How Much Will My Credit Drop When I Get a Credit Card?
Author: Brammy
Posted: Sun Jul 23, 2006 12:40 pm
Post subject: 14 point drop, new account
Yikes transferred a balance to a WaMU card a couple of months ago. Took them this long to add it to my credit report. Was I surprised when myfice reported a 14 point drop when this account was added!!! Not late pays, the account does have about 75% utilization due to BT but overall utilization acrossthe board is still about 25%.
Is this normal?
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Author: Polonius
Posted: Sun Jul 23, 2006 12:51 pm
Post subject:
Yeah, it's normal. You get dinged a bit for the new account and for the high utilization of it, but more important I think is that the balance transfer now appears as NEW debt overall. Your score went up before when that debt was transferred to the new card since it looked like you had paid it off--now it's back again in your report. So, all other things being equal, your score should be a few points lower than it was before you opened the new account.
Just guessing here, of course. How much is your debt with and without the new account listed?
Author: Brammy
Posted: Sun Jul 23, 2006 1:29 pm
Post subject:
The new account more than doubles the amount of debt but of course all the other accounts are close to 0 bal. the addition of the WaMU brings utilization from lessthen 10% to about 25%
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Author: Brammy
Posted: Sun Jul 23, 2006 9:36 pm
Post subject: How Much Will My Credit Drop When I Get a Credit Card?
Bump had to get my free score power to find out. A medical account included in bankruptcy suddenly decides to report to Equifax this month after six years. It even states included in bankruptcy but because it reports new its hurting my score. Is there anything I can do to fight this?
Its been 82 months since I missed a paymment on anything but they keep coming back from the dead.
I think I peeved them becaue TU made them remove it from the creidt file. It was included in BK andthey tried to report it twice. once as included and once as not.
I don't even see the point of them reporting it. Its included in BK so I can't be forced to pay it. Feels like freaking harrasment. "You won't pay us so we'll just report it to make you miserable". Are there rules about SOL on how long after being included in BK something can be reported as new?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sun Jul 23, 2006 12:40 pm
Post subject: 14 point drop, new account
Yikes transferred a balance to a WaMU card a couple of months ago. Took them this long to add it to my credit report. Was I surprised when myfice reported a 14 point drop when this account was added!!! Not late pays, the account does have about 75% utilization due to BT but overall utilization acrossthe board is still about 25%.
Is this normal?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sun Jul 23, 2006 12:51 pm
Post subject:
Yeah, it's normal. You get dinged a bit for the new account and for the high utilization of it, but more important I think is that the balance transfer now appears as NEW debt overall. Your score went up before when that debt was transferred to the new card since it looked like you had paid it off--now it's back again in your report. So, all other things being equal, your score should be a few points lower than it was before you opened the new account.
Just guessing here, of course. How much is your debt with and without the new account listed?
Author: Brammy
Posted: Sun Jul 23, 2006 1:29 pm
Post subject:
The new account more than doubles the amount of debt but of course all the other accounts are close to 0 bal. the addition of the WaMU brings utilization from lessthen 10% to about 25%
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Sun Jul 23, 2006 9:36 pm
Post subject: How Much Will My Credit Drop When I Get a Credit Card?
Bump had to get my free score power to find out. A medical account included in bankruptcy suddenly decides to report to Equifax this month after six years. It even states included in bankruptcy but because it reports new its hurting my score. Is there anything I can do to fight this?
Its been 82 months since I missed a paymment on anything but they keep coming back from the dead.
I think I peeved them becaue TU made them remove it from the creidt file. It was included in BK andthey tried to report it twice. once as included and once as not.
I don't even see the point of them reporting it. Its included in BK so I can't be forced to pay it. Feels like freaking harrasment. "You won't pay us so we'll just report it to make you miserable". Are there rules about SOL on how long after being included in BK something can be reported as new?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:34 PM
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