topic Re: DW's utilization... in Credit Cards

DW's utilization...

tcbofade — Fri, 13 Apr 2012 14:21:26 GMT

...is down to 51%....or will be when her next credit card statements cut.

If she opens a new account with a $900 CL or better, her util will drop below 50%.

Assuming that the reduced util will help her score, does it seem logical to open a new line just for an improved utilization ratio?

Re: DW's utilization...

Anonymous — Fri, 13 Apr 2012 14:32:36 GMT

Only if you don't mind the hit on the AAOA, which with her card history, should be relatively minor.

I remember your card situation but not your "situation". Was there something you guys wanted to app for in the next month?

Just wondering why you want her to get it to below 50% right now.

Re: DW's utilization...

tcbofade — Fri, 13 Apr 2012 14:36:15 GMT

I am hoping for another score bump on Experian in about ten days... (age of inquiries...) and then I'll apply for a BofA card.

BofA won't give HER a card anyway...she still has a couple of baddies on her credit reports.

Mostly, I just want to see if she'll get a score boost for crossing under 50%...

Re: DW's utilization...

Anonymous — Fri, 13 Apr 2012 14:37:24 GMT

It depends, her score would take a hit for the INQ and the AAOA most likely, but get the "boost" for the additional utilization.

So the effect might be negligible. As we say here: DWMMV

Re: DW's utilization...

tcbofade — Fri, 13 Apr 2012 14:42:02 GMT

@Anonymous wrote:
It depends, her score would take a hit for the INQ and the AAOA most likely, but get the "boost" for the additional utilization.
So the effect might be negligible. As we say here: DWMMV

I think that she's got enough inq's that there won't be a ding...(once you're over ten or so, they really don't seem to matter anymore...)

I'll go check her AAoA tho...I think it's in a similiar situation...

Re: DW's utilization...

tcbofade — Fri, 13 Apr 2012 14:55:44 GMT

FCR says her AAoA is 3.3 years.

CK says her AAoA is 1 year, 9 months.

Re: DW's utilization...

Anonymous — Fri, 13 Apr 2012 14:57:25 GMT

I just wrote up a post about CK. What a joke.

You say she has 10 INQ's+ in the last few months, were those all approved cards?

Re: DW's utilization...

tcbofade — Fri, 13 Apr 2012 15:03:02 GMT

Seven inquiries in the last six months...five of which were approvals for new cards.

(State Farm and Barclays can go sit on a tack. )

Re: DW's utilization...

kjm79 — Fri, 13 Apr 2012 16:51:39 GMT

@tcbofade wrote:
FCR says her AAoA is 3.3 years.
CK says her AAoA is 1 year, 9 months.

I think CK only includes open accounts in their AAoA when FICO counts closed and opened accounts.

Re: DW's utilization...

webhopper — Fri, 13 Apr 2012 18:43:40 GMT

@Anonymous wrote:
I just wrote up a post about CK. What a joke.

You say she has 10 INQ's+ in the last few months, were those all approved cards?

I had 10+ inqs from mortgage apping back in september through January... and so new inquiries don't affect my score anymore... Thats why I went ahead and apped for and was approved for Chase Visa, NFCU Shared Savings, NFCU auto refi, NFCU cashRewards, Amex Zync... I made sure to app after all the mortgage paperwork was taken care of so that my mortgage approval wasn't revoked. Chase didn't care for the inquiries, but I was able to recon since these inqs were mortgage related, instead of CC app related. This way, all the inqs from the mortgage process and new cards will fall off at roughly the same time.

Re: DW's utilization...

webhopper — Fri, 13 Apr 2012 18:44:34 GMT

@tcbofade wrote:
Seven inquiries in the last six months...five of which were approvals for new cards.

(State Farm and Barclays can go sit on a tack. )

State Farm is incredibly stingy... I apped for them in 2010 and they denied!!