Established Contributor
jamie123
Posts: 927
Registered: ‎03-22-2012
Re: Fico Score did not improve after 7 month credit card activity

FICO can be difficult to dissect at times.

 

I will try and explain my logic about multiple credit cards versus one credit card.

 

Person #1 has 1 credit card in good standing that has reported for 12 months. He has 12 good marks on his credit report.

 

Person #2 has 3 credit cards in good standing that have reported for 12 months. He has 36 good marks on his credit report.

 

Which person would you rather lend money to?

 

This is even more evident as time goes on.

 

Person #1 has 1 credit card in good standing for the past 3 years. He has 36 good marks on his credit report.

 

Person #2 has 3 credit cards in good standing for the past 3 years. He has 108 good marks on his credit report.

 

Which person would you rather lend money to?

 

Can you see the logic in my thinking? Am I assuming something I shouldn't?

 

I am a lot like you. I am 52 years old but haven't used any credit to speak of for a long time. I paid cash or debit card all the time. I first tried to sign up for MyFICO back in March of 2012 but they couldn't generate a score! I didn't have enough history for them to work with. I opened my first credit card in April. I opened my second credit card in June and shortly thereafter FICO was able to generate a score of 653 for me. I opened 2 more credit cards in August. As of September 29th my EQ score is 692.

 

From June to September (3 months) my scores have gone up 39 points. The only reason they stalled for a bit I think has to do with me opening those 2 cards in August but I expect them to continue to rise now as the cards age.

 

Believe me, I'm trying to help you. I am personally doing what I am suggesting you do. I have been on these boards non-stop for the past six months reading and learning how to make my scores the best they can be and try to help others do the same when I can.

 

I am not just throwing out advice willy nilly. I really think you would see great improvement to your scores if you had 2 more cards.



Starting Score: EQ 658 6/18/12
Current Score: EQ 690 11/17/14 - EX 687 7/21/14 - TU 701 12/8/14
Goal Score: EQ 720+
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