Credit Card Advice as a Student

[SYale2010]

So, in a sense, that would be easy to track by calling each CC and asking them when they report to the bureaus? That way, I can see if they report the balance, and then pay it off in full before the CC itself charges me interest charges. I think that makes sense.

So as an update, I just decided to pay off my PPBC, and my BoA.

So I have...

Citibank = 90/2500

Chevron = 25/700

Macy's = 4/300

PPBC = 0/600

Discover = 0/500

BoA = 0/500

I can't wait to get rid of all of them! Macy's I'm going there anyways, so I'll make a payment. Chevron I just need to link my checking account since it's new. And Citibank, I just made a 200 dollar payment, so I don't know if I'll do minimum, depends on when I have a little more money.

Then I can finally wait for at least 1-2 months and check scores! This is almost more exciting than studying for final exams... 

[haulingthescoreup]

I don't know about Chevron and PPBC, but the others update on their statement dates.

Asking a CSR about things like this will make you crazy. I've had them earnestly assure me that they update every Friday. Bless their hearts, maybe they're not allowed to say, "I don't know."

[SYale2010]

For PPBC, I think they update. As to how often they do, I don't know. Last time I looked at my credit report, it showed what I had recently a few days ago, which is now paid off. I have no clue about Chevron, just because I got that last month.

GE CSRs are pretty...unknowledgeable about their products or how credit works. All I got was script reading.

[SYale2010]

So I decided to buy my EQ Report and Score, and it happens to be 692! I might be able to break 700 soon!

So the only thing on my report REALLY hurting me is Average Age of Accounts. I guess I will just have to be patient and garden my credit that I have already before seeking a card like American Express.

Also, I noticed that it says I have around 650 dollars revolving, which factors into utilization. The current I have now is probably 90 dollars only. How much of a score increase do you think would happen when Citibank reports a smaller balance and PPBC reports a 0 balance? 

[haulingthescoreup]

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SYale2010 wrote:

So I decided to buy my EQ Report and Score, and it happens to be 692! I might be able to break 700 soon!

So the only thing on my report REALLY hurting me is Average Age of Accounts. I guess I will just have to be patient and garden my credit that I have already before seeking a card like American Express.

Also, I noticed that it says I have around 650 dollars revolving, which factors into utilization. The current I have now is probably 90 dollars only. How much of a score increase do you think would happen when Citibank reports a smaller balance and PPBC reports a 0 balance? 

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Congrats!

As to the change in util question, it depends on your total CL. Since util is a percentage, the amount of change going from $650 down to $90 will vary by the total CL, which is the denominator. $650/$1,000 dropping to $90/$1,000 is a whole lot different than $650/$50,000 dropping to $90/$50,000.

Most people don't see a whole lot of change once their util is under 9%, but this can vary.

[SYale2010]

The report shows that I have 654/5600 balance revolving. This is about 11.6%, 12% for them since they rounded up.

If everything updates current information right now, my utilization would be 81.73/5600. This is about 1.5%.

Haha, any guesses on approximate score changes? Would I possibly hit the 700 club? (Thanks for the congrats by the way!) 

[billsfan14]

Get an American Express charge card!  I'm in the same boat as you with a pretty similar score, AAoA, and utilization.  I was approved for a Gold about two weeks ago.  Use the Gold card for about a year and then do a product change towards a Blue if you don't want to pay that annual fee.

Good luck! 

Message Edited by billsfan14 on 03-26-2009 09:17 PM

[Uborrow-Upay]

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@SYale2010 wrote:

So I decided to buy my EQ Report and Score, and it happens to be 692! I might be able to break 700 soon!

So the only thing on my report REALLY hurting me is Average Age of Accounts. I guess I will just have to be patient and garden my credit that I have already before seeking a card like American Express.

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That's absolutely correct, SYale2010!  There's good advice on these boards for those who choose to accept it!!

Stay the course... 

[Anonymous]

Ditto - while we sometimes scratch our head when banks and lenders do certain things, and sometimes our score changes seem to be sporadic - but in the end good credit is a known science.  There will be blips and bumps, but if you maintain the basic strategies you will have superb credit.

The one known, constant, indespensable part of credit that most people don't have patience for:  time.  Credit takes time.  There are things that can be done to raise scores somewhat in shorter periods, but in the end it takes time and proven history.  How often do we read posts:  "I've had this card for 3 months and paid on time every month and they won't give me CLI !"  We truly are a microwave society! 

[SYale2010]

So I bought my score on March 26, 2009, and it was a 692.

Today, there was a thread sponsoring a free FICO score provided by EQ sponsored by myFICO, so I decided, what the heck, it's free.

I am now in the 700 club for EQ, with a 711!