fico score

[Anonymous]

It would definately be a good idea to open a credit card account. Just keep it below 10% balance to limit.

[haulingthescoreup]

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gamoo1 wrote:
Well in this case i guess t worked to my advantage. A little off topic the thing is on the fico score summary it says one of the things lowering my score is no history of revolving trade lines. So i go to the score simulator and click open new credit card account with 1000 limit and it shows my score going from 646 to 688 i dont like revolving accts i have never had any just alot of installment credit accts. so i guess the question is not having revolving trade lines hurt my score?

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Yes, it absolutely hurts your score to have no revolving credit. FICO measures your risk to lenders of not repaying your debts, and since revolving credit is unsecured, it's riskier than other things, like mortgages and auto loans.

If you have a nice history going of responsible management of revolving credit, your FICO scores will reflect that. If you choose not to have revolving credit, you will definitely take a hit, as the formula will not be able to gauge your willingness to repay.

I'd get one card, even a secured card, put a recurring charge on it like your cell phone bill or cable service, PIF it every month without fail, and let six months go by. I think you'll be happy with the results.

Good luck!

[Anonymous]

Ok I tried for two cards and was denied. I called the chase backdoor recon number and the recon said i have no credit card exp. and no unsecured exp ecept for one unsecured loan evrything else is secured. although i dont see how having secured credit reflects my abliity to pay but the recon said my secured on time payments he would not consider that credit history so i didnt argue i just took my denial. so today i will go to the bank instead of over apping for cards and just get 750.00 secured card