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First question I got is What is the song that is from the Discover Card commercial with the elephant? Thanks for any response. My other question... I've been out of work for a year and am finally employed enough again to start cleaning my Discover card house. On the plus side in the last year I haven't missed any Discover card payments and my credit report doesn't make it look like I've been actively seeking additional credit (2 new small Discover card accounts this year - 500 limit each & 1 since closed). On the negative side I tapped into my largest credit lines while unemployed so my utilization is up to 50-60% with a balance on my primary card of ~12/14k and total balances on all my cards of ~12k/20k. Like a lot of other people my limits have been drastically cut back on the cards I wasn't using regularly & one card I wasn't carrying a balance on was closed outright by the creditor even further increasing my perceived utilization. |
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Hmm... I need to find out myself. I don't know what is the right answer to your question. I'll do some poking around and get back to you if I discover an good answer. You should email the people at Discover Card as they probably could help you..
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The plan is still pretty fluid right now - I'll post an update soon with both (1) actual changes that have been made since my original post and (2) revisions to my plan based on those changes..
Anyone have any other tips, comments, or suggestions?.. |
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Congrats on the job and good luck!.
With the new job I would also think about setting aside a bit of money to replenish the EF.. |
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If the average age of my accounts (9 total - 5 revolving, 2 auto, 2 student loans) is only 3 years will closing my newest credit account (opened 7/09 - $0 balance - $500 limit) increase the average age of my accounts enough to help my score? If I can afford to close it should I close it or leave it open?..
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Closing an account doesn't increase your average age( unless you could get the tradeline deleted) as FICO averages both open and closed accounts for purposes of age..
All closing it would do is hurt your utilization. Unless it's got an annual fee, leave it open.. EDIT:. Few more things...remember to not scorechase if there are no impending purchases. Pay off cards based on interest rate, not FICO effect.. This post has been edited by. Jtoast. : 18 January 2010 - 12:11 PM.. |
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My goals here are to:.
(1) get my credit score up as much as possible in the next month (paying down balances, lowering utilization, etc.). (2) once my fico score peaks (using scorewatch) do my batch of yearly credit line increase requests (further dropping my utilization). (3) transfer balances if low rate balance transfer offers are available. (4) -IF- the auto refinance I applied for doesn't go through -THEN- I can have them pull the new improved report when I reapply. (5) let everything sit until 2011.. |
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*nod* sounds good. Just keep in mind that FICO also tracks the number of cards with balances. If you have a small balance on several cards, it will hurt your score also. Its a tough balancing act...
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Sounds like you are in pretty darn good shape for being unemployed for a year!.
Congrats on keeping your credit clean!. Good luck paying (with Discover card) down your balances..... |
