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Best way to raise credit score after...

Best way to raise credit score after...

Old May 16, 11, 9:13 am
  #31  
 
Join Date: Apr 2006
Location: LAX
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Originally Posted by Mabuk dan gila View Post
When it's time to take a break, Chase will let you know
When I called Chase about the Hyatt card, the nice lady suggested that I close some of the cards I hadn't used for a while (United, Southwest, etc,). I was happy to oblige. I assume I can get new ones after a while.

My credit score is not a concern to me. I have been religiously making mortgage payments for years and don't anticipate getting any new loans for a long time. I pay off my credit cards every month and have never been turned down for one.
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Old May 16, 11, 10:22 am
  #32  
 
Join Date: Aug 2005
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Originally Posted by Marathon Man View Post
oh gawd. at least 15 citi ones alone still there. I used to churn citicards like you go thru tissues during the flu season.

and yeah if you have a code... I would love to see a real score of myself.
always hated how one has to PAY for their OWN things in life but oh well
I'm using the one at creditmonitoring.citi.com. I am paying $1 for the first 30 days and cancel after. Also, it seems like the 30 days is actually more than 30 days because it's 30 days when it charges my card. So I acutally got 2 reports/scores before I am going to cancel.

Never thought of freezing my experian report ... that might be good for me because my experian report has too many inquiries and a much lower score than the other 2.
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Old May 17, 11, 12:57 am
  #33  
 
Join Date: Sep 2010
Programs: AA Plat, SPG Plat
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Originally Posted by Stoughton View Post
So if I understand you correctly, every time I check my own report via AMEX Credit Secure, it’s a soft pull on the Equifax?

Why wouldn’t that also be a pull on the other 2? When I request a new report, isn’t it asking for data from all 3 agencies? (I understand it wouldn’t matter with Experian)
Yes, every every CS pull results in a Equifax soft. But once a month they erase the multiple pulls, leaving only one.

CS use to also work on TransUnion, TU now screens for most credit monitoring inquiries and filters the duplicates, leaving 1 monthly inquiry. There are only a few services they dont filter, yet.

If you have been "denied credit" you can access all three bureau reports directly as many times as you like, for free. If you do this every day, eventually they start to get annoyed. Most monitoring services do not show you how many soft pulls you have, but reports direct from the bureaus do.
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Old May 17, 11, 1:23 am
  #34  
 
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Actually, you don't need to be denied, just have had a hard pull. The credit bureau has no idea if you were denied, approved, had your limit adjusted or whatever...

Originally Posted by AArdvark0 View Post
If you have been "denied credit" you can access all three bureau reports directly as many times as you like, for free. If you do this every day, eventually they start to get annoyed.
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Old May 17, 11, 5:19 pm
  #35  
 
Join Date: Sep 2010
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Originally Posted by Spiffster View Post
Actually, you don't need to be denied,
Thus the quotes, would not want to encourage unscrupulous behavior in the pursuit of miles.

Yesterday was the equifax inquiry chop day for this month - for most of the country anyway - if you want to start loosing inquires, now is the best time to start.
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Old May 17, 11, 7:17 pm
  #36  
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Originally Posted by chemist661 View Post
Even better: Pay monthly charges (or as much as possible) before statement "cuts".

I used to do that for a couple months before applying for a mortgage. Example: 2 cards with 10K CL. One charges 5K on each card. If bills are paid when it is due, the lender will figure 3% of $10K ($300) for monthly obligations even though one never carries a balance. If bills are paid before statement "cuts", the balances shown by the credit reports are zero (or close to zero) and no (little) monthly obligation is assumed for qualifying purposes.

Also, the credit scores would be higher because the credit bureaus would assume almost 0% utilization if balances are paid before statement "cuts" rather than 50% utilization on the two cards in the above example. 50% utilization is worse than 0% or low utilization.

Note: Some card companies may only allow to pay balance on the account and in that case, there may be a small balance due to pending charges not yet posted. In that case, one may need to pay twice (before statement "cuts" and also before due date).
I pay my cc's completely off monthly never carrying a balance.

Someone told me once that if you carry a balance and just made the minimum payment, your credit score would be higher..

Never done this method.. always paid off my cc before the deadline.. hopefully 15 years of paying off cc's in full have paid off.
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Old May 17, 11, 8:09 pm
  #37  
inY
 
Join Date: Jan 2011
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Originally Posted by Ancien Maestro View Post
Someone told me once that if you carry a balance and just made the minimum payment, your credit score would be higher..
They were wrong. Credit bureaus see your statement balance and don't know where it came from, carried or not. Lower utilization is better.
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Old May 17, 11, 8:12 pm
  #38  
 
Join Date: Jan 2010
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Originally Posted by Ancien Maestro View Post
I pay my cc's completely off monthly never carrying a balance.

Someone told me once that if you carry a balance and just made the minimum payment, your credit score would be higher..

Never done this method.. always paid off my cc before the deadline.. hopefully 15 years of paying off cc's in full have paid off.
The way I get the highest score is to pay them all before the statement date (so they report zero balance) except for one card. My FICO score is the highest when only one card reports a balance. It drops 10 points if I pay all the cards before they report so I show 0% utilization. 1% utilization gives a slightly higher score than 0%.

Carrying a balance and paying interest will not give anyone a higher score. You don't get points for that. But you do want to let at least one card report before you pay it, that is if you are trying to maximize your FICO for some reason that month.
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Old May 17, 11, 8:12 pm
  #39  
 
Join Date: Apr 2011
Location: Philadelphia
Posts: 297
Can I get approved

I know that no one can tell me for sure, but most of you seemed very knowledgeable about credit cards, so I thought maybe I could get some advice.

