topic Re: 30 Point drop from application spree in Credit Cards

30 Point drop from application spree

Anonymous — Thu, 30 Aug 2012 14:04:27 GMT

So, the end result of application spree in 30 poininquiries talkers into account acquire and lower age of account. Off to the gardeniWillie go to grow nd hope that my score will rebound after these cards reflect low utilization. Also learned every credit report us different ,y score rebounds whenJim carry a low balance on some cards and pay down the next month. Keeping the cards at zero does not seem to help. My credit advisor said because Iglad challenges in the past creditors don't want to just see thcards was able to get cards and keep them at 0% but they want to see that I can use them and pay them on time and without going over the limit.

Re: 30 Point drop from application spree

DVH1980 — Thu, 30 Aug 2012 14:21:37 GMT

That was painful to read.

Re: 30 Point drop from application spree

gettnthere — Thu, 30 Aug 2012 14:26:59 GMT

hahahaha i thought it was kind of fun to read lol. Im sure OP was on a phone or IPAD because they are a PAIN to type with. They try to auto correct EVERYTHING so it ends up messed up anyway lol so im sure u can cut OP a break on this one, it wasn't that hard to read...

Re: 30 Point drop from application spree

jsickz32 — Thu, 30 Aug 2012 14:44:32 GMT

Lol

Re: 30 Point drop from application spree

atarvuzdar — Thu, 30 Aug 2012 16:34:41 GMT

Congrats on your new accounts. You should see much of the 30 point score drop will rebound 6 months to a year from now. Also, as you mentioned, if the new cards help your overall utilization then that will help, too. Keeping your cards at $0 balance won't hurt your score directly, but if you use your cards every now and then and don't go over the limit and you pay on time, you are more likely to be rewarded by CLI's on your current cards. After all, why should they give a CLI to someone who isn't using their card? Some credit card companies like to see people with higher limits on other cards before they will extend credit, so the higher credit limits can only help you obtain "bigger" and "better" credit later on.

Good luck!

Re: 30 Point drop from application spree

mmduluth — Thu, 30 Aug 2012 16:42:37 GMT

Lmao I thought he was using real names for a min. I was wondering who Jim was.

Re: 30 Point drop from application spree

Revelate — Thu, 30 Aug 2012 16:43:47 GMT

On the no paragraph topic, if you have Javascript disabled for the site it'll come out like that too I found.

Otherwise, there's no real issue with letting your balances report occasionally, as I completely agree that lenders want to see you actually using your cards rather than simply sockdrawering them. They don't make money if you aren't using them (other than possible AF) so there's no reason for them to extend you additional credit. Extra risk they have to account for in their financial reserves, for no additional profit. They'll lend to someone else instead.

I had a few off-cycle reports to bureaus this month on my credit cards and suddenly 3.6K showed up on them for some reason. Have to admit I had an initial "what the..." indignant reaction before realizing it just didn't matter. Fortunately I remembered to kick payments off before Labor Day .

Going to be interesting to see what my monthly FICO score looks like tomorrow with 50% util or thereabouts.

Re: 30 Point drop from application spree

beautybrainsbooty — Thu, 30 Aug 2012 23:11:20 GMT

what did i just read??? lol

Re: 30 Point drop from application spree

LS2982 — Thu, 30 Aug 2012 23:17:02 GMT

Lol cut the guy some slack!

Re: 30 Point drop from application spree

calihlove75 — Fri, 31 Aug 2012 00:28:30 GMT

That was awesome!

Re: 30 Point drop from application spree

Anonymous — Fri, 31 Aug 2012 00:36:37 GMT

What in the piss was that ahahah. Jim carry must be proud. Now going back to the topic, I also experienced a 30-40 point reduction after my last app spree. I assume our scores will recover to their fullest in a year of good use though. The higher total CL helps util when expending in big purchases and higher Cls breed similar ones.

Re: 30 Point drop from application spree

tbolt2 — Fri, 31 Aug 2012 00:55:02 GMT

@LS2982 wrote:
Lol cut the guy some slack!

LOL....They did ! I've been on some forums that would have repsonded as if he kicked puppies and drowned kittens with that post

Re: 30 Point drop from application spree

Anonymous — Fri, 31 Aug 2012 03:07:12 GMT

Hopefully this reads better. I can assure you that I can read and write. In fact, I have 2 Masters and Ph.d from University of Penn. My only challenge is needing a new computer which I don't want to use credit to buy. Now laugh at that!

Re: 30 Point drop from application spree

Anonymous — Fri, 31 Aug 2012 03:39:17 GMT

@Anonymous wrote:
Hopefully this reads better. I can assure you that I can read and write. In fact, I have 2 Masters and Ph.d from University of Penn. My only challenge is needing a new computer which I don't want to use credit to buy. Now laugh at that!

I've read plenty of your posts, and I know full well that you write intelligibly and articulately. At times, our electronic devices can have rather odd ways of expressing things for us.

Re: 30 Point drop from application spree

Open123 — Fri, 31 Aug 2012 04:03:09 GMT

@Anonymous wrote:
Hopefully this reads better. I can assure you that I can read and write. In fact, I have 2 Masters and Ph.d from University of Penn. My only challenge is needing a new computer which I don't want to use credit to buy. Now laugh at that!

LOL...Pretty clear you were using some kind of "difficult to type" contraption.

Anyway, having 0% with a single card reporting a minor balance is great a maximizing a numerical Fico score; but, not letting balance report may hurt you with some potential issuers. Citi comes to mind, who routinely rejects applicants for "too little balances" reporting. Amex would routinely reject an applicant for not paying or using their cards enough.

Some issuers will report your payments, eventhough your balance is 0. BofA and Amex comes to mind here. They both report what you've paid, even if you paid before your statement cuts with 0 balance.

On the other hand, Discover, Wells Fargo, and CapOne (others too) will report your balance, but contain no information on payments rendered. This gives the impression you're not using your cards.

Ideally, you'd want low utility with positive history of using and paying your cards to optimize your chances of future approvals.

Good luck!

Re: 30 Point drop from application spree

calihlove75 — Fri, 31 Aug 2012 04:24:44 GMT

@Anonymous wrote:
Hopefully this reads better. I can assure you that I can read and write. In fact, I have 2 Masters and Ph.d from University of Penn. My only challenge is needing a new computer which I don't want to use credit to buy. Now laugh at that!

I thought it was pretty cute and after the day I had I needed the laugh..so thank you!

Re: 30 Point drop from application spree

Tommy5746 — Tue, 04 Sep 2012 19:28:44 GMT

Note to self: Don't post on Myfico forums after sippin' back on grandpa's old cough medicine

Re: 30 Point drop from application spree

ssghandless — Tue, 04 Sep 2012 19:37:00 GMT

We all appreciating you posting your results. Let us know what cards you were approved for the deinied ones. That would help other posters that are planning on going on a spree. Thanks again.