My Equifax score rose 5 points in 19 days. The only thing I can think of to make it rise is 3 new Amex cards which increased my available credit? (Scorewatch changed today. KROLL monitors my credit free of charge due to IBM losing employee data on stolen tapes and I see every change, but no score info.)
I charged 1300. on my Amex card and don't plan to charge anymore! Why? I cut the cards into tiny pieces. I love to shop. I don't trust myself and my goal is to have FICO scores in the 700's.
(My plan was to pay Amex down to 1%, but now that I've read about 'financial reviews', I plan to pay more than the min. balance and avoid finance charges and convert my cards to one card and let the balance ride as long as I can.)
Does anyone see a pitfall in this plan?
Update: I paid Amex 10% of my total balance today and for now my direction is making the (same 10% of balance) payment for the next 13 months.
PS I really like 'New World Man's' advice to make credit cards our slaves to make higher FICO scores. >That's what I interpreted him to mean at least.
Message Edited by peacecindia on 07-16-200711:47 AM