discover IT/Capital One Quicksilver/Bank of America Cash Rewards/Citi Costco/Citi Double Cash/Barclay Apple Rewards
Message 6 of 23
MarineVietVet
Moderator Emeritus

Re: FICO score: how long does it take to increase?


@gl4662 wrote:

Thanks for the reply.  Wow, great job on your credit score, so from what I am doing I should see an increase in about a month or so?  Also kinda off topic but how often should I try and get a CLI?

 

Thanks! 


I can't say whether it will be in a month or any time frame but I can predict an upward movement.

 

I'm not very well versed in the intricacies of CL requests. I'll let others address that.

Message 7 of 23
Cstl05
Contributor

Re: FICO score: how long does it take to increase?

Thanks for the reply.  Also, another question of interest, when would be a good time to reapply for the card I was declined for?
Chase Sapphire Reserve/Chase Sapphire Preferred/Ritz Carlton/Chase Freedom/Amex Blue Cash/Discover IT/Capital One Quicksilver/Bank of America Cash Rewards/Citi Costco/Citi Double Cash/Barclay Apple Rewards
Message 8 of 23
MarineVietVet
Moderator Emeritus

Re: FICO score: how long does it take to increase?


@gl4662 wrote:
Thanks for the reply.  Also, another question of interest, when would be a good time to reapply for the card I was declined for?

Once again I will defer to others. I've never asked for a recon for a decline. There are too many other CCC's out there that might want my business.

Message 9 of 23
Cstl05
Contributor

Re: FICO score: how long does it take to increase?

Great point.  Im trying to find a card to replace my citi mastercard, and that is why I applied for the Chase Freedom and Amex Blue Cash, and because those cards are regarded as very good cash back cards.  Forgive my ignorance, but are there any other good cash back cards I could look into and have a chance of getting if applied for?  Prefferable easy CLI too, that is why I went to Amex 

Thanks 

Chase Sapphire Reserve/Chase Sapphire Preferred/Ritz Carlton/Chase Freedom/Amex Blue Cash/Discover IT/Capital One Quicksilver/Bank of America Cash Rewards/Citi Costco/Citi Double Cash/Barclay Apple Rewards
Message 10 of 23
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