topic Re: Got Weak! in Understanding FICO® Scoring

Got Weak!

Christy0828 — Sat, 06 Feb 2010 02:57:54 GMT

I am in the rebuilding process of my credit and I got weak, now what. I decided since my score had increased some and I now only have one open revolving card (750 limit) besides a R2g, that I would try to get some other cards to have a mix. Well both approved me, HSBC (500 limit) and Capital One (500 Limit). If I do not activate the card will it still hurt my credit as if a new account exists. I had 11 inquires in two years so I know I will lose a few points for the inquiry, but I want to build my credit and I don't think these small builder card limits will help much.

Re: Got Weak!

smallfry — Sat, 06 Feb 2010 04:03:29 GMT

You got the accounts now whether you activate or not.

Re: Got Weak!

Christy0828 — Sat, 06 Feb 2010 04:06:14 GMT

So whether or not I activate the cards I will still show the cards on my credit? But ther is no accounts if they are not opened right?

Re: Got Weak!

smallfry — Sat, 06 Feb 2010 12:11:39 GMT

You already opened the accounts whether you activate or not. You applied they approved.

Re: Got Weak!

Anonymous — Sat, 06 Feb 2010 14:18:45 GMT

@Christy0828 wrote:
I am in the rebuilding process of my credit and I got weak, now what. I decided since my score had increased some and I now only have one open revolving card (750 limit) besides a R2g, that I would try to get some other cards to have a mix. Well both approved me, HSBC (500 limit) and Capital One (500 Limit). If I do not activate the card will it still hurt my credit as if a new account exists. I had 11 inquires in two years so I know I will lose a few points for the inquiry, but I want to build my credit and I don't think these small builder card limits will help much.

By adding the other 2 cards, with their respective credit limits, to the mix you have improved your utilization. The additional accounts may actually give your score a bump. It happened to me when I added 2 cards to my 1 card only credit report.

Re: Got Weak!

Anonymous — Mon, 08 Feb 2010 17:03:46 GMT

You all ready have the inquiries. These accounts will be reported EVEN IF you don't activate. So you might as well activate and use the CL's to keep utilization low. Plus, you need 3 TL's for optimum scoring...so you just need to let these age.