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My question is I have a Discover Card Debit card, Can I use it on paypal? Looking forward for any answer or 2. Another quick question... I made a mistake and accepted a card from 1st Premiere thinking the addtional credit would help my ratio.. |
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Hmm... I need to find out myself. I don't know what is the answer. I'll do some research and get back to you if I bump into an decent answer. You should email the people at Discover Card as they probably can answer it..
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No closing it will not fix your score....
It dropped it because I bet out of that 300 limit you only have 50 available.. your only option is to pay it off and let it age..... |
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My myFICO Equifax routinely dropped 50 points with a new card..
Mostly recovered in 3 months... |
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I'm assuming I'm look at a FICO score. It is from equifax.com.
My report stating the following:. Negative Factors. The following 2 new negative factor(s) are hurting your score:. * The time since your most recent account opening is very recent. * You have too many bank/national revolving accounts with balances being reported. The same day that the new acct appeared, my score went from 680 to 633.. Today it is back up to 714. How long will this new acct affect my score?.. |
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Credit building and repairing is a long term commitment. You will have to engage allot of small battles and take some hit's to win the overall war..
It's not unlike stepping on the scale 4x a day checking for weightloss... |
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+1.
I lose 35 - 50 points with new accounts reporting (and that's with zero inquiries). Usually recovers at about 6 months. Some lose almost no points... |
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I think I last checked my weight in the 1990's.
Could have been the 1980's.. |
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Ok, what am I missing here? Why would you get a FP with scores that high? Not trying to be rude, honestly. It's just that you should be applying for much better cards with scores in that range...
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I've lost nearly 80 points on new accounts at one time. Only thing to do is pay them off and not apply for anything for about six months. That should get you back to where you started...
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If your score was 680, First Premier was not for you. I'm pretty sure you can still cancel and demand all the fees back..
It won't be deleted from your reports though... |
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I had applied for better cards a few months ago. But even with scores in the mid 600's, most bank's denied credit for multiple reasons..
Balances too high. Recent late payment , too many inquires.. If I cancel the account, will it re-age my average Discover card age?.. |
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I could be wrong, but I think the answer is no. For what I have read the AAOA takes into consideration open and closed TL..
But I'm sure one of the experts here can correct me if I'm wrong... |
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Closing the card will not increase the average age of your file since closed accounts are figured into the equation..
Your scored dropped for, most likely, 2 reasons.. 1) The card is almost maxed out which kills your utilization. 2) Your average age of accounts dropped.. Of these, Utilization is the bigger score killer. If your score is your main concern, you need to either cancel the card and have the fees reversed or pay the balance down and leave it empty... |
