For the first time ever I have entered the 700 club. My last negative left TU and I am now at 724. I still have 11 hard inquiries but inquiries are not even in my top 4 negative factors. My revolving cc use is 97% though. I will list my 4 negatives below. Funny thing is to get one factor is to make another factor worse. What do you think I can get with this score as I am tired of my 2 sub prime cards. Factor 1: LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED IS TOO SHORT LONGER CREDIT HISTORIES PROVIDE MORE PAYMENT BEHAVIOR INFORMATION. MAKING PROMPT PAYMENTS OVER A LONG PERIOD OF TIME ON THE SAME ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 2: TOO MANY ACTIVE ACCOUNTS WITH A BALANCE YOUR CREDIT REPORT REFLECTS SEVERAL ACCOUNTS WITH BALANCES, WHICH HAS A NEGATIVE IMPACT ON YOUR CREDIT SCORE. Factor 3: TOO FEW SATISFACTORY ACCOUNTS CONSUMERS WITH FEW ACCOUNTS IN GOOD STANDING ARE MORE LIKELY OF FUTURE DELINQUENCY. Factor 4: TOO FEW BANK INSTALLMENT ACCOUNTS NOT HAVING ENOUGH BANK INSTALLMENT ACCOUNT HISTORY HAS A NEGATIVE IMPACT ON YOUR CREDIT SCORE.
Called MBNA and tried for a goldpoints card since I eat at Fridays alot. They did a little surprise on me and pulled transunion and experian but they gave me a $1500 card which let me tell you is a miracle and I am thrilled. tomorrow providian gets kicked to the curb and good riddance.
Congrats on the MBNA card. But, depending on how old your Providian card is, you may want to hold off closing it for awhile. Remember, the older they are the better. Even if you sock drawer it, I would keep it open especially since one of your reasons is length of time accts have been open.
my providian is 11 months old and in 3 weeks I get hit with a $59 annual fee on a $300 balance they will never give me a CL on. Somehow I am having a hard time justifying keeping it open.
I went from 680 to 724 so 44 points. This means when they put back my amex card that was deleted it changed my length of credit history so much that I actually gained 42 points even though it said closed by credit grantor but all negatives were removed. Mbna turned me down 3 weeks ago because I had no long cc history but now I do. I am gonna pay off my american general finance loan at 24.99% because mbna is giving me 0% for 6 months on everything including cash advances and then it goes to 9.9%. I figure with 10 months left on american general I will save $200 in interest on my 1k loan just by using the 0% plus I get the reward points for using the card.
interesting. Since I applied for the 2 cards my hard inquiries went from 11 to 13 and inquiries are now my #4 negative factor. Also, I went from 724 to a 713.
