New to Forum - Score Question

[angelmcd]

hello...i'm new to the forum but have been on myfico for about 2 years now.  for the past 2 years i've raised my credit from about 550 to 616.  and now it's fallen down to a 583.  here's some history: 

i had 1 credit card (providian) ten years ago...paid that collection about 2 years ago

couple of collections up to $700 total and paid off by mid 2006

had a car note for 3 years with a few 60 days, paid the car off 11/2005

i do have one collection for $1200 that i have not paid

got new car 11/2005 and have no lates to date

got small car loan from my credit union 01/2007 and have no lates to date

bought house with 589 credit score 11/2006 and have no lates to date

after i bought my house, my credit jumped, then jumped up some more to a total of 616 by 04/05/07, then it went down to 606 5/19/07, then down again to 583 6/2/07.

so currently...i have one collection, mortgage (on time), and 2 car notes (on time) on my credit as open accounts (3).  i have not applied for credit since buying my house.  since im paying my notes and mortgage on time...shouldnt my credit be going up and not down???  the collection has not been bought by another agency.  what's going on???  Help!!!

[Anonymous]

A great proportion of your credit history is installment loans. I would recomend you get a couple CCard TLines to give you a mix...this will help your scores a great deal. 

[angelmcd]

is there a cc company that takes folks with a score like mine (583)?  i'd hate to add more debt...plus i've felt that if i dont have the cash then i don't need it.  but if that's what i gotta do...then i'll do it.  thanks

[fused]

---

angelmcd wrote:

is there a cc company that takes folks with a score like mine (583)?  i'd hate to add more debt...plus i've felt that if i dont have the cash then i don't need it.  but if that's what i gotta do...then i'll do it.  thanks

---

Hi! Try reading Tuscani's credit scoring 101 thread below.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

[MidnightVoice]

---

angelmcd wrote:

 i'd hate to add more debt...plus i've felt that if i dont have the cash then i don't need it.  but if that's what i gotta do...then i'll do it.  thanks

---

You don't really have to use them much  .  Just gas once a month and pay it off

[angelmcd]

okay...i filed for a few credit cards the last few days...fico down 1 pt, but hopefully i'll get a card...wish me luck!!  btw...i went into sears to get a card...they asked me for my name, SSN, ID card and instantly (30 sec) denied me.  but the other apps i filled out asked for mortgage and income info.  why would sears deny me without knowing that info?

[Anonymous]

---

angelmcd wrote:

okay...i filed for a few credit cards the last few days...fico down 1 pt, but hopefully i'll get a card...wish me luck!!  btw...i went into sears to get a card...they asked me for my name, SSN, ID card and instantly (30 sec) denied me.  but the other apps i filled out asked for mortgage and income info.  why would sears deny me without knowing that info?

---

Sears pulled your credit report and got the info about the mortgage and all your other debts (but not your income) and decided your score was too low.  Your recent inquiries (recent applications for credit) may have lowered your score also.  Read the intro thread, and good luck!

[angelmcd]

okay...i applied for 7 cards...inquiries caused my score to drop 1 point.  was approved for:

hooters $500

orchard $300

i havent received cards yet, but i called and that's the info the CSR gave me.  how long does it take for the card to show on my credit???

[angelmcd]

okay both cards came in the mail...friday and monday...woohoo!!

today got a myfico alert

score went from 585-614!!!!  just from hooters card being added.  okay, it reported effective 07/01/07 with a $36 (AF) balance.  for best score boost, do i pay the 36 and my 1 charge before the 1st??

also, when the orchard card reports...will that boost my score also??  im so psyched right now!!