I have a couple of questions. In the last month I have obtained. Sears MasterCard Limit $500 Balance 0 Chase Visa Classic Limit $1000 Balance 154.00 MBNA Elite Rewards Platinum Plus Limit $5000 Balance 0 I already had Citibank Dividend Platinum Select Limit $2100 Balance $2040.00 AT&T Universal Cash Rewards Limit $1600.00 (Recently increased from $1100 Balance $1100 Capital One Visa Limit $1000 Balance $790 Capital One MasterCard Limit $400 Balance 0 (Transferred to Chase) Sears Store Card Limit $1210 Balance $1144 Macyâ??s Store Card Limit $500 (Recently increased from $300) Balance $280.00 Before Appling for the new lines my TU scare was a 680 now itâ??s a 631 my hard inquiries on TU have also increased from 4 to 8. Now the strange part is during this time my Equifax score went from a 623 to a 646 (had been a 700 in June before I leased a car and applied for a few credit cards). I had expected it to go up on all my reports because adding the new tradelines took my utilization from over 90% to around 40%. Also before applying for the MBNA Platinum Plus card I applied for the MBNA Line of credit and was approved for $5500 but when they told me the interest rate was 19% I declined and asked if I could get the Platinum Plus instead so they told me that they were going to cancel the line of credit and give me the Platinum Plus. I asked if Line of Credit was going to show up on my credit reports. They assured me that it wouldnâ??t. Now when I check Equifax and TU what do I see? The line of credit is showing up on both reports. I havenâ??t had a chance to check Experian yet. I called MBNA and confirmed that the line had been closed. So now the question is should I try to have them remove it or is it helping me. It shows a credit line of $5500 and a balance of $0 and says account closed by consumer. My plan is to try to consolidate all the balances to the MBNA at 1.7% for 6 months and the Chase at 0% for 12months. Is this a good idea will this help or hurt my scores?
As far as I understand FICO, it probably won't raise your score much, because the debt was just transferred, not paid off.
I thought that ratio's were the most important thing. Example: If I have a Card with a $25000.00 limit and a $4900 balance that should not hurt my sores as much as having a Card with a $5000.00 Limit and a $4900.00 balance. Maybe someone else can confirm.
I think it is total ratios, not per card. If you have good ratios on a few cards but your overall debt ratio is high that is what they look at.
So if i'm understanding correctly shouldn't the MBNA $5000 and Chase $1000 have helped my ratio's and sent all my scores up like my Equifax did? I don't understand why TU dropped so much.
TU's score is garbage. It is not the score the lender sees. There is a new score offered thru MyFico that supposedly gives you a "lender score" for TU but I have not tried yet. Also it has given some a hard inquiry, and others say it is fixed, I would call and ask first...better yet email and get it in writing. -Peace, Dave