I want to apply for the CitiBank AA Visa and Amex cards for the 75,000 miles. I had never worried about my credit before because I've never had a credit card, although I do have a mortgage. I recently checked in to it and int he last month, have cleaned off alot of negative inquiries off my credit. Only one remains, and right now, myfico.com is showing my score as 668. Does anyone have an opinion either way as to whether I'll have a legit chance of being approved for the offers?

I am attempting to get the last negative thing off my credit report, but since I'm in Japan right now, it could take upwards of a month. I'm afraid that if I wait too long the offer will officially run out, but it seems that most of the people on here who are getting approved have credit in the 700's.

Thoughts? Thanks, it is certainly appreciated. This forum is great!
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Old May 17, 11, 8:13 pm
  #40  
inY
 
Join Date: Jan 2011
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Originally Posted by chemist661 View Post
Even better: Pay monthly charges (or as much as possible) before statement "cuts".

I used to do that for a couple months before applying for a mortgage. Example: 2 cards with 10K CL. One charges 5K on each card. If bills are paid when it is due, the lender will figure 3% of $10K ($300) for monthly obligations even though one never carries a balance. If bills are paid before statement "cuts", the balances shown by the credit reports are zero (or close to zero) and no (little) monthly obligation is assumed for qualifying purposes.
I thought credit cards unused (aka $0 balance) for the past three months didn't count as part of the denominator (total credit) for purposes of utilization. So you'll want a small balance.
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Old May 17, 11, 9:52 pm
  #41  
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Originally Posted by inY View Post
They were wrong. Credit bureaus see your statement balance and don't know where it came from, carried or not. Lower utilization is better.
I guess I'm from Canada.. does that make a difference?

Originally Posted by ddallas View Post
The way I get the highest score is to pay them all before the statement date (so they report zero balance) except for one card. My FICO score is the highest when only one card reports a balance. It drops 10 points if I pay all the cards before they report so I show 0% utilization. 1% utilization gives a slightly higher score than 0%.

Carrying a balance and paying interest will not give anyone a higher score. You don't get points for that. But you do want to let at least one card report before you pay it, that is if you are trying to maximize your FICO for some reason that month.
Problem is, if the creditor sees a balance of $0.. then they wonder if I keep up with payments or just don't utilize the credit.

Another problem is.. I pay off all my credit cards every month and don't carry a balance.. I'm super sensitive with that kind of stuff. Hopefully, it pays off on my credit score.
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Old May 17, 11, 10:02 pm
  #42  
jk2
 
Join Date: Dec 2010
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I have a slightly related question. I have 4 Citi Cards - 2 AA cards with $12.5K limit each, HHonors Visa with $5K limit and regular MC with $2.4K limit. I got my bonuses on AA cards and don't use it now (to be exact, just charge about $10 each month to simulate some activity after getting a bonus). Since I don't want to pay an annual fee for the second year, I would prefer to cancel those AA cards after first year. Since those 2 cards have a maximum credit limit, what is the best way to proceed without hurting my credit:

1) move credit line from AA cards to HHonors and regular MC card, then close AA cards

2) close AA cards as is and loose $25K as a credit line.
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Old May 17, 11, 10:52 pm
  #43  
 
Join Date: Jun 2009
Location: SEA
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Originally Posted by jk2 View Post
I have a slightly related question. I have 4 Citi Cards - 2 AA cards with $12.5K limit each, HHonors Visa with $5K limit and regular MC with $2.4K limit. I got my bonuses on AA cards and don't use it now (to be exact, just charge about $10 each month to simulate some activity after getting a bonus). Since I don't want to pay an annual fee for the second year, I would prefer to cancel those AA cards after first year. Since those 2 cards have a maximum credit limit, what is the best way to proceed without hurting my credit:

1) move credit line from AA cards to HHonors and regular MC card, then close AA cards

2) close AA cards as is and loose $25K as a credit line.
Citi seems to not like to shift credit lines around according to several reports, but with Citi CSRs you never know. You might get a different answer everytime you call.

The Citi redemptions people will often try to get you to keep your card by offering to give you a statement credit equal to the annual fee by making 5 transactions within a certain amount of time. Just need to call up and threaten to cancel and give the annual fee as the reason. They usually won't "waive" the fee, but prefer to offer the statement credit.
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Old May 17, 11, 10:57 pm
  #44  
 
Join Date: Jun 2009
Location: SEA
Posts: 200
Originally Posted by civico View Post
I know that no one can tell me for sure, but most of you seemed very knowledgeable about credit cards, so I thought maybe I could get some advice.

I want to apply for the CitiBank AA Visa and Amex cards for the 75,000 miles. I had never worried about my credit before because I've never had a credit card, although I do have a mortgage. I recently checked in to it and int he last month, have cleaned off alot of negative inquiries off my credit. Only one remains, and right now, myfico.com is showing my score as 668. Does anyone have an opinion either way as to whether I'll have a legit chance of being approved for the offers?

I am attempting to get the last negative thing off my credit report, but since I'm in Japan right now, it could take upwards of a month. I'm afraid that if I wait too long the offer will officially run out, but it seems that most of the people on here who are getting approved have credit in the 700's.

Thoughts? Thanks, it is certainly appreciated. This forum is great!
You might try looking at creditboards.com. They have a credit pulls database where you can select a couple criteria like state and type of card. You can use this to see which credit bureau they will likely pull and the success or failure of other people applying for that type of card. Most people list their fico score when they applied as well. I think you have to register with them before you can use it, but it just takes a minute or so. Good luck!
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Old May 17, 11, 11:25 pm
  #45  
 
Join Date: Mar 2006
Location: Miami, FL, USA
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jjwjjw is correct. CB is the best place to ask these questions. It is an excellent resource.

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