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Message
re: How Long Will My Credit Suffer?? - Update pg 2 - Score Lowered Again!!!
Posted on 6/10/13 at 10:50 am to LETSGEAUX2
Posted on 6/10/13 at 10:50 am to LETSGEAUX2
Loans.
Not a fan of gas cards.
I want to limit my open lines of credit, and having one dedicated to gas seems silly
Not a fan of gas cards.
I want to limit my open lines of credit, and having one dedicated to gas seems silly
This post was edited on 6/10/13 at 10:51 am
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Posted on 6/10/13 at 12:13 pm to LETSGEAUX2
quote:
Yes, it says it will go from 661 to 671-701. That's a big range. How long will this take? I've got a car I'll be paying off soon so hopefully that helps as well. If you recommend a credit card, is there one in particular? ETA - would you go the route of 2 small loans from a CU or a credit card used strictly for gas?
As soon as your new card reports to the bureaus, your score should increase. Mine took about a month and my score went up 20 points. I was subscribing to MyFico ScoreWatch and tracked my score for a long time. Also, look into a Credit Builder loan through a credit union. Google it, I think it would help you out.
ETA: I wouldn't get a gas card. I would get a Visa or MasterCard.
This post was edited on 6/10/13 at 12:25 pm
Posted on 6/10/13 at 12:27 pm to JonTheTigerFan
So a Visa/Mastercard AND 1 or 2 small loans? That's not too much all at once? I can't afford to go down any more 
Posted on 6/10/13 at 12:42 pm to LETSGEAUX2
Since you already have installment loans, I would probably just get a credit card to give you some revolving credit to help your mix. The credit builder loan would help you in the long run but the credit card will help you right away.
Posted on 6/10/13 at 12:46 pm to LETSGEAUX2
quote:
Yeah, but this card was closed by Chase on me before I even noticed the balance, well over a year ago. It's odd that my score is still declining, no?
OK, so that's not it. It has to be something else that happened on your credit to cause such a large drop.
quote:
Yes, it says it will go from 661 to 671-701. That's a big range. How long will this take?
It should take a month max. After you open the card you'll have to wait for the new trade line to get reported.
quote:
would you go the route of 2 small loans from a CU or a credit card used strictly for gas?
I wouldn't do the two small loans. You already have an installment loan in the car note, so the mortgage, car note and a new CC will be a good enough mix.
You also don't want to hammer your credit reports with several inquiries in a short timeframe.
Posted on 6/10/13 at 12:53 pm to ZereauxSum
quote:
It has to be something else that happened on your credit to cause such a large drop.
This is what I don't understand. Here's what it states:
quote:
Your FICO® score has dropped from 678 to 661 Your TransUnion score has dropped from 678 on 3/11/2013 to 661 on 6/9/2013 . Some of the reason for this change:
quote:
•You no longer have a positive factor helping your score: "You've missed relatively few payments to your creditors."
quote:
•You have a new negative factor hurting your score: "There is no recent activity on your revolving accounts."
So basically the good things I've done don't matter any more and I need more revolving payments?
Posted on 6/10/13 at 1:02 pm to LETSGEAUX2
Also, does anyone recommend a specific card that I would actually qualify for with this score?
Posted on 6/10/13 at 1:54 pm to ZereauxSum
quote:
You also don't want to hammer your credit reports with several inquiries in a short timeframe.
Yeah, it is 3 to 4 points per hard inquiry, once past the floor (which is like 3 or 4).
Posted on 6/10/13 at 2:36 pm to Ace Midnight
Exactly why I'm looking for a good suggestion on the right card to apply for. I'd like to get the Chase Freedom card but I doubt they will approve me.
Posted on 6/10/13 at 2:40 pm to LETSGEAUX2
quote:
Exactly why I'm looking for a good suggestion on the right card to apply for. I'd like to get the Chase Freedom card but I doubt they will approve me.
I've just never been treated well enough by Chase or Citi.
What about the CapOne cash rewards card? You'd have to charge $4000 over the year to make money because of the $39 fee, but I think they dip into the low 600s in issuing them?
Posted on 6/10/13 at 3:22 pm to Ace Midnight
I'm freaked out now. I just applied for a card and when it came to the 4 security questions, 2 of them I had no idea what or why they were asking. One was an address I have never been associated with and the other was which of these counties is familiar to you.
ETA - I was approved for the Discover It card but that was weird
ETA - I was approved for the Discover It card but that was weird
This post was edited on 6/10/13 at 3:27 pm
Posted on 6/10/13 at 4:21 pm to LETSGEAUX2
quote:
I'm freaked out now. I just applied for a card and when it came to the 4 security questions, 2 of them I had no idea what or why they were asking. One was an address I have never been associated with and the other was which of these counties is familiar to you.
Had something similar happen to me when I bought my truck recently. Just monitor your credit reports. Nothing I didn't know about was on mine. I have no idea where the question came from they asked me.
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