@spencerbetz wrote:
My FICO score was 725 before getting Synovus Bank’s First Progress's Mastercard. The broker that handled the loan in July 2013 had suggested that it would increase my credit score even more if I were to obtain a couple of more credit cards. I had one BofA Visa card at the time... So I applied for a $300 secured card from First Progress and did so simply to increase my score not because I actually 'need' a credit card.
That was maybe three months ago and I have used the card and paid it off within a few days every time... And everything seemed fine..... Until today. I received a notice from Experian that my credit score dropped significantly... 26 POINTS to be exact... I signed on to Experian (I pay for the monthly Membership) and sure enough, there it was... Notice that my credit score dropped by 26 Points thanks to First Progress and it changed my FICO score from Excellent to Fair.
Not sure why or how, I look at the emailed statement just in from First Progress and see the First Progress statement says Previous Balance $0 (I pay in full every statement) and that this statement I just received shows a new balance of $270.85 with a payment due on or before 5/19/14. I literally just got this statement and am paying the full balance off which in the next month or so when First Progress reports a $0 balance, should bring my score back to where it was, but that's not the point. Using this card and not paying the balance the same day or day after you make a purchase it will actually take your credit score down by HUGE points...
This card is not worth having... Go to a reputable bank...
It really wasn't Synovous that caused that score drop, it was the utilization which was reported. If you limit is only 300 and your util was 271 then this means that 95% of the available limit was used. At such a high amount, it means a hard hit to your report even if it was just on this dne card. My score drops when this happen. Overall utilization is important, but even one card can impact it. Depending on what the BofA card is, it might lessen the blow a little.
It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
