topic FICO score in Credit Cards

FICO score

Anonymous — Thu, 12 Dec 2013 18:35:18 GMT

How many points do you think my FICO scores will increase after having opened a credit card for 1 month, have 3.3% util, and paid it off?

Re: FICO score

ksantangelo23 — Thu, 12 Dec 2013 18:47:21 GMT

The effect that overall utilization will have on your score will be immediate,.

But, there are far too many variables to determine what your new score will be.

Re: FICO score

myjourney — Thu, 12 Dec 2013 18:55:52 GMT

@Anonymous wrote:
How many points do you think my FICO scores will increase after having opened a credit card for 1 month, have 3.3% util, and paid it off?

Chances are your scores are going down...sorry I know that's not what you want to hear but having a new TL for 1 month chances are it hasn't reported yet and if it has look for a drop of 3-5 points.

Maybe more if you have a thin file if you have a thick file then you may see an increase.

Re: FICO score

CenturyChild — Thu, 12 Dec 2013 18:59:51 GMT

The good news however, is as long as you do not miss any payments or have any other neg. info show up, and keep your balances in check, your score will start rising steadily.

Once the card is 5-6 months old you should start seeing positive result. But as everyone always says YMMV.

It does all tend to work out for the best in the end, it just takes time and patience.

I always seem to be short on the latter