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By adding 1 secured CC, my score on EQ jumped 51 points and on EX 30 points. Thus far TU has not updated in almost a month on myFico...
so i was just approved for a walmart card and it has already reported, bumping my EQ 12 points. (Finally in the 600s!)
My capital one card still has not reported. My question is will the capital one secured card bump my score more than a store card.. I have no revolving credit other than these two accounts.
@cassett wrote:so i was just approved for a walmart card and it has already reported, bumping my EQ 12 points. (Finally in the 600s!)
My capital one card still has not reported. My question is will the capital one secured card bump my score more than a store card.. I have no revolving credit other than these two accounts.
There is no difference between store & bankcard for your first 3 cards reporting. Synchrony new accounts are usually on file overnight to 2 of my reports they dont delay. Cap-1 usually wont show until after the second stmt cuts. Grats on your WM card
I'm jealous of those of you whose credit score went up after getting a credit card. We're working to rebuild my husband's credit now, (I'm in student loan hell right now so we have quite a journey to get mine back on track), and he was recently approved for a Capital One Platinum card. His score actually DROPPED 5 points, but I think that may be because we maxed it out, (we are really new to the credit card world and had no idea about utilization). Anyway, knowing what we do now, we are going to have about 5% utilization for this month. Do you think that could raise his score any? Thanks.
@Anonymous wrote:I'm jealous of those of you whose credit score went up after getting a credit card. We're working to rebuild my husband's credit now, (I'm in student loan hell right now so we have quite a journey to get mine back on track), and he was recently approved for a Capital One Platinum card. His score actually DROPPED 5 points, but I think that may be because we maxed it out, (we are really new to the credit card world and had no idea about utilization). Anyway, knowing what we do now, we are going to have about 5% utilization for this month. Do you think that could raise his score any? Thanks.
If the balance reported at 90% or more of the CL to the CRAs then its a good Fico ding. Taking the util of that card down will result in points gained. If this is the only card open right now the FIco swings can be exaggerated as there is no room for error on utilization.
Thank you for your response, gdale6.
so i guess there IS a difference in store cards and actual credit cards... Like i said walmart reported last week with a 12 point jump. Capone reported today with a 29 point jump!!! I am now 640 EQ!!!