@Zenway wrote:Hi! Two questions!
1. I just had a complicated process of finding a car loan (long story) and I have like ten new inquiries in my credit reports and my score has dropped almost 30 points. How long does it take for them to compile those inquiries into one (I thought this was what happened when shopping loans?) and will my score bounce back?
2. I'm carrying debt (60 percent usage) on my cc's now, partially bc I wanted to keep extra cash handy for a car downpayment. Now that my car is financed, I can either pay the cards down to about 30 percent usage. Or try for a balance transfer card to more slowly pay down with 0 apr for a year. Better for my budget to slowly pay down. Any suggestions? In particular balance transfer cards you recommend or don't?
thank you for any advice!
1. The inquiries are aggregated and counted towards your score at the same time, which is 30 days later. So they haven't even been factored into your score at all yet if the loan was in the past 30 days. You're probably just feeling it from the new, not paid down, loan.
2. My advice is to try to get all revolvers down to 28% or less.
