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Can anyone tell me how often/how much you get score increases for using CC's responsibly? My husband has a cap1 secured that will be reporting soon (card was just mailed 2 days ago) and a fingerhut revolving acct that will start reporting around June 20th. If he uses these 2 accts at 5-9% every month how much of a score increase over what period of time should he expect? I know it's a YMMV thing, but typically? Also, should he only use say the cap1 at 5-9% and keep the fingerhut at a $0 balance? I know FH is generous with CLI so I was hoping to keep getting CLI with them to get to $2,000 CL cause i've heard having the $2,000 CL really helps your score as well. Thanks in advance for any info!!
I started off with FH, bought a item I havent been able to find anyplace local , started out with 300CL, made 1 payment, pIF the 2nd month and got a CLI to 650.00.
I took dings of 7+ points for a inquiry and gained 3 when it reported and sometimes 1pt.
My NFCU just reported:
660 before inquiry, dropped to 653, back up to 663 after it reported.
All mine have been different dings or bump amounts!!
But .. I am also 12months or less with new accounts and as they age and I keep my utl down my score will grow..I hope :-)
@09Lexie wrote:
You might want to post this question in Understanding Credit Scoring.
I understand credit scoring... I am wondering how long having credit cards/revolving accounts builds your score. Like if you're not doing anything to your credit but gardening, how often to you get score bumps, what's the best way to garden to get bumps... etc.
@ktl72455 wrote:I started off with FH, bought a item I havent been able to find anyplace local , started out with 300CL, made 1 payment, pIF the 2nd month and got a CLI to 650.00.
I took dings of 7+ points for a inquiry and gained 3 when it reported and sometimes 1pt.
My NFCU just reported:
660 before inquiry, dropped to 653, back up to 663 after it reported.
All mine have been different dings or bump amounts!!
But .. I am also 12months or less with new accounts and as they age and I keep my utl down my score will grow..I hope :-)
my husbands AAoA is 1 year as well.
@cwwatts1202 wrote:I understand credit scoring...
If you understand credit scoring then you should understand what you need to do. Pay on time,keep utilization low, etc. There's no magic trick to bump your score. Gardening takes time.
I think it will vary widely for different people depending on your AAoAs and number of open TLs and such. I just opened two credit cards and had zero open before then just had a bunch of student loans. So I am very interested in seeing how having this newly available credit will do for my score after a few months of positive reporting.
The credit limit on a credit card only affects the score as it relates to the credit utilization. The score does not increase depending on the amount of the credit credit limit.