topic Got my score in Credit Cards

Got my score

laryn41 — Fri, 03 Aug 2007 15:12:53 GMT

TRANS 592

EXP

Re: Got my score

laryn41 — Fri, 03 Aug 2007 15:14:34 GMT

EXP 614

EQ 620

eXP WAS 634 A WEEK AGO...WHAT HAPPENED

I AM SOOO BUMMED

HOW FAST DO THEY GO UP?

TOO MANY INQ'S U THINK

Re: Got my score

Anonymous — Sun, 05 Aug 2007 16:04:04 GMT

Probably inquiries. You'll hear that inquiries don't account for a lot but that's not exactly true. It depends on what's already on your credit report and how many inquiries you already had before you racked more up. That's what I've learned from my own credit journey.

Any significant rise in scores won't happen overnight but will happen sooner than you think. My scores were hovering around 600 when I first started paying attention to my credit at the end of March of this year. Now, all of my scores are above or very near to 700. At first I thought it would never happen but then I stopped obsessing over it, got back to life and it just happened with timely payments, of course.

There is some very good advice on these forums, however, be selective in the advice you take. You don't need a ton of CC's to jump start your credit score. A couple paid faithfully will be more than enough to get you started. Too many new TL's too soon can harm your credit score far more than it will help. If you must apply for new credit cards, do thorough research and only apply for the ones you know you have a real shot of getting. That way you don't waste inquiries and continually lower your score.

I hadn't applied for another CC since April until two weeks ago when my computer crashed and I had to buy another one. I was pleasantly surprised with a $2000 CL on a new card. It's my highest CL. Not bad considering I couldn't even get a CC a year ago and the two I got in April only had $400 ant $500 CL's.

Re: Got my score

laryn41 — Sun, 05 Aug 2007 16:23:43 GMT

Thanks alot for the advise. I think this is the smartest I've gotten. When I fist got on these forums (like a week ago) i felt the need to apply apply apply. turn down after turn down. But what do I need them for. I have a few that I use sparingly. An great house and a new car. IO don't want new credit just good credit. But like u sais. Stop obsessing over it and get back to life. Do what i am supposed to do and in time it will come without me noticing.

By the way they were fakos.

fico score is:

Tu 614

Eq 658

Ex 583 ( that one i am shocked by)

Re: Got my score

Anonymous — Mon, 06 Aug 2007 23:47:22 GMT

I think for some of us with scores lower than we would like, too many inquiries can hurt because a few points can make a big difference versus someone with 770 and up, when a 10 or 20 decrease doesn't mean too much.

Re: Got my score

Anonymous — Tue, 07 Aug 2007 00:07:35 GMT

ficohelp wrote:
I think for some of us with scores lower than we would like, too many inquiries can hurt because a few points can make a big difference versus someone with 770 and up, when a 10 or 20 decrease doesn't mean too much.

In my case I needed new tradelines as I have none so I tried to get cards that seemed

easy but got rejected on several this weekend, then I got several approvals and figure

the tradeoff for the rejections and the impact on my scores is worth it in the long run,

I would like to buy a new house middle too 3rd quarter of next year so I have time to

continue to build up credit again...

Re: Got my score

RobertEG — Tue, 07 Aug 2007 08:24:18 GMT

Yeh new TLs give you history and %util that can be scored, but in getting them you pay am initial price for the hard inquiries needed to get them. But inquiries drop off totally for scoring after one year. Each one hits you for about -10 for the first six months, about -5 for next six months, and are gone in a year. First Bank received a patent a few years ago that disclosed the TL criteria they look at for new card approval, and the two categories are thin (less than 3 bankcards) and thick (three or more.} While not a FICO scoring model, they for one consider three to be enough, and give no additional scoring benefit for more than three except in their %util scoring, so if the three cards you have give enough CL for a good util, then no need for more.

Re: Got my score

Anonymous — Tue, 07 Aug 2007 11:48:35 GMT

Dispute UA inquires. You can do this to the credit b. transunion and equafax will investigate. Experian wont