Not seeing the changed we hoped to.....

[Anonymous]

We've been working on all this since April... my husbands score dropped 20 points overnight after the mortgage inquires and the 2 new credit card inquires were posted (he had NO revolving credit- got 2 cards)... then it went up 20 points after the new credit cards posted.  So, we're STILL where we started from.

He paid off two collections- no change- though didn't think that would help the score, just eventual underwriting.

Wondering.... the first time the new CC's reported one reported with a balance of 70% of utilization (gotta love those fees)... he since paid it down to about 8% and we're waiting for that to report for a 2nd month in a row (should be by the end of the month)- will that raise the score at all?

The other one reported with a 10% utilization and nothing happened to the score either.

Question- will his credit score go up on a monthly basis, quarterly basis, yearly basis as a result of these new cards reporting positively?

[BungalowMo]

Well, I don't think it's going to jump by a huge margin.  But I think the best thing for his score will be time...with good accts. 

You mentioned a mtg inq....are you wanting to buy or did you already?

[Anonymous]

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@BungalowMo wrote:

Well, I don't think it's going to jump by a huge margin.  But I think the best thing for his score will be time...with good accts. 

You mentioned a mtg inq....are you wanting to buy or did you already?

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We're hoping to.  Hoping, hoping, hoping.  I GET that they have to pull your report to tell you where to go and what to do, but it's been pulled 3 times... not cool!  PLUS the 2 from the credit cards, PLUS ONE for a CA that just came out of nowhere... of course, took care of it, but still......

[haulingthescoreup]

If he has two CC's total (I think that's what I'm reading) tell him to make one report $0 by paying off the balance before the statement drops, and have the other report some nominal balance like $10 (it needs to be 9% or less of that card's balance.) After it reports, tell him to be sure to pay off that small balance. Forgetting to do this is an easy way to get a late fee from the bank.

In the meantime, I'm guessing that getting that 70% individual util knocked down should help a lot.

[Anonymous]

2 quick ways to raise your score, have less than 1/2 of your revolving accounts show a balance. Have each of those balances at under 9% utility.

As the newness of the credit cards wear off, you will see increases. Maybe 1 at 3 months and another after 12 months.

edit to add: thats what happens when away from the keyboard for 5 minutes. I become a parrot.

Message Edited by scorerise on 06-16-2009 04:06 PM