topic Quick Q: Will a new CC raise score? in Understanding FICO® Scoring

Quick Q: Will a new CC raise score?

BrandonSS — Tue, 26 Oct 2010 16:15:01 GMT

I've been searching for this but can't seem to find it... I'm sure its been covered so I apologize.

I don't have a credit card open. Well, I do now. I just got a Capitol one card, small $300 limit, but a card none the less. Will this raise my score off the bat?

Thanks to everyone, this board has helped so much!!

EDIT: UPDATE - Raised my EX FAKO 20 points... but raised my EQ FICO 19 points from 644 to 663! I let $8 report on my statement.

Re: Quick Q: Will a new CC raise score?

haulingthescoreup — Sat, 11 Sep 2010 16:33:47 GMT

Yes, if you previously had no open revolving credit (CC's, lines of credit), a new card will help. It's very possible that you won't even see an initial score drop, depending on your lenght of credit history, etc. If you do, your scores should bounce back very quickly once it starts reporting.

Re: Quick Q: Will a new CC raise score?

BrandonSS — Sat, 11 Sep 2010 20:00:06 GMT

thanks for the reply. My average age of accounts is 5.5 years with the oldest being 7.5. I've paid off all but one small collection from 2004. Score has recovered to around a 610 (was 540 a couple months ago prior to pay offs) across the board. How much do you guesstimate the score should go up? maybe 5 points? or more?

Re: Quick Q: Will a new CC raise score?

Anonymous — Sun, 12 Sep 2010 07:40:11 GMT

DH's score went up about 20 points when opening his first bank card. FICO likes to see one - and you only need one to satisfy them.

Good move!

CL doesn't matter, BTW. A $300 CL bank card qualifies as well as a $30,000 CL card.

Re: Quick Q: Will a new CC raise score?

BrandonSS — Sun, 12 Sep 2010 22:26:39 GMT

thats good news. When will the FICO go up? After the first statement from my CC?

Re: Quick Q: Will a new CC raise score?

haulingthescoreup — Mon, 13 Sep 2010 00:11:01 GMT

You have three FICO scores, one for each bureau.

Cap One reports the balance that is on the statement, and they update that night, so EX will probably post it that night or the next morning. EQ and TU like to piddle around, sometimes up to two weeks, before posting, although recently they seem to be within 5 days or so on my accounts. But that's no guarantee of future performance, as the stockbrokers like to say.

Re: Quick Q: Will a new CC raise score?

llecs — Mon, 13 Sep 2010 13:17:01 GMT

To add, I came on here with no open TLs, and a bunch of baddies. Once I opened my first CC, my score spiked by a good deal (solid double-digit gain (40-50?)).

Re: Quick Q: Will a new CC raise score?

BrandonSS — Mon, 20 Sep 2010 14:12:54 GMT

bump from the dead.

When will my credit card show up on my CR? I opened it early this month, still have no statement, but I have paid the member fee and charged just $17 worth of gas (topped off my tank) to the card to get it between 1-9%. I think the woman on the phone said my statement should come out tomorrow, the 21st. Does this mean it should report then?

Currently they still shows I have no revolving accounts.

Re: Quick Q: Will a new CC raise score?

Anonymous — Mon, 20 Sep 2010 14:17:52 GMT

@BrandonSS wrote:
bump from the dead.

When will my credit card show up on my CR? I opened it early this month, still have no statement, but I have paid the member fee and charged just $17 worth of gas (topped off my tank) to the card to get it between 1-9%. I think the woman on the phone said my statement should come out tomorrow, the 21st. Does this mean it should report then?

Currently they still shows I have no revolving accounts.

Most cards report to the CRA's on the statement date but not all. Once the issuer sends information to the CRA's they still have to update their records. IME (In my experience) that is usually in less than two weeks but it might be different for you.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Re: Quick Q: Will a new CC raise score?

BrandonSS — Tue, 21 Sep 2010 14:46:53 GMT

Ok more clarification just to be sure...

I called Capital One and asked about dates. Today, the 21st, is my statement date and she said they send the information to the CRA today as well. So, does that mean I can pay my balance now? I only have a $21 balance, which is 7% utilization.

Just trying to get this system down.

Also, when I called it gave me an option to request CLI. Does a CLI request hit your credit report badly?

Re: Quick Q: Will a new CC raise score?

haulingthescoreup — Tue, 21 Sep 2010 14:55:29 GMT

If they post your payment today before the statement drops, then it will report $0 (or whatever you pay it down to.)

