Will Scores Now Move? Approved for Amex

[inquring_minds]

Will I start to see a climb in my scores now that I have been approved for a Amex card.  I plan to keep the utilization around 10% and PIF each month. 

TU 649, EQ 655, EX 669.

What is the best plan of action going forward?  I welcome all suggestions

[John060675]

It all depends on your situation.  We need some more info.

It could actually cause an initial drop in your score, since it will bring down your average age of your accounts.  Also, the inquiry will ding you a little.

Having said this, it will help you in the long run.

[haulingthescoreup]

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@inquring_minds wrote:

Will I start to see a climb in my scores now that I have been approved for a Amex card. I plan to keep the utilization around 10% and PIF each month.

TU 649, EQ 655, EX 669.

What is the best plan of action going forward? I welcome all suggestions

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Congrats on the new plastic!

I assume those are FICO scores from this site. What do screens 1 and 2 tell you about where you are doing well, and where you're shaky? (remember that EX won't give you the good news.) What do the EQ and TU simulators have as your best action? You sort of have to get a crystal ball out to figure what all this is really telling you, but it gives you a clue, anyway. BTW, I think that if the sims says that the best action is to pay down your balances over 24 months, it's actually saying to keep on keeping on, and don't rock the boat. I got that message with a $638 balance on a total CL of $52K, which I thought was pretty funny.

[inquring_minds]

The EX score dropped with the inquiry/approval. Since I don't plan on applying for a least a year, as long as I PIF and keep utilization around 10% do you agree I should see a increase? I also have a car loan of 19 months with no late payments. But I have several old inquiries that will be dropping off soon.

[inquring_minds]

BTW, the scores are from this site

[haulingthescoreup]

Time is definitely on your side. Sounds like you're in the stage where if you just keep doing what you're doing, follow your payment plan, and let the inqs fall off, you should see a steady rise. You may find at some point that you move into a new bucket/ tier/ whatever, and that will drop your scores for a time, but if you're taking the long view, don't get too rattled. It just allows your scores to rise higher in the future.

[inquring_minds]

Thanks for the feedback Haulingthescoreup