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Trying to establish credit -

Discussion in 'Credit Talk' started by mogulette, Oct 14, 2003.

  1. Oct 14, 2003 #1
    mogulette

    mogulette New Member

    Hi I am new here.

    Recently I got my credit report through Creditexpert.

    My score is 665(out of 820)
    1/it is 39% of US so probably not so good

    I want to open a second checking account,

    I know that Bank of america, pcbanker.com check your credit
    and they do a hard inquiry.

    2/so this will lower my score -35=630?

    I got also an offer for AMEX blue cash
    as I learned this would help me in the long run to lower my B/L.

    3/ but it will lower my score right now to 595?
    so my score will go little up?

    are my suggestions right?


    thanks a lot
     
  3. Oct 14, 2003 #2
    kyle1979

    kyle1979 Well-Known Member

    I haven't been at this too long, but my understanding is that 1 hard inquiry doesn't hurt your credit that much (surely not 35 points), and that you really don't get dinged too badly until you've racked up 4 or 5 within 6 months. Second, AMEX Blue Cash is a pretty sweet card, and the best way to build your credit is to acquire a card, use it, and pay it regularly. I have to wonder though, are you guranteed a card, or was it just an invitation to apply? Third, from my understanding, 665 is not bad, in other words, that sort of score indicates that there are many cards that you can get, but unless you have a substantial amount of income, it's not like you're going to have a $25,000 cl or anything. There's a lot that goes into being approved for a cc, how many derogs on your report, your debt utilization ratio, how much money you make, your scores, length of time at your job, etc. I wish I had a 665 right now :) Good luck to you.
     
  4. Oct 15, 2003 #3
    mogulette

    mogulette New Member

    thanks kyle1979

    I called up AMEX and this offer was just invitation, nothing guaranteed.

    my credit history is pretty new 2yrs.
    I have 2 inquiries already, both a year old, no derogs,

    I dont know what is debt utilization,
    I have a student loan 2yrs 16k balance , and a creditcard 1yr with 0 balance,

    how do they find out how much money I make, or they use info that I provide?

    I saw couple times in different forums that an inquiry can cost you the 35 to 50 points.
    http://creditforum.org/showthread.php?s=&threadid=1248

    If that is right and

    Additionally I want to apply for a checking account, banks check credit now even for checking, that's another 35. so I could be below 600 very easily
     

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