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Just got a new Visa...what now???

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Anonymous
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Just got a new Visa...what now???

Hey guys, I was at my credit union last wk and applied for their bank issued visa card. I was approved with a $6500 limit. Highest limit ever for me. For the past 2 yrs I've been paying my balances to 0 each month or paying 50% of balance if a large purchase was made. I don't make many large purchases and have learned from these boards if I can't afford to pay for it in 30 days then I don't need it. Myfico told me some time ago that I needed higher CL's and that low CL's was affecting my scores. I have 4 major CC's with CL's of $600, $2000, $2500 & $3000. None of which grant consumer initiated CL increases. So I opened the new card to have more spending power but plan to keep my utilization on all cards under 20%, usually under 12% My question is how will this new card affect my FICO scores? Will it initially go down even though I don't carry a balance on the new card? It's been a long road climbing from the low 500's to where I am now and hope to soon be in the 700 club. FICO Scores TransUnion 644 Date: 8/14/2007 Equifax 668 Date: 8/9/2007 Experian 654 Date: 8/14/2007

Message Edited by caliking on 08-14-2007 10:19 PM
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Just got a new Visa...what now???

are you really paying your cards to $0 on cards or are you paying off the previous cycle each month?
 
if your pay your entire statement balance then the cuurent cycle charges will be on the next statement interest free, and for credit's sake small balances are better than none.
 
If you are paying down to $0 then
1) you haven't charged anything since the statement cut
2) your making additional payments after your due date. which your not required to do to dodge finance charges IF you paid your fulll statement balance before due date.
Message 2 of 5
Anonymous
Not applicable

Re: Just got a new Visa...what now???

You will probably initially see an increase in your scores.  the best way to affect your score is to find out when your cards report.  If you are paying them in full every month simply pay before each bank's reporting date and it should report zero balance.
Message 3 of 5
Anonymous
Not applicable

Re: Just got a new Visa...what now???

Here's what I do. I get my statement and pay whatever it says the full balanace is. Is that not the way I should do it? Occassionally, I'll call my CC and pay whatever the balance is when I call, without getting a statement. Then get a statement a few days later. That's alittle confusing, because I still get a statement with a balance, I say to myself, "I thought I paid this" then call the CC and sure enough the balance is $0 or not the same as on the statement.
Message 4 of 5
Anonymous
Not applicable

Re: Just got a new Visa...what now???



@Anonymous wrote:
Here's what I do. I get my statement and pay whatever it says the full balanace is. Is that not the way I should do it? Occassionally, I'll call my CC and pay whatever the balance is when I call, without getting a statement. Then get a statement a few days later. That's alittle confusing, because I still get a statement with a balance, I say to myself, "I thought I paid this" then call the CC and sure enough the balance is $0 or not the same as on the statement.


You don't manage you credit accounts online? I used to be a PIF the previous statement balance- I fixed that by paying the actual balance just before the statement.
Message 5 of 5
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