@Anonymous wrote:I can answer your first concern: FICO doesn't score you on what you put through the card each month, it only scores you on the balance reported.
The CC issuer, on the other hand, is paying attention to how much you put on their card, and how often.
What's your current FICO score, bichonmom? I can't remember if you've posted it previously.
Thank you. It's helpful to know that I don't need to use all of the cards every month.
My latest EQ is 675 and my TU was 693 from a month ago (before all of my new accts posted). I didn't think it was THAT bad, but my ins renewal dinged me because of my EQ credit rept., which has me really upset. (9 years, perfect driving record, 6.5 yr old collection/thin cr file = 20% increase!!!) (Sorry- just venting there. 
)
Also, my local CU only gave me a $500 CC because my TU score was "too low." So obviously the 600s aren't cutting it.
@bichonmom wrote:
@Anonymous wrote:I can answer your first concern: FICO doesn't score you on what you put through the card each month, it only scores you on the balance reported.
The CC issuer, on the other hand, is paying attention to how much you put on their card, and how often.
What's your current FICO score, bichonmom? I can't remember if you've posted it previously.
Thank you. It's helpful to know that I don't need to use all of the cards every month.
My latest EQ is 675 and my TU was 693 from a month ago (before all of my new accts posted). I didn't think it was THAT bad, but my ins renewal dinged me because of my EQ credit rept., which has me really upset. (9 years, perfect driving record, 6.5 yr old collection/thin cr file = 20% increase!!!) (Sorry- just venting there.
Also, my local CU only gave me a $500 CC because my TU score was "too low." So obviously the 600s aren't cutting it.
Our CU told DH that 700 FICO was a cutoff for auto rates as well - so there's another data point that seems to jive with what you've experienced.
There's a boatload of difference between getting into the 700 club and getting into the High Achievers 760+ club. Take it a step at a time and you'll do great.
And then, IMO hitting in the 720's is another helpful milestone.
Also, since you've pulled your FICO scores here, what did the simulator give you as your "Best Action Going Forward" (or some similar wording)? And what was your estimated FICO score if you followed through on that scenario?
ScoreWatch says my score is "good," but I guess not good enough for my insurance company. What's hurting me is amt of new credit (which is the only way to re-establsh my credit) and length of cr history, which I have no control over. I wish there were someone who'd put me on as an AU, but I don't really have anyone who would do that. Plus, there 3 inquiries and the 6.5 yr old collection, which should come off in the first quarter of 2012.
I've made mistakes in the past, like waiting until my BK was off before beginning to re-establish credit, so I've lost a lot of time. From what I've read here, I could have been doing things over the last 8 or 9 years, which is time lost now.
Simulator Best Action Recommendation
Pay Your Bills on Time for 24 Months
Your Current FICO® Score: 675
Your Simulated Score Range: 745- 785
In the last month, one new CC reported and I paid down my bal to 1 CC at $11 (from $150), and my score went up 2 pts. So, all I can assume is the new acct. hurt me about as much as paying the balance helped. I was hoping for more of a jump after I paid the CC balance and started following the 1CC at 9% rule.
One thing I can't figure out on the stimuator is the effect of a CLI. It gives the option for a NEW CC, but not CLI. I decided to accept my CU's $500 CC last night since I know the Cap Ones won't grow w/me. The rep in the loan dept. said that people can go from $500 to $1000 or from $500 to $5000, so they can/do give generous CLIs. I'm wondeirng if in 6 to 12 mos, when I get a CLI from them, would that help my score, or only help me in terms of util% (which is what I'm assuming).
Thank you, beamMEup, for all of your help!
@bichonmom wrote:ScoreWatch says my score is "good," but I guess not good enough for my insurance company. What's hurting me is amt of new credit (which is the only way to re-establsh my credit) and length of cr history, which I have no control over. I wish there were someone who'd put me on as an AU, but I don't really have anyone who would do that. Plus, there 3 inquiries and the 6.5 yr old collection, which should come off in the first quarter of 2012.
I've made mistakes in the past, like waiting until my BK was off before beginning to re-establish credit, so I've lost a lot of time. From what I've read here, I could have been doing things over the last 8 or 9 years, which is time lost now.
Simulator Best Action RecommendationPay Your Bills on Time for 24 Months
Your Current FICO® Score: 675
Your Simulated Score Range: 745- 785
In the last month, one new CC reported and I paid down my bal to 1 CC at $11 (from $150), and my score went up 2 pts. So, all I can assume is the new acct. hurt me about as much as paying the balance helped. I was hoping for more of a jump after I paid the CC balance and started following the 1CC at 9% rule.
One thing I can't figure out on the stimuator is the effect of a CLI. It gives the option for a NEW CC, but not CLI. I decided to accept my CU's $500 CC last night since I know the Cap Ones won't grow w/me. The rep in the loan dept. said that people can go from $500 to $1000 or from $500 to $5000, so they can/do give generous CLIs. I'm wondeirng if in 6 to 12 mos, when I get a CLI from them, would that help my score, or only help me in terms of util% (which is what I'm assuming).
Thank you, beamMEup, for all of your help!
CL's are never scored only the utilization of the CL's so your assumption is correct.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