If they delay posting for whatever reason (you've paid too recently, they put a hold on payments, it's the wrong phase of the moon), then the current balance that you see when you check your online account will report.

No, a CLI doesn't hurt your credit report at all! It can be very helpful if you allow balances to report. Do make sure that they're not going to pull all three reports for this though. I don't think Cap One does, but check with others first.

Once the new balance reports, you can see it on Experian tonight or in the morning (if you pull a real report; most 3-in-1 monitoring services don't genuinely refresh reports every time), and it will wander onto your EQ and TU reports in 3-4 days or a week or 10 days or whenever they put down their coffee and Krispy Kremes and go update.

Re: Quick Q: Will a new CC raise score?

BrandonSS — Wed, 22 Sep 2010 16:12:22 GMT

I thought i understood but nevermind lol

Still nothing showing on my CRs and now there is interest tacked on to my $21 balance. I thought I had a period after the statement to pay the bill before aquiring fees. It's only $.20 but i still want to understand.

Thanks!

Re: Quick Q: Will a new CC raise score?

haulingthescoreup — Wed, 22 Sep 2010 16:30:11 GMT

If this is your first statement, I don't know why you have 20 cents in interest, either. You're not supposed to accrue any interest unless you have carried over a balance from a previous statement. Have they already cut a statement last month, and this is your second?

At any rate, I'd pay the whole amount off now, since a statement has been generated, and worry about the 20 cents later. What's the date on the statement?

It can be hard to do this with the first statement. If necessary, just pay it off, even if there hasn't been a statement (although it sounds like you're looking at one), and start the process of controlling util next month once everything settles down, and you have a feel for what day(s) of the month your statement is likely to post.

Re: Quick Q: Will a new CC raise score?

BrandonSS — Wed, 22 Sep 2010 16:35:03 GMT

Ok I figured out how to expand the tansactions. Its not interest, its payment protection plan.

Under the statements tab, there are no statements. But the CSR I talked to yesterday said my statement date is the 21st. I do finally have a payment due by date showing of October 18th. Min payment of $15. Maybe they arent going to post a PDF statement and not going to report to CRA this month? I did enroll in paperless billing when i activated the card.

Re: Quick Q: Will a new CC raise score?

haulingthescoreup — Wed, 22 Sep 2010 16:41:47 GMT

I'd call back and tell them that the statement isn't showing up yet on your website. Today's the 22nd, so it ought to be there.

Is there a "pay bill" option showing? If so, will it allow you to pay your total bill, or is it saying that you don't have a balance? Considering how things are starting out, I think it'd be smart to PIF now and wait until next month to pay early or do partial payments or whatever.

Re: Quick Q: Will a new CC raise score?

BrandonSS — Wed, 22 Sep 2010 16:46:43 GMT

Yes there is a pay bill option now as well and it does show a $21.20 balance on the payment page. I'll call them back and ask about the statement and credit reporting.

Thanks again HTSU, very helpful

Re: Quick Q: Will a new CC raise score?

BrandonSS — Wed, 22 Sep 2010 17:38:08 GMT

Just to add.

I called... Does Cap One not have a single CSR in the United States???? Anyway, the guy said, (i think) that they report on the Thursday of my cycle date. So tomorrow... not real sure thats what he said as I couldnt really understand him.

Re: Quick Q: Will a new CC raise score?

haulingthescoreup — Wed, 22 Sep 2010 18:06:20 GMT

lol

CSR's, bless their hearts, seem incapable of saying "I don't know," especially with weird questions like this. I'm pretty sure that I've read that other Cap One cardholders have said that they follow the usual pattern of updating the night that the statement drops. But Thursday's good enough; anything is possible.

I've had several Discover CSR's earnestly assure me that they update every Friday. (They don't.)

Re: Quick Q: Will a new CC raise score?

BrandonSS — Fri, 24 Sep 2010 16:06:26 GMT

Still no open Credit Card reported on my reports. Man, what a disappointing week in Credit. First my ONLY open collection gets deleted, then I get ZERO points from it and my CapOne card still hasnt ammounced itself to my reports

Re: Quick Q: Will a new CC raise score?

haulingthescoreup — Fri, 24 Sep 2010 16:44:21 GMT

I posted on your other thread.

It often takes a while for new accounts to show up. BofA often shows up within days, before you even get the card, but most banks take a good bit longer.

Keep working on the judgment!