Established Contributor
Posts: 637
Registered: ‎07-24-2012
Re: Reporting on New CC's-Getting my score to raise

Keep your utilization painfully low, but use each of your cards every month.

 

Wait, and be patient.

 

- The Zen of "Gardening"  Smiley Happy

 

Meanwhile, apart from maintaining a spotless payment history, possibly the most attractive thing you could do from a lender's perspective is negotiate or job-hop your way to a higher salary.  While the scores are important, so are debt-to-income ratio and net worth. That's why most lenders ask questions that target these two factors on their applications.

 

Don't take that to mean that I am disparaging your current salary. I have nothing but respect for any working member of society, and I make it a point to never judge a person by a number.  But lenders make a point of judging people by exactly that: numbers.

 

As someone who interviews a lot of job applicants, it has been my experience that few people are asking for what they truly deserve. You may be surprised how readily you can get a raise even in the current economy, and how much it can improve your ability to both secure and manage credit. It's one of the best outside-the-box solutions to financial growth I know. And it is kind of bizarre to call it an outside-the-box solution, but as I said, few people actually do it.

 

I negotiated a raise and a promotion for myself in the past year, and I consider it no accident that afterward Amex finally welcomed me back into their fold after 2 years of denying my applications. Give it a try...you have nothing to lose!

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase United Explorer $16k, Amex SPG $13.5k, Barclaycard Ring MC $12.5k, Chase CSP VS $12.2k, Discover it $10.5k, C1 Venture VS $6.5k, Chase Slate $3.5k, Amex Hilton Surpass $2k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Citi BestBuy $500
My Loans: Prosper $25k/36mo, Prosper $17k/36mo
My Business: Chase Ink VS $5k, Amex BRG NPSL (> 10k),