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My scores stayed in the same range when I had one card that I kept under 9%. The first time it droppd 20 points was when a pending charge I wasn't expecting to post brought my utilization up to 21%. Since that score drop, I have 2 new credit lines not yet reported and 2 inquiries. I would think going from a $500 to a 10,000 limit would help me more, no? I know ultimatley a SSL looks great in my profile but then I kind of not know what is helping if I do it now or am I over analyzing for no reason?
You are rebuilding, right? (That's the word you use in your signature.) So does that mean you have some significant derogs?
If so, I like your idea of waiting just a little bit. Alliant does only a soft pull but they are still pulling the full EQ reqort, and it is unclear what their bar is for getting worried. So personally I'd wait until you have the new cards on your report. Also be sure to use each card at least once.
When you get ready to pull the trigger on the Alliant SSL (which might not be for a few more months) I'd make sure that all my cards were at a zero balance except one (AZEO) and have the remaining card report something small, like $20 or whatever.
PS. You ask if an increase in total credit limit improves your score. The answer is no. A low utilization helps your score, but you can have a very low utilization with a $500 credit limit. Incraesing your limit to 10k will not by itself give you even one extra point.
If your scores are over 600 (and I bet over 500 is good enough!), I'd just do the Alliant SSL right now and get it over with. There's no benefit to waiting as long as you qualify for it. Get the points boost.
Thanks all. The signfiicant derogs are fom 10+ years ago. The accounts were charged off. Never paid or filed so they're just sitting there taking up space.
Scores are over 700 due to a mistake working in my favor of a closed account showing open.. lol Discover sent me the Equifax score they pulled when they sent me the card which was 723.
@Anonymous wrote:You are rebuilding, right? (That's the word you use in your signature.) So does that mean you have some significant derogs?
If so, I like your idea of waiting just a little bit. Alliant does only a soft pull but they are still pulling the full EQ reqort, and it is unclear what their bar is for getting worried. So personally I'd wait until you have the new cards on your report. Also be sure to use each card at least once.
When you get ready to pull the trigger on the Alliant SSL (which might not be for a few more months) I'd make sure that all my cards were at a zero balance except one (AZEO) and have the remaining card report something small, like $20 or whatever.
PS. You ask if an increase in total credit limit improves your score. The answer is no. A low utilization helps your score, but you can have a very low utilization with a $500 credit limit. Incraesing your limit to 10k will not by itself give you even one extra point.
Thanks. Will do this whenever I pull the trigger. Make sure everything else is cleared as much as possible. I only have another week or two before Amex reports.
I always thought getting higher credit lines helps the score because shows you can handle 10k or 100k and not go on a ridiculous shopping spree or something outside of your budget.
@Anonymous wrote:Thanks all. The signfiicant derogs are fom 10+ years ago. The accounts were charged off. Never paid or filed so they're just sitting there taking up space.
Scores are over 700 due to a mistake working in my favor of a closed account showing open.. lol Discover sent me the Equifax score they pulled when they sent me the card which was 723.
I think you are saying (in blue above) that you have significant derogs (chargeoffs) appearing on your reports that occured over 10 years ago... is that right? If so that is a big problem. All such derogs should have fallen off your reports years ago. Have you considered heading over to the rebuilding forum to get these removed? Multiple chargeoffs are certainly hurting your reports and scores.