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Score increases with CC's...

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cwwatts1202
Established Contributor

Score increases with CC's...

Can anyone tell me how often/how much you get score increases for using CC's responsibly? My husband has a cap1 secured that will be reporting soon (card was just mailed 2 days ago) and a fingerhut revolving acct that will start reporting around June 20th. If he uses these 2 accts at 5-9% every month how much of a score increase over what period of time should he expect? I know it's a YMMV thing, but typically? Also, should he only use say the cap1 at 5-9% and keep the fingerhut at a $0 balance? I know FH is generous with CLI so I was hoping to keep getting CLI with them to get to $2,000 CL cause i've heard having the $2,000 CL really helps your score as well. Thanks in advance for any info!! Smiley Happy

Message 1 of 8
7 REPLIES 7
09Lexie
Moderator Emerita

Re: Score increases with CC's...

You might want to post this question in Understanding Credit Scoring.
Message 2 of 8
ktl72455
Valued Contributor

Re: Score increases with CC's...

I started off with FH, bought a item I havent been able to find anyplace local , started out with 300CL, made 1 payment, pIF the 2nd month and got a CLI to 650.00.

 

I took dings of 7+ points for a inquiry and gained 3 when it reported and sometimes 1pt.

 

My NFCU just reported:

660 before inquiry, dropped to 653, back up to 663 after it reported.

All mine have been different dings or bump amounts!!

 

But .. I am also 12months or less with new accounts and as they age and I keep my utl down my score will grow..I hope :-)

 

 

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 3 of 8
cwwatts1202
Established Contributor

Re: Score increases with CC's...


@09Lexie wrote:
You might want to post this question in Understanding Credit Scoring.

I understand credit scoring... I am wondering how long having credit cards/revolving accounts builds your score. Like if you're not doing anything to your credit but gardening, how often to you get score bumps, what's the best way to garden to get bumps... etc. 

Message 4 of 8
cwwatts1202
Established Contributor

Re: Score increases with CC's...


@ktl72455 wrote:

I started off with FH, bought a item I havent been able to find anyplace local , started out with 300CL, made 1 payment, pIF the 2nd month and got a CLI to 650.00.

 

I took dings of 7+ points for a inquiry and gained 3 when it reported and sometimes 1pt.

 

My NFCU just reported:

660 before inquiry, dropped to 653, back up to 663 after it reported.

All mine have been different dings or bump amounts!!

 

But .. I am also 12months or less with new accounts and as they age and I keep my utl down my score will grow..I hope :-)

 

 


my husbands AAoA is 1 year as well.

Message 5 of 8
takeshi74
Senior Contributor

Re: Score increases with CC's...


@cwwatts1202 wrote:

I understand credit scoring... 


If you understand credit scoring then you should understand what you need to do.  Pay on time,keep utilization low, etc.  There's no magic trick to bump your score.  Gardening takes time.

Message 6 of 8
red259
Super Contributor

Re: Score increases with CC's...

I think it will vary widely for different people depending on your AAoAs and number of open TLs and such. I just opened two credit cards and had zero open before then just had a bunch of student loans. So I am very interested in seeing how having this newly available credit will do for my score after a few months of positive reporting.

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 7 of 8
AndySoCal
Valued Contributor

Re: Score increases with CC's...

The credit limit on a credit card only affects the score as it relates to the credit utilization.  The score does not increase depending on the amount of the credit credit limit.

 

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

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