topic Re: new card took 16 points, when will get them back?? in Credit Cards

new card took 16 points, when will get them back??

Anonymous — Sat, 21 Feb 2009 23:56:24 GMT

Hello! this message is also in general credit issues in hopes of more responses. THANKS!

I had applied to capitol one and got approved. I was planning on buying a house in 6 months, however I had the builder I want to use do a credit pull a week after applying to cap one. I was literally a few points away from 620. He said to pay off the two cards I have (first premier) and I will get a lot of points back. I told him about the cap one card, he said that shouldn't be a problem. I was really not expecting him to tell me a I was a few points off. He said I can go ahead a put a contract in to build a house. It will be done in four months. I lost 16 points for the cap one card. I charged it almost all the way up so that it would post on my credit for the high amount. I sent in a check for all that I charged up so the balance will be 0. The two first premier cards will also be paid off in the next few weeks. My questions are

1. Will paying off the cap one and the two first premier cards give me my points back plus some? (current utilization was at like 85% + the first premier balances credit limits are only like 250 each).

2. How fast will that happen? I am panicking because of the house.

3. When can I cancel my first premier cards??? I want those suckers GONE GONE GONE. I am sick of paying their fees ( I am assuming I should wait till after I buy the house.)

Any help would be much appreciated. I am freaking out. I do have like four months until the house is done and I close though, so I have 3-4 months to get my points back. I already have my down payment and have given $3000 earnest money

Re: new card took 16 points, when will get them back??

Anonymous — Sun, 22 Feb 2009 00:02:30 GMT

Paying off your balances will likely make a huge difference. Score will change as soon as the CCC reports to CRA's.

Stop apping if you want to do a mortgage !

Re: new card took 16 points, when will get them back??

Red1Blue — Sun, 22 Feb 2009 00:39:40 GMT

Wow 16 points loss for new account? Wow. I applied for BB RZ MC and got the card with $450 CL. I wonder how many points I would loose once my this accounts hits my CR?

Re: new card took 16 points, when will get them back??

Anonymous — Sun, 22 Feb 2009 01:20:18 GMT

Know what you mean. I recently applied for a card and got DECLINED. I am having a hard time getting anything. I do have my CITI MTVU coming in the mail that has a CL of 3,500. I am hoping to convert it to something else from CITI because I am no longer a college student. I actually saw it on my CR and didn't know I got accpeted for a CC in college. Glad I did as I can't find anything right now. Scores are 690/ 661/ 683.

Oh yeah, and when I got DECLINED it took 11 points off from my score. Equifax was 672 now 661.

Re: new card took 16 points, when will get them back??

llecs — Sun, 22 Feb 2009 02:20:14 GMT

OP, it isn't uncommon to lose points for a new CC. I lose an average of 20-25 points per new CC. Most of those points typically return within 6 months and all of them seem to return within a year. The drop is caused by a lower AAoA and FICO doesn't like to see new credit and you'll get dinged for that too.

Re: new card took 16 points, when will get them back??

kjm79 — Sun, 22 Feb 2009 03:16:54 GMT

Paying down the accounts will help tremendously. Organic-Cupcake, you said with your CapOne card you got it and used it all it up basically. That could also factor into the loss. FYI, you don't need to make a big purchase on the CC for it to report, the bigger purchase actually hurts you. If you are looking at buying a house I don't think closing the First Premier accounts would be a good idea, just pay them down for now, get the house and then close them.

Re: new card took 16 points, when will get them back??

wilee — Sun, 22 Feb 2009 16:39:57 GMT

@Anonymous wrote:

Stop apping if you want to do a mortgage !