topic Re: New accounts already reporting in Credit Cards

New accounts already reporting

Anonymous — Thu, 23 Jul 2015 16:53:38 GMT

My new Walmart and Old Navy accounts are already reporting even though I havnt even gotten the cards yet. I lost 6 points with Equifax and 24 with Experian. It looks like I'm gardening for awhile. Dont think I'm going to have a choice, lol.

Re: New accounts already reporting

OmarGB9 — Thu, 23 Jul 2015 17:06:20 GMT

Ouch major hit on EX. Gardening is definitely a good idea lol.

Re: New accounts already reporting

Anonymous — Thu, 23 Jul 2015 17:09:49 GMT

@Anonymous wrote:
My new Walmart and Old Navy accounts are already reporting even though I havnt even gotten the cards yet. I lost 6 points with Equifax and 24 with Experian. It looks like I'm gardening for awhile. Dont think I'm going to have a choice, lol.

Wow, that was fast!

Re: New accounts already reporting

OmarGB9 — Thu, 23 Jul 2015 17:25:50 GMT

My venture still hasn't reported and I applied over 2 weeks ago. I'm guessing it'll take about a month to show up.

Re: New accounts already reporting

Anonymous — Thu, 23 Jul 2015 17:30:03 GMT

My capital ones didn't report until after my 2nd statement. I'm not sure why Experian took such a hit. Maybe it's the 2 new accounts combined with the 3 inquiries (also applied for amazon but was denied). I finally got experian over 600 and now I'm back at 577. I could cry but I won't. I'll just hope they rebound fairly quickly.

Re: New accounts already reporting

Anonymous — Thu, 23 Jul 2015 17:35:30 GMT

I often wonder why it takes some cards so long. Barclay was immediate. Capital One took a billing cycle. PenFed still hasn't reported. So sorry about the credit drop. I am waiting for new accounts to post and the hit that follows. I noticed that the bureaus with no derogs take the smallest hit.

Good utilization should bring your scores up.

Re: New accounts already reporting

Anonymous — Thu, 23 Jul 2015 17:43:19 GMT

My Experian score was 601 and lost 24 points while Equifax only lost 6 points for the same 2 accounts. It can't be inquiries that did it because I'm pretty sure they pulled TU. So I was thinking the highest score takes the biggest hit. At least in my case it did. I also noticed that my cap one card that had a zero balance last month just reported 287$ so I'm sure that didn't help. It will report zero again next time.

Re: New accounts already reporting

OmarGB9 — Thu, 23 Jul 2015 17:48:31 GMT

Just remember that FICO has no memory, so your scores can fluctuate month to month and any high balances/low scores will be forgotten the following month.

Re: New accounts already reporting

Anonymous — Thu, 23 Jul 2015 17:57:56 GMT

Yes just hang tight. Let the accounts age for 3-4 months and work on clearing as many negatives as possible.

Re: New accounts already reporting

Anonymous — Thu, 23 Jul 2015 18:06:38 GMT

@Anonymous wrote:
My Experian score was 601 and lost 24 points while Equifax only lost 6 points for the same 2 accounts. It can't be inquiries that did it because I'm pretty sure they pulled TU. So I was thinking the highest score takes the biggest hit. At least in my case it did. I also noticed that my cap one card that had a zero balance last month just reported 287$ so I'm sure that didn't help. It will report zero again next time.

Make sure that you NEVER charge on your cards right before the due date and not until 1 day after the statement closing date. Have your balance at no more than 5-10% of your limit before the due date.

With these small limits you basically can only use these cards as cash cards and NEVER have more than a balance of 5-10% of your limits that you let report to the bureaus. Don't leave them at 0.That will give you the highest possible scores.

Re: New accounts already reporting

Anonymous — Thu, 23 Jul 2015 23:22:05 GMT

Yeah, because of the high interest rates, I don't plan on carrying a balance. I actually did plan on leaving them at zero because I didn't want to use them unless I had to. I got the cards for the utilization. I planned to use them maybe every once in awhile to keep them active. Should i re-think this plan? I don't think I would even have credit cards if it wasn't for rebuilding. I lived on cash only for 8 years.

Re: New accounts already reporting

SunriseEarth — Thu, 23 Jul 2015 23:41:05 GMT

Sync tends to report fast. My Sam's Club MC was reporting before I had the card in hand.

Re: New accounts already reporting

Anonymous — Fri, 24 Jul 2015 04:47:56 GMT

Use those Capital One cards HEAVILY, and make on line payments weekly. If you spend $1300 a month in cash, run it through those cards. Cell phone bill, car insurance, Starbucks, Chipotle, you get the idea. Just don't charge between the due date and statement closing date, and leave less than 5% to report to the bureaus each month.

Even change the due date on one of the cards if needed so they both aren't due the same time so you have a card to use when the other one is in the payment cycle.

Use Wal Mart's card maybe once a month and let 10% post one month, then pay it off and let $20-$25 post the next. At 4 months do a chat for a cli and make sure you have a small balance like $50 or so at the time. Since your scores are still weak, ask for $1500 and see what happens.

Open Sky, just make a small charge once in awhile and pay it off since its a secured card you will let go at some point.

You should have scores over 650 across the board before years end, better if you can clear up lots of derogs.

Re: New accounts already reporting

Anonymous — Fri, 24 Jul 2015 20:08:10 GMT

Definitely garden time. Congrats on your new accounts though!

Re: New accounts already reporting

Anonymous — Thu, 22 Oct 2015 02:31:28 GMT

I opened an account with the sct that just started to report. Lost 5 pts on Experian, gained three on Equifax. Transunion hasn't spoke up yet...

Re: New accounts already reporting

TekkenQQ7 — Thu, 22 Oct 2015 03:33:57 GMT

congratulations on your new accts keep the garden fresh and organic if you can