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Established Contributor
Posts: 689
Registered: ‎12-01-2011
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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

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Posts: 27,207
Registered: ‎09-13-2012
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Re: Score increases with CC's...

You might want to post this question in Understanding Credit Scoring.
Established Contributor
Posts: 855
Registered: ‎12-09-2012
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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 :-)

 

 

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
1/29/15 TU08 666 | EQ08 676 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1300~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 8K ~Care Credit 3,500
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Foreclosure (fall off TU 6/15 EX 9/15 EX 12/15)
Established Contributor
Posts: 689
Registered: ‎12-01-2011
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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. 

Established Contributor
Posts: 689
Registered: ‎12-01-2011
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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.

Valued Contributor
Posts: 5,243
Registered: ‎06-05-2013
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Re: Score increases with CC's...

[ Edited ]

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.

Senior Contributor
Posts: 3,623
Registered: ‎06-05-2013
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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 730 6/27/14, Last App 6/7/15
Goal Score: 800 In garden until 7/2015
Valued Contributor
Posts: 1,978
Registered: ‎04-07-2009
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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.

 

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
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