No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@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.
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..Any advice would be great, thank you in advanced
@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.
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!
@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.
@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.
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