INKYMIKE wrote:
i recently closed a cc account with cap1 that was about 7 years old with a cl of 5500 and simultaneously opened a new cc wtih bofa, cl of 12500. my tu fico score dropped from 740 to 705. I have a 7 year old, 15 year term installment loan, a 2 year old, 30 year term mortgage, and one other cc with a cl of 7000. i do not carry a balance on either cc. how can i boost my score back up and crack into the "excellent" rating above 750?
Well not knowing how long your second card has been open makes it hard to calculate, but let's take the first two and look at them for a moment. The one you closed was 7 yrs old and now you have a new one. This has dropped your avg credit history from 7 yrs to 3.5 yrs (this is of course an example based on just these two cards without considering any other factors). That is definitely going to cost you points. So you need to allow your new card to age 6-12 months to bring your score back up.
Next, when are say you are carrying no balance on any CCs, are you paying PIF before or after the CCC report the statement balances to the CB. And if it is after, are your utils between 1-9% on your CCs. Before I knew better, I used to max out one of my CC and PIF after the statement reported to the CB. What I did not realize was that even though I PIF every month, I was always showing as maxed out, which really knocked my score down.
Just a couple of thoughts for you to ponder. Good luck and happy FICOing!
