credit score

[SignManiac]

I used Freds link too. My score dropped to 791 from 800 six months ago. I guess when you use your credit card it does that? I've never been turned down for any kind of loan but then again, my credit history is thirty years old.

 

[signswi]

Use is actually a positive to some extent. A fluxuation of 9 points is nothing to worry about and that's a great score regardless.

 

[David Wright]

What happens to credit scores when you open more credit cards.
I always pay the balance off my two every month but am getting nice offers for instant bonus cash on new ones. Got $250 last december on a chase card now I am closing it.
Now I see a tasty offer from Amex for my wife for 50000 points.
Why shouldn't we?

 

[OldPaint]

closing credit cards adversely effect your credit score. just like to many inquiries.

 

[Bill43mx]

What happens to credit scores when you open more credit cards.

I can think of 3 things that it affects relative to your score. First, every "hard Inquiry" (credit check) can slightly lower your score. So when you apply and they do a credit check it can lower your score by a point or two. However, having more available credit, assuming you don't use it, lowers your Utilization ratio, (how much credit you have vs how much credit you've used) which can raise your score a couple of points. Third, a new credit card with lower the average age of your credit account. An older average age is better as far as your credit score goes but, again, unless you are applying for new cards weekly you are talking about a point or two. So take the deal! We just took advantage of a Chase offer that gave us $400 cash back just to open the account. Didn't really need (or I should say REALLY DIDN'T need) another credit card but I'm not going to turn down a free $400.

 

[David Wright]

I can think of 3 things that it affects relative to your score. First, every "hard Inquiry" (credit check) can slightly lower your score. So when you apply and they do a credit check it can lower your score by a point or two. However, having more available credit, assuming you don't use it, lowers your Utilization ratio, (how much credit you have vs how much credit you've used) which can raise your score a couple of points. Third, a new credit card with lower the average age of your credit account. An older average age is better as far as your credit score goes but, again, unless you are applying for new cards weekly you are talking about a point or two. So take the deal! We just took advantage of a Chase offer that gave us $400 cash back just to open the account. Didn't really need (or I should say REALLY DIDN'T need) another credit card but I'm not going to turn down a free $400.

I know these things are insane. Chase is offering two hundred bucks to open a checking account. We don't need it but no fees if you maintain a $1500 balance.
Throw that much into it from savings, which is way more than I get from that account.

Just checked my score from Fred's site and it is 812 so no harm yet.

 

[Raulrdz]

One of my other hats is that I am the board president for a small credit union. I have attendeded confernences in many areas of the country and as far as credit scores, your best source is directly with Equifax, Transunion, or Experian. There are very few other reputable sources, most offer hidden fees, require montly subscriptions or sell you basic contact information to third parties. Keep in mind you have to get the scores form the BIG 3 because not all creditors report to all three as such your scores can vary from each.