I posted a few times in this forum, but I never sought advice for myself. I just wanted some advice on what I could do to further increase my score. My EQ score was around 685 1 1/2 months ago.
My current credit information is:
Citibank Dividend = 250/2500
Chevron Credit Card = 25/700
Discover More = 0/500
Macy's = 4/300
Paypal Buyer Credit = 100/600
Bank of America Platinum Plus = 25/500.
For a student, I know I have plenty of credit cards, if not too many. Strangely, I feel that my final goal is an American Express card, of which I have been denied I think twice now, one for a student card and one for a regular Blue card.
I am planning, when the statement posts, getting rid of balances on the BOA, the PPBC, Macy's, and Chevron. I will also whittle down the Citibank to probably around 50-80, to keep at least one balance. The EQ score of 685 was a score that included in the past 320 on PPBC, 200 on Discover, and at least 500 on Citibank, and around 50 on BOA. I guess I am just rambling, but what sort of increase should I have seen since the 685, and what is a good ballpark prediction after I make all the new payments? I don't want to really pay for scores yet, until I make the payments and wait at least another month for those balances to report to the credit bureaus. Thanks to anyone who could help!
SYale2010 wrote: "I am planning, when the statement posts, getting rid of balances on the BOA, the PPBC, Macy's, and Chevron. I will also whittle down the Citibank to probably around 50-80, to keep at least one balance."
From what you've written, I think you've already figured out the plan for yourself. I'd only suggest that you lay off applying for any other cards for the next six to eight months, and keep a small balance each month on just one card (alternate among them, if possible). As graduation nears, you're going to get all kinds of offers in your mailbox!
Your recent paydowns probably kicked up your score 50 points (my opinion only). Keep up the good work!
Thank you for the quick responses! It is much appreciated. I guess the only plan now is to let my credit grow on its own with responsibility. I can't wait to allow 2 months to pass and then check my scores. How long usually is it ok to leave a card inactive? Because I guess I can do the charge, wait 3 days, and pay it online so that it doesn't keep a balance, but at least they know I used it?
I will try to calm any app cravings I have for at least 8 months. The reason why I get denied is because of Experian anyway. I don't see why I always have the luck of CCs pulling from EXP, and not the other two. The other two are probably spot clean of inquiries.
It's kind of funny, even to myself, that I'm a 3rd year in college, and I am already thinking about credit. Since I got into it, it's addictive fun to me, though I'm starting to see the importance of it for the future.
Sounds like you have a great attitude about credit. Just remember to be responsible and you will see you scores increase over time. Try using each card at least every two to three months and PIF. This will keep your cards active and your scores up.
Try using www.whogavemecredit.com to see who pulls what CRA in your state. You can also see who was approved for what and with what score. Good info on that site. Research the heck out of each card before you app. will save you lots of wasted inqu.'s.
Thank you for the great advice and real life example! My main card is my Citibank, since that is the one that is generously growing with me. The rewards are not outstanding, but it's something than nothing. My Discover I only like using during the 5% periodic cashback bonuses, but this quarter, it's something I would never use. But I guess I'll keep it active by lunch during my job.
Macy's is my student job, so that's why I use my card. The only one I see a problem keeping active is my Paypal Buyer Credit, because I normally don't like to just buy something just to do it.
As of right now, I just made a payment for 200 dollars to Citibank, because I hate seeing anything like a high number.
I am planning, when the statement posts, getting rid of balances on the BOA, the PPBC, Macy's, and Chevron. I will also whittle down the Citibank to probably around 50-80, to keep at least one balance.
Just wanted to clarify - it's good to have one card REPORT a balance (i.e. allowing some charges to post on the statement rather than paying the full balance before the statement posts), but ideally you don't want any card to CARRY a balance (i.e. you DO want to pay the statement charges in full before the due date to avoid interest charges!).