I started reading the info on this board exactly 14mos ago. I had only a $2000 credit limit on my Discovercard. Today after following the advice and tips from contributors, I have a $6500 limit on my Discovercard which is now platinum; A cap1 gold with a $2500 limit(initially $500); a cap1 platinum with a $5000 limit just got it last week; and a cap 1 Kmart mastercard with a $1500 limit (recieved it 3mos ago with a $500 limit). I have all of the credit I need so I would like to thank all of those who provided good advice. The only thing I can't figure out is how and why my FICO dropped from 629 to 563 when I disputed some chargeoffs and had old deliquent accounts removed from my credit report. I am very surprised that I got the credit I did based on my FICO scores. I thought the only way I was going to get new credit is with secured cards. Thank goodness I never had to go that route. I just kept charging and paying off 95% of my monthly balances on my Discover and Cap1 gold cards. Thanx again all! Next stop Centurion Black(in 50 yrs)!
Congratulations. FICO is not as important once you already have credit established and you exercise it properly. I am still getting higher limits and lower rates. Nothing new, but the old cards keep coming through. www.creditsense.com
jwalkabout, I would say "welcome" but you're an old lurker, LOL. Anyway, since this was your first posting, maybe a big welcome is in order anyway! Kudos for all you've accomplished with your credit. About the lowered scores, don't worry about that too much. FICO is so peculiar -- one component has to do with the "age" of the accounts. Therein lies another flaw. That part of the formula that figures the age of your accounts also includes the age of your bad accounts. Somehow when the figures are added, subtracted, multiplied, and divided by your goldfish's birthday, your scores actually lowered when: 1) the old [bad] accounts were deleted, and 2) you incurred inquiries when you applied for new credit, and 3) the new [good] accounts were added. Fear not... As your new accounts age, and as your inquiries age and fall off, you'll see your scores float up like a hot air balloon in Oz. It usually takes between 2 and 3 years before "new credit" becomes "old credit." The newest credit of all (under 6 months) can be especially rough on a score. Finally, those inquiries can weight the score down really badly too; luckily it's the inquiries that are 6 months or newer that are the worst, and after a year they lose a LOT of power (at 2 years, inquiries drop off altogether). Hope this helps explain the mystery of your scores a bit. Doc
I was terrifed to apply because I feared rejection. I didn't want to waste an inquiry and Cap 1 kept sending me pre-approved applications. I figured go with the sure thing. I am thinking about closing the gold card since I now have the platinum, makes no sense to have 2 visa cards and an open credit line any advice?
