Yeah, there is no magic max of four… in fact, I’ve commonly seen 3 considered minimum, 5 optimal and more than that neutral (in terms of the FICO score impact related strictly to how many cards one has [before considering how many have balances, what utilization looks like, etc.]).
I actively use and have balances report on 12-15 different cards in an average month, and have about twice that many open at any given time.
That precipitous drop to 836 was primarily caused by adding another new card, but the drop was because the account is new (age) not because it’s the 29th or 30th open card.
Also, having a thick credit file over a long period of time blunts the FICO score impact of many individual credit report changes, and you don’t get a thick file by avoiding the broad use of credit.
It was said earlier but if you need a credit boost one of the most effective ways to get it is to be added as an authorized user to a card that has a long history/age, higher limit and is used but under 10%. If you have a family member or friend that can do this it can help a lot. Totally legal and a unique quirk of how score are calculated.
If you don’t have someone there are also companies that offer this service (though be sure it’s one of the legit ones). I’ve actually sold spots on my cards through these brokers and made some nice side money on it.
Depends but in the old days this means you just turn the car in the dealer early ‘thinking’ they will buy it instead of giving it to the OEM. You ‘early terminated’ and owe the difference between Marketvalue and your payments+RV.
Sorry to post here like this, but I think I might need some advice.
My credit score just fell from 763 to 707 and I have my 4xe being delivered this week. I wasn’t expecting this and it was bit of a surprise to me.
Reason:
My oldest account is only 6 years old. (The time I moved to the US)
I have had around 4 credit cards since then. Credit Limit: about $35k+ (never bothered asking them to increase this). Recent changes:
A few weeks ago Samsung released S22 Ultra. I ended up buying two S22 Ultras and two watch4 Classic. Chose monthly 0% APR payment during checkout (mistake). Samsung made an inquiry on my credit history, opened a new credit account, and put a $2500 bill in there. I wasn’t aware that would be the process but I wasn’t too worried about it decreasing my credit score even when I learned about it.
On top of that, I bought a $3500 camera as a gift for someone using a credit card.
1st Negative: Credit usage went somewhere from 25% to 35% (Never really noticed I was making a mistake. Should have been careful.) 2nd Negative: Got a new account opened by Samsung with a balance of $2500. (2nd account opened in the last 2 years)
Still unexpected that my credit went from 763 down to 707.
Current credit usage is about $14000. I have already paid about $4k of it so this month’s statement dates (march) should bring my credit usage down to about $10k. This $10k is all 0% APR that I have been making steady payments on. I don’t have to pay them for another 1 to 3 years (Different deals). I would have wished to keep it that way, but if it is really needed, I could pay it off a large chunk of it in a month or two. I don’t have any missed payments in the past 6 years or any negatives on my credit report yet.
So the big questions.
Does this mean I might not be able to get a Tier 1 lease?
Should I get a co-signer? Should be a bit embarrassing to ask for help on this but if it is needed, I’ll do it.
Would one-pay make for a better offer if I am not offered Tier 1?
Is there anything I can do on such short notice to actually change my credit score?
I’d get more of an accurate rundown of your score from www.annualcreditreport.com rather than using creditwise. If it’s your first 4xe and you don’t have significant DTI I’d be on the more optimistic side of getting tier 1 imo
I think CCAP used Experien to get your score.
Check Experien for your latest score. If this your first lease or finance then that will play into getting Tier 1 or 2.
Thanks for this.
Yes, it is my first lease/finance.
The credit usage after this month’s (March) statements would be down to $10k. I can make a few more payments to make it go lower but that wouldn’t be posted until the next statement (start of April). I am expecting my jeep to be delivered in the next week or two.
But isn’t that a very unreasonably large decrease in credit score? direct 56 points down when I only have 2 accounts opened in the past 2 years?
I’ll stay optimistic for now. I guess if needed, I’ll also get a co-signer.
If these are FICO v8 scores: no it’s not an unreasonable drop. In a month you have a hard pull, a new trade line which is probably close to it’s utilization ($2500 on how much credit on that account), with only a 6 year old bureau. You weren’t a brick to begin with, and it will settle out in 60-90 days — unfortunate timing.
Are you working through a broker? CCAP has always bought deep, but I don’t know how lenient they are right now.
I read every exclamation point as the slow, gradual decline from excited to desperate, with the “Send us all of your applications”! being the crescendo of the desperation.
So your Vantage 3.0 scores are irrelevant, which is almost always the case no matter what type of credit you are seeking. These scores are pretty much worthless.
If you absolutely need to know your Auto-Enhanced FICO 8s, you can purchase them along with a bundle of other scores from either myFICO or Credit dot com.
Make sure you choose the product/package that includes the specific model you need.
I don’t know where you can just buy a standalone AE FICO 8.
