Credit Scores

[hjm331]

Eldarwen, you are doing the right thing! You will see a big increase in about 6-12 months. Good luck!

[Meya]

My FICO score has dropped because of inquiries, but it will bounce back because I am paying off my current debt and I am not applying for more credit cards.

This is the main reason why I do not trip when my scores drop. They are like bouncing balls anyway, as long as I know that I am doing the right thing, I don't let it bother me. Why should I trip how long it takes, I am not trying to prove anything to the next creditor anyway. I am not out applying for nothing anytime soon.

[Eldarwen]

I don't know if it is just me, but doesn't it seem like you get the bad stuff quicker than the good? What happened to me is that ever since I got my first FICO (was at 736) it steadily dropped (to 702) because of inquires and doing balace transfers (I expected that but not to drop it by quite that much), then it gets raised by 19 points (I am in payoff mode here). But when the 19 point jump came from paying off a small chunk of debt. I think that part of the problem is that my credit history is just a shade under three years old and so the dips are much greater and I am using just one credit card. But I am going to try and not obsess over the dips and everything. American Express and Victoria's Secret are almost paid off ($50 if that between the two of them). I think that will increase I score a bit. It's just the fact that I have had my score watch for three months and I have seen more bad news on it than good. It just seems like the negitives are reported much quicker than the good. Okay, this probably makes no sense to anybody. I am tackling the smallest balances first before I really work on the big balance (which is on Discover).

[yoyo11]

It's seems to me that you are not obsessing over your Fico scores, but taking charge of your good credit and keeping it that way. After my BK in 03, it took me till end of 06 to start to look at my credit...i was too scared to do so. But after overcoming my fears, I start taking charge. It's a good thing to monitor your credit...with your good scores..you are preventing yourself from idenity theft. My brother told me the same thing about paying off the small debt and working yourself up. I'm in the process of doing that now. So..you doing good. I don't think otherwise...Inquires just started to hurt my score..remember everyone credit is different..If I pay off a small debt, it might just add 5 points and not 19. I wished I would have started sooner than later...well I finally grew-up. Wish you well...

[Eldarwen]

It's the fact that my spending was getting a little out of control and didn't want to get myself really in debt. I just am really paranoid about my identity. I have put off an action plan to get rid of debt long enough. I want to stay in the 700 club and get up to a 760 in a year!

[cireone]

WOW, so going on an app spree last month cost me and also gave me. My updated report had a positive and negative change accoridng to CreditSecure.

June 08:
Experian 606
Equifax 587
TransUnion 663

July 08:
Experian 606
Equifax 606
TransUnion 606

Although my scores are even now, I have dropped on my TransUnion (once highest score) and gained on the Equifax once lowest score).
Do you think it was for all the inquiries, as I have no new derogatory accounts????

[hjm331]

New accounts and new inquiries always hurt your score. Your score increases when those inquiries fall off and those new accounts age and hit the one year mark.

[cireone]

The only thing Im really hurting from is the TransUnion score. It was my highest and now its even with the other two.

[hjm331]

Cireone, the scores you need to take into consideration are the ones that you buy from myfico.com. Those are the scores that all of the lenders take into consideration in order to make a decision on your loan, credit card, mortgage application. Your Transunion (TU) FICO score may be higher than the score you are looking at right now because the FICO scoring system develops scores differently than others.

[KMoney]

When should I begin to see changes for my credit score?

[hjm331]

KMoney, have you applied for new cards lately?

[KMoney]

KMoney, have you applied for new cards lately?

Yes I did and I was denied

[Meya]

With who? Go and enroll in the credit addicts club NOW! No excuses. We are reading a book, so go and take a look at the book Eldarwen suggested.

[hjm331]

KMoney, if you want to see your scores increase, the first thing you need to do is stop applying for credit cards. You have to wait until your inquiries fall off and don't go on an spree. Some people go on an app spree to celebrate the fact that all of their inquiries have fallen off. What they don't know is that they worked so hard at not applying for any cards and once they go on an app spree, all that hard work has gone to waste. Remember, only apply for credit when you need it because if you have too many inquiries and new accounts, it will haunt you at the time of application for a credit card, mortgage, auto loan, etc.

[KMoney]

I know Meya when I get home I will go over and see the book that you are talking about. Oh I was denied by hooters