I can't figure out why my scores are so low except for this stupid home improvement loan from Conseco (herein called the devil). How could I do better with the following to move balances around to get the best score? The Conseco loan is basically a credit card that I was told was a loan. Conseco Home Improvement Loan: Balance $7,100 Limit $7,500 Disney Visa: Balance $500 Limit $5,000 American Express Blue: Balance $300 Limit $8,000 I was thinking about applying for this MNBA Platinum Plus with the 0% BT until 2004 and then 7.9% after and transferring as much of the Conseco as I could. Sound like a good idea or no?
If your aim is to increase your credit score in the short term, applying for additional credit is NOT the way to go. New accounts will hurt your score. Also, IMHO three credit cards is plenty. But, if you just want to save money and are relatively sure that you will be accepted for the new card, promotional offers can do that. The best way to increase your score in the short term is to pay down your balances. The "ideal" balance % for your credit score is 0.
THE IDEAL BALANCE IS 5 TO 15% NOT O AS BELIEVED BY SOME WEATHER THE CRA WANT TO SEE SOME USAGE ...........
Re: Re: What is the ideal balance %??? But on how many cards will? Don't they say a balance on 3 or more is too many? Weather I can guarantee if that conseco is reporting as revolving and it's that high balance it IS hurting your score. (from my own experiencE!)
Well, I mean 0 isn't happening anyway! LOL! If I had the cash, I would never had taken the loan that turned into a credit card. I paid $15,000 in cash, but it was $22,500 in work, so I did this loan for the rest. Anyway, 15% is a good level? Even that seems low. At what point is it considered a negative? Is it 15%? I thought it was more like 50%. I could be out there though. I am just trying to figure what the problem is and the utilization on that one account is the only thing I can think of. It's so frustrating to have never been late or ever had a derog, and to have scores struggling for 700. It's especially frustrating when people who did have derogs get them deleted on a technicality and now have scores 750+. Not saying I am not all for them, I couldn't be happier to read success stories on here, but it's awfully frustrating to me from the score standpoint.
Re: Re: What is the ideal balance %??? I **think** the ideal is to carry balances on no more than two cards, regardless of how many cc'c you have. Only my two cents, although some might argue it doesn't matter if you have balances on more than two cards. Then, I **think** the ideal is to carry balances somewhere around 5% - 15% like Will said, but I think it is closer to 5%. The 5 -15% should be against the total available credit on all CC's. Also, I agree that carrying a 0% balance will cost you a some FICO points.
Re: Re: What is the ideal balance %??? Wow, had no idea it was that low. Not that I plan to carry balances on my two cards, but still. The balances on the cards are just until I pay them off again. I have been paying them every 10 days, and that works well. I am just trying to figure out a way to spread that $7,000 around to save interest charges (Conseco is like 15%) and to better my score. Any ideas will be considered!
The best way to increase your score in the short term is to pay down your balances. The "ideal" balance % for your credit score is 0. WRONG!!! NO USAGE WILL CAUSE A "HIT"...NOT AS MUCH AS A "CA" OR 30 DAY LATE...BUT YOU WILL HAVE A "HIT" NONE THE LESS!!! I TOOK A MAJOR "HIT" WHEN I PAID OFF $30,000 IN CREDIT CARDS IN ONE MONTH!!! I went below their IMAGINARY NUMBER what ever that is...
