i have a score of 635...but i went low in labout 3 months and not because of late payments...there was 2 returned checks...due to unforseen curcumstances...whcih i explained to the credit card companies and waived my fees....which after i opened up 4 new accounts..closed 2 cards and got denied for 4 cards...where was i before.....by the way dont judge.. i know it crazy and stupid what i did but i know in 6 months ill be back on track.
2007-03-22 07:04:55 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
ok..the 2 cards i closed were under 1200$ and paid of balances....compared to what i have now are extremtly high..those 2 cards wer secured with annual fess..so those went bye bye..my specif question was im at 635...with all i stated and did..were was my score BEFORE all my inquries???
2007-03-22 07:34:41 · update #1
ok..the 2 cards i closed were under 1200$ and paid of balances....compared to what i have now are extremtly high..those 2 cards wer secured with annual fess..so those went bye bye..my specif question was im at 635...with all i stated and did..were was my score BEFORE all my inquries???
2007-03-22 07:34:42 · update #2
still waiting for the question...
Your credit report, just after the credit score, has 4 "factor" codes which tell you the top 4 reasons for each bureau why your score isn't higher. You should address those issues and ONLY those issues. Your score is more complicated than you realize and messing with your credit can do more harm than good.
If you don't know what to do, then there are many places where you can get good advice on how to proceed. You can even get it here if you take a little more care in asking your question...
2007-03-22 07:22:22 · answer #1 · answered by sdmike 5 · 1⤊ 0⤋
The more inquiries you have by credit card, loan, or banks the more this will affect your score. Also, closing cards has a negative effect as well. I've seen articles that put it this way. If you go from $5,000 of credit extended to you, with your revolving balances in the amount of $2,000, that's 60% of available credit, not fantastic, but better than maxed out. If you close two of those cards, with credit limits of $1000 each, that takes your balance to $2,000 with only $3,000 of available credit, giving you just 33% of available credit, putting you in danger of mazing out your cards. Once I paid all of my credit cards down, my score shot up 80 points in two months. Good luck and don't try to open up more cards!! Also, don't ever close the card you've had open the longest. Credit score is also determined by the length of your credit history!
2007-03-22 14:18:47 · answer #2 · answered by irin997 2 · 0⤊ 0⤋
The more new cards you open in a short period of time will lower your credit score. This is because you have become a bigger credit risk since you could possible be over extending yourself. This is why it affects your credit score. I set reminders on my credit cards to email me if I'm near the 50% of available credit, as others mentioned the lower the balance in relation to the credit limit the better.
2007-03-22 22:55:00 · answer #3 · answered by meowmixx77 2 · 0⤊ 0⤋
It will improve if you do the following:
1. Don't apply for any new cards
2. Close some of the accounts (but not the old ones) since they help establish your credit history. Having too many accounts may hurt depending on what you are applying for (Mortgage)
3. Get balances down to 50% on all your accounts
4. Pay your bills on time and make more than the minimum payment required
2007-03-22 14:18:04 · answer #4 · answered by Bettyboop 2 · 0⤊ 1⤋
Don't ever close credit cards. Let your credit card company close it for you. Just dont use your card or cut it. It affects your credit score.
2007-03-22 14:10:32 · answer #5 · answered by rosemarie 3 · 0⤊ 0⤋