topic Re: First Reported FICO Score Increase!! in Rebuilding Your Credit

First Reported FICO Score Increase!!

Anonymous — Wed, 15 Jun 2011 18:28:38 GMT

Finally got some good news to report - Score Wacth Alert notified me just now that my score jumped 21 points!! Yay for me!!! I've been working since APril to rebuild my credit, and this is the first time I've had an increase!!!

Man, I needed that!

Mark

Re: First Reported FICO Score Increase!!

MissMia75 — Wed, 15 Jun 2011 18:31:40 GMT

@Anonymous wrote:
Finally got some good news to report - Score Wacth Alert notified me just now that my score jumped 21 points!! Yay for me!!! I've been working since APril to rebuild my credit, and this is the first time I've had an increase!!!

Man, I needed that!

Mark

Congrats!!!!

I AM SO HAPPY TO HEAR OF AN INCREASE

Re: First Reported FICO Score Increase!!

Anonymous — Wed, 15 Jun 2011 18:35:09 GMT

Thanks a lot, MissMia75!!!

Re: First Reported FICO Score Increase!!

Anonymous — Wed, 15 Jun 2011 19:20:36 GMT

Like I told you over on the Student Loan boars, don't lose hope over the student loan issues, once the card you have start report you should start seeing movements.

Contrags!!!

Re: First Reported FICO Score Increase!!

Anonymous — Wed, 15 Jun 2011 19:42:36 GMT

Thanks Shazer7!!

Re: First Reported FICO Score Increase!!

MissMia75 — Wed, 15 Jun 2011 19:51:39 GMT

Shazer, in your honest opinion i opened a CC with First Premier that should report any day now. It has a $300.00 CL, do you think I should open a second tradeline to increase my score even more? (The FP card is the only credit card I have at this time).

Re: First Reported FICO Score Increase!!

Anonymous — Wed, 15 Jun 2011 20:54:16 GMT

I am no expert on credit rebuilding, the information I gave to Celtic over on the Student loan boards was based on my personal experience.

I only have on credit card, which I obtain 6 months about. It started out with a $500 CL then it was automatically increased to $750. When I started the building process my scores were EQ 628 TU 581 EX 640 my current score is EQ 671 TU 675 EX N/A. To be clear I did get a bump once my student loans were rehabilitated, I also picked up several inquiries because I am in the process of purchasing a home but my score has continued to increase nicely.

Base on my experience I believe you can rebuild your score with only one card, just make sure to pay of the balance every month.

Re: First Reported FICO Score Increase!!

MissMia75 — Wed, 15 Jun 2011 22:00:20 GMT

Nice!!!!!!!!!!!!!!!!!!!!!

Re: First Reported FICO Score Increase!!

Anonymous — Wed, 15 Jun 2011 22:07:12 GMT

Unless it were a secured card, I wouldn't risk the inquiry with your scores. You'll likely not be approved for anything other than Orchard or Cap1. It can be done with one card, but I think you'd be wise to open up a secured card or secured loan.

Re: First Reported FICO Score Increase!!

Anonymous — Wed, 15 Jun 2011 23:26:59 GMT

Re: First Reported FICO Score Increase!!

llecs — Wed, 15 Jun 2011 23:40:29 GMT

@Anonymous wrote:
I am puzzled, what would be the point of getting secured card, he already has a card. Also why take on additional debt just to increase your score does not seem wise to me, plus there is no guarantee this will bring a score increase.

If a higher FICO score is the goal, then having 2-3 revolving accounts reporting would be very beneficial per your FICO. A good mix of credit is important per scoring and I'd guess a gain if a 2nd reports for the OP. After coming off a 7-yr credit hiatus I saw gains when I added my first 3 CCs due to the improved mix but losses on subsequent CCs. OP can certainly hit well into the 700s with the one, but First Premier should be replaced inside a year or two max. IMO, they are a bad CC to be in company with.

It's also not additional debt. IMO for OP, I recommend he/she use it for a cup of coffee every 3 months and certainly pay in full to avoid any debt or interest and shelve it for the remaining time. Adding debt to that card will only lower the score.

Re: First Reported FICO Score Increase!!

getit2gether — Thu, 16 Jun 2011 00:23:57 GMT

congrats