jlouki01 Posted March 14, 2005 Report Share Posted March 14, 2005 Since I have done tons of repair on my credit, bought a couple cars, bought another house etc... my scores have climbed quite a bit. I have gotten approved for a First Premier, Home Depot, and a Patelco. Already had an Orchard, and Chevron. I am sure my score is going to suck for a little while but when I got the Orchard it bumped my score from a 580 to a 620! Where should I stop? I don't keep a balance on any of the existing cards... Link to comment Share on other sites More sharing options...
DocDon Posted March 14, 2005 Report Share Posted March 14, 2005 I posted an answer to this question the other post about First Premier. Link to comment Share on other sites More sharing options...
edubb007 Posted March 15, 2005 Report Share Posted March 15, 2005 999! Link to comment Share on other sites More sharing options...
miracle Posted March 15, 2005 Report Share Posted March 15, 2005 You mean to tell me that we are supposed to stop applying at some point??? I. Must. Apply. For. One. More. Card........ Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted March 16, 2005 Report Share Posted March 16, 2005 In theory, 1 is enough. When your credit gets good enough to where oe with a 0% interest. or a very low will consolidate all, go with that one. That is my goal in a year or so. You should have no more than a 25% balance on all cards combined to maximize your score. Wouldn't that be easy to figure if you just had one?jt Link to comment Share on other sites More sharing options...
DocDon Posted March 16, 2005 Report Share Posted March 16, 2005 Good points, jeep, but FICO wants to see a mix of different kinds of credit. At last 'report', that includes 2 revolving lines of credit.One line of credit may give you a "not enough credit" reason for declination.... Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted March 16, 2005 Report Share Posted March 16, 2005 In the words of the late great Johnny Carson, "I did not know that." Probably keep a gas card and a reg. Visa then.gracias doc donjt Link to comment Share on other sites More sharing options...
score booster Posted March 16, 2005 Report Share Posted March 16, 2005 Although, I think the model weighs bank cards a bit more favorably; 1 visa, 1 mc is great. I agree though. Too many people go nuts with dept. store cards and the like! Link to comment Share on other sites More sharing options...
DocDon Posted March 16, 2005 Report Share Posted March 16, 2005 Here's the "pie chart" directly from Fair Isaac to give us some idea how FICO works....http://www.myfico.com/CreditEducation/WhatsInYourScore.aspxPayment history: no lates, or severity of lates and frequency/time since last late.Amounts owed: keeping balances below 34% (estimate) of credit limit.Length of credit history: FICO considers 30 years "prime" history. This is the reason to consider which accounts you're going to close outright.New credit: FICO likes to see an evolution of different types of credit. Those with 'bad' credit may start with a secured card and work their way from there...Types of credit used: Best guess is 2 revolving accounts, a car loan, a mortgage... if you have only 1 installment account, even though it's paid perfectly, you may still find it hard to acquire an 'open' line of credit (ie: revolving credit card).FICO is a strange beast at best. Link to comment Share on other sites More sharing options...
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