topic Re: help!!!!! freaking out in General Credit Topics

help!!!!! freaking out

Anonymous — Sat, 24 Mar 2012 02:26:06 GMT

First thank you all for your great advice and I have come for some more, about a month ago my credit score was at 701 with experian(myfico) I paid down some large balances and it hit an all time high of 749, I had opened a discover more card a month before that then appd for and got zync recently then when I saw 749 I applied for the freedom with 300premium, I logged on today and my score is 688 the discover and amex inquiry just hit it and a balance that will be paid here in a few minutes. I'm freaking out, feel stupid for apping to chase and amex so close. If I let them sit for the next year and have no more hard inquiries will I be ok you think? Also does anyone know how the look at cash advances(yes I know I was stupid in terms of the cost) because I did a few at the casino because I forgot my debit card. One final question, when calculating utilization should I calculate each card seperate then add it all and divide by the number of cards or should I do total limits combined and divide total balances by that amount? Thanks in advance

Re: help!!!!! freaking out

Repo-ed — Sat, 24 Mar 2012 02:36:58 GMT

@Anonymous wrote:
First thank you all for your great advice and I have come for some more, about a month ago my credit score was at 701 with experian(myfico) I paid down some large balances and it hit an all time high of 749, I had opened a discover more card a month before that then appd for and got zync recently then when I saw 749 I applied for the freedom with 300premium, I logged on today and my score is 688 the discover and amex inquiry just hit it and a balance that will be paid here in a few minutes. I'm freaking out, feel stupid for apping to chase and amex so close. If I let them sit for the next year and have no more hard inquiries will I be ok you think? Also does anyone know how the look at cash advances(yes I know I was stupid in terms of the cost) because I did a few at the casino because I forgot my debit card. One final question, when calculating utilization should I calculate each card seperate then add it all and divide by the number of cards or should I do total limits combined and divide total balances by that amount? Thanks in advance

When is the last time you pulled your reports. Just asking, so you know that the only reason your score dropped so much, was due to the HPs.

Letting those new accts garden for 12mo will put you above where you were, in all likely hood, provided nothing else hits your CRs.

Just say no to cash advances AT CASINOS!

I find it much easier to caluclate my util% by paying 2 of my 3 cards down to $0 and leaving my 3rd card at 9%.

Re: help!!!!! freaking out

Anonymous — Sat, 24 Mar 2012 02:37:54 GMT

The cash advances at casino should not be on your credit report are you just wondering if they will cld becausde of the cash advannces? I dont think you have anything to worry about there really there making money off your cash advances

Re: help!!!!! freaking out

Booner72 — Sat, 24 Mar 2012 03:09:25 GMT

I'm sure that you didn't lose those points for just the inquiries.

Are you saying that's because of the hit your AAoA took when the new accounts hit your reports? You'll get the points back either way. no reason to freak, IMO.

Re: help!!!!! freaking out

Anonymous — Sat, 24 Mar 2012 04:39:52 GMT

the last time i actually pulled it was 2/27/2012 on myfico and it was 714 and i got an alert from my score watch 3/23/2012 and it was 689 it said with the amex as a new card and 102 balance with unreported limit, i know ive been dumb on my utilization but im going to get it back down next month since i get bday money. I figured id see a hit with the new cards just going from 748 to 689 in 19 days scared me but i guess it makes since. I guess ill see another drop when chase reports my freedom lol but ill maybe give it 10 months and pay down balances and see where i am then..... Thanks for the info and advice! feel a lot better now at least

p.s. you are right on those casino cash advances im used to my debit card which refunds me the fees, when i woke up today and though about the total fees i paid for the cash i felt like i had lost again lol.

Re: help!!!!! freaking out

Anonymous — Sat, 24 Mar 2012 04:43:54 GMT

I was mainly worried about looking desperate for money and them lowering or closing my accts. I dont mind the banks making money off me i figure i stay in their good graces i just dont want them getting scared that im high risk. i may carry balances and sometimes too much but i always pay more then the minimum and have never missed a payment and dont plan to

Re: help!!!!! freaking out

Anonymous — Sat, 24 Mar 2012 04:45:03 GMT

Almost forgot, thank you for the feedback

Re: help!!!!! freaking out

Anonymous — Sat, 24 Mar 2012 04:48:16 GMT

Man ive never even thought about the effect the new accts have on my aaoa, 3 new accts reporting within 3 months im sure messed with that along with everything else. Thank you for feedback

Re: help!!!!! freaking out

Repo-ed — Sat, 24 Mar 2012 12:07:30 GMT

@Anonymous wrote:
Man ive never even thought about the effect the new accts have on my aaoa, 3 new accts reporting within 3 months im sure messed with that along with everything else. Thank you for feedback

Yes.