Myfico says open a CC will increase my fico????Shane said to post here w/help with this question???

[sassyat38]

 have yet another question.  My Fico scores have increased to

TU 647,  Equifax 667 and Experian 666, with this score do you see me having problems getting a mortgage loan?  I still working to increase them even more, but this is a big jump in only approx 2 months from deleting old items off of my cr and just paying debts and bills on time.   Months ago my scores were like 537 and no higher than 545.

It also says that I would benefit from opening a credit card accout, which I don't have.  Is this true, and can I get a cc with these scores, and if so what type exactly?  Also will this help my fico scores or hurt them?  I don't want anything making my scores go down.

Shane said to post here for help with this question.

[Anonymous]

Sounds like you have done some great work here-

Score is only part of the mortgage application- (Shane can answer this better than me)

Yes- not having any revoling accounts hurts your FICO.

Deciding on getting a card NOW depends how far allong in the mortgage process you are- and the time line.

There are many CCC's that will give you a credit card with your scores-

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sassyat38 wrote:

 have yet another question.  My Fico scores have increased to

TU 647,  Equifax 667 and Experian 666, with this score do you see me having problems getting a mortgage loan?  I still working to increase them even more, but this is a big jump in only approx 2 months from deleting old items off of my cr and just paying debts and bills on time.   Months ago my scores were like 537 and no higher than 545.

It also says that I would benefit from opening a credit card accout, which I don't have.  Is this true, and can I get a cc with these scores, and if so what type exactly?  Also will this help my fico scores or hurt them?  I don't want anything making my scores go down.

Shane said to post here for help with this question.

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[llecs]

Ditto to Timothy.

Opening 1 or 2 will help, #3 would be iffy on your scores and any more in a short period of time would likely hurt your scores.

Check out sites like whogavemecredit.com for info on which cards you can get and at which score. You've got options with scores like those. Don't go after the likes of Discover or Amex but look at a CU as they tend to issue higher limits at a lower rate for a lower score.

[Anonymous]

I didn't have any revolving accounts and the fico said the same about me.  When  the credit card account  finally hit onto my report I had loike a 30-40 point jump on all of my reports.  Just make sure you keep your utlization down.  I would recommend the BOA card it reported 2 days after I opened it.  I have the secured card.

[sassyat38]

Hi Timothy, you stated, "

Yes- not having any revoling accounts hurts your FICO.

Deciding on getting a card NOW depends how far allong in the mortgage process you are- and the time line."

I'm not planning on buying until sometime in 2009, so would it be beneficial to open a cc now?.  I know my scores have increased as I stated, 657, 666 and 665, but I know they also look at your credit report, and although all but one collection account is paid off, I have SL's that are in deferrment, one car loan with excellent payment hist, owe 5000, and other good accts.  I'm just afraid I'll get denied and fico's will take a hit.  I did go to whogavemecredit, and thanks.

[llecs]

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sassyat38 wrote:

I'm just afraid I'll get denied and fico's will take a hit. 

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Not to over step....

An inquiry, especially if you don't have many, won't hurt you all that much. All of my inquiries in the past 6 months, as far as I can tell (TU: 8, EX: 25, EQ: 35), did not result in a score drop. My score dropped because I added too many accounts. I apped for everything not knowing the process by which CCCs use scores to evaluate credit. It was dumb and stupid and I now have cards I don't need.

In other words, new credit can hurt your score. Because you don't have any; it'll help your score. Just be careful on who you apply to and use the prev. mentioned link for ideas.

Message Edited by llecs on 01-25-2008 03:17 PM

[sassyat38]

I applied for a USAA Mastercard and rec'd approval with a 8,000 limit with a prime rate of 5.9 and rate of 10.9, but my credit score took a hit.  It went down 10 points from 700 to 690.  Can someone tell me why and will it eventually go back up?  I only have like two inquiries within the last year

[Creditaddict]

within 6 months you will probably get those points back plus some as the account ages.

[ficonovice]

You took a negative hit for the new inquiry, but you'll get most of that back (if not all or a little more) when the new card starts reporting. Just sit tight for a few weeks to a month and you'll be fine. Then over time, your score will go up more as the account ages and you use it a little and pay timely...

Message Edited by ficonovice on 08-28-2008 11:59 AM