Should I get a new CC? If so, which one?

[divemedic]

OK, my scores are as follows:

EQ647 EX636 TU707 All FICO, not FAKO.

No negatives except: There are 2 paid collections that are 4 years old showing on EX, one of them showing on EQ, absent from TU. That accounts for the differences in scores.

My util % is currently showing 86%. I have paid down some cards, when they update it will be 65%. FICO simulator shows a 0 to 40 increase for paying this down. I can be down to around 50% by June and paid to 25% or so in a year.

I am thinking of trying to get a new CC that I will not charge to that will reduce my util%. Is this a good idea, or should I just hold off and pay the others?

If I do get another card, I would like to get one with a 0% intro rate, so I can transfer at least some of the balance to it, so I can pay it down more quickly. If anyone knows of a card that will give me a high limit by pulling my 707 TU, even with the 65% util, I would appreciate it.

[jgandino]

Unfortunently, you really don't qualify for any special cards yet. All of you scores are still too low, around 65% of the pop has better credit. Just take you time in the next few months, set up auto payment from your bank account and get your balances down to 10 - 20% of your open credit. To the big boy cards, that scores needs to be upwards of 730 - 750 average. A lot of the CC companies use a software which averages from all the credit reporting agencies. THey look for things that are not on all the reports, like cross -referencing. Be wary of this. Anyhow, once again, I hope you have at least two credit cards open with small balances that you have been actively using, and maybe a small personal loan of $1000. These combinations will super shoot your credit. Once again, as i've mentioned before, you have to USE credit and PAY interest charges to GET credit. I hope that helped others!

Justin

[jgandino]

Unfortunently, you really don't qualify for any special cards yet. All of you scores are still too low, around 65% of the pop has better credit. Just take you time in the next few months, set up auto payment from your bank account and get your balances down to 10 - 20% of your open credit. To the big boy cards, that scores needs to be upwards of 730 - 750 average. A lot of the CC companies use a software which averages from all the credit reporting agencies. THey look for things that are not on all the reports, like cross -referencing. Be wary of this. Anyhow, once again, I hope you have at least two credit cards open with small balances that you have been actively using, and maybe a small personal loan of $1000. These combinations will super shoot your credit. Once again, as i've mentioned before, you have to USE credit and PAY interest charges to GET credit. I hope that helped others!

Justin

[sjsharks]

Unfortunently, you really don't qualify for any special cards yet.

Those 2 paid collections are going to hurt your chances for a bit longer. I'd try Providian who will approve with baddies and has a 0% offer right now.

All of you scores are still too low, around 65% of the pop has better credit. Just take you time in the next few months, set up auto payment from your bank account and get your balances down to 10 - 20% of your open credit.

85% utilization will turn off the prime players like a water faucet. Bring that down and wait for it to report to the CRA's

To the big boy cards, that scores needs to be upwards of 730 - 750 average.

This is highly subjective. I got most of my prime cards while I was "around" 700.

________

Honda TLR200

Edited February 3, 2011 by sjsharks

[sjsharks]

Unfortunently, you really don't qualify for any special cards yet.

Those 2 paid collections are going to hurt your chances for a bit longer. I'd try Providian who will approve with baddies and has a 0% offer right now.

All of you scores are still too low, around 65% of the pop has better credit. Just take you time in the next few months, set up auto payment from your bank account and get your balances down to 10 - 20% of your open credit.

85% utilization will turn off the prime players like a water faucet. Bring that down and wait for it to report to the CRA's

To the big boy cards, that scores needs to be upwards of 730 - 750 average.

This is highly subjective. I got most of my prime cards while I was "around" 700.

________

XT550

Edited February 3, 2011 by sjsharks

[divemedic]

My util has now paid to 57%. FICO still isnt coming up. I think I am going to have to get rid of those paid collections.

[divemedic]

My util has now paid to 57%. FICO still isnt coming up. I think I am going to have to get rid of those paid collections.

[ajile81]

Getting below 50% utilization is ONE of the magic numbers to begin seeing a slight increase in your FICO. This can be on one individual card (very small change) and also on your total revolving utilization. So, if you have one card near 100%, and total utilization is below 50%, you will still not get the full benefit. The other magic numbers are apparently 30%, 20%, and less than 10%. I've heard conflicting reports regarding the impact of zeroing out credit cards; some people have experienced a slight drop, some a rise, and some have remained nearly the same as if they were at 5% of total utilization. Working on negatives (particularly older paid negatives can be considered, but my experience has shown a nominal increase in scores after getting paid collections 4-5 years old off of my reports; whereas changes in utilization can have a remarkable impact on scores).

[edubb007]

My util has now paid to 57%. FICO still isnt coming up. I think I am going to have to get rid of those paid collections.

You knew that dive...

Work on the paid CO's and then it looks like MBNA pulls TU in FL.

Try them!

Good luck!

[divemedic]

Well, I am paying one more card off next week. That will put me at 49% util. The paid collections are now 51 months old. They are both medicals for $48 and $25 each. The $48 one is on EQ and EX and the $25 one is on EX.

The company who holds the $48 one sent me a duning letter last week for a bill. I have no idea where that came from. I haven't even been late on a bill in four years. The envelope is a window envelope with "Act Today! This is affecting your credit!" showing. Violation. I DV'ed them.

I got the green card from it 2 days ago. Waiting. Still no changes in EQ score, I haven't pulled the others.

[edubb007]

I can't believe they would send a window like that! That's so bad!

[score booster]

It's not so that scores have to be in the 730-750 range for prime cards. People get approved for prime cards everyday with scores in the mid to high 600's, albeit with more conservative credit limits. And further more Dive, with insurance billing as screwed up as it is, it's not uncommon for the most financially responsible people to have a med. bill hit their reports at some time or another. CC issuers know this. You could check out the GM and the corvette card. Both are issued by household, but they're prime. They usually pull EQ. I believe. Get that equifax to 660 or so and give it a shot.

[divemedic]

I know. I got a BofA card with a $7400CL 3 years ago with a 670 FICO. 6 months later they gave a CLI to $9000.

A lender friend of mine told me that most people have a medical collection in their past. Mine are fairly old and I can't believe a 4 year old paid collection is pulling me down that badly.

[divemedic]

UPDATE

I pulled my FICO's this morning. They are:

EQ 652 EX 641 TU 706

My pos are:

No lates

Few new accounts

Negs are:

Paid Collection account (on all but TU)

Short history

TU shows 76% util - but it hasn't updated with new CC info yet.

[score booster]

Just goes to show, higher scores aren't the be-all/end-all when it comes to credit. In fact, I read somewhere that cc issuers actually favor consumers with low to mid 700 scores over the rarified 800 consumers due to the simple fact that such consumers are much more likely to carry a balance, thus generating interest revenue!