Hello first time user and need advice. spent 12 months getting my credit from 650-745

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ssmokeyy
 
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Hello first time user and need advice. spent 12 months getting my credit from 650-745

Postby ssmokeyy » Sun Jan 18, 2015 12:44 pm

So i worked hard all last year to get my score to 745 and on jan 5 i opened a stcu credit card for 9k to transfer 8800 bucks. 75% of my debt. card is 8% apr. stcu told me that my score was 745. Last month i got a offer from citi for 12% apr and 0% for 18 months. i have 3 credit cards that have low balances on them. chase 500 used 1500 limit, cap 110 used 2250 limit, usbank 50 bucks used 7k limit. i called them and asked to get my apr lowered and they told me i would have to cancel the cards and try to get new one to get that. I'm not the type of person to reuse a company if they make it a pain in my ass. Look i have a paid sevice that shows me my score but now i don't believe it because i trust a bank more and the paid service says my score is 682. bank says 745. So im going to open the citi card just wondering is i should do it now or on the 11th of next month. the offer ends on the 15th of next month.. For some reason ym report shows the 8800 on my stcu but also the usbank balance being 6800 and my snap on for 2k. stcu closed and paid off snap on and paid off us bank. its taken time for that to show on my paid service so im not sure if i should trust it or not.


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Vattené
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Postby Vattené » Mon Jan 19, 2015 11:47 am

The first thing you should do is find out if these numbers you are comparing are the same score.

There are tons of different credit scoring models, the most poplular of which is FICO (and there are different versions of FICO). What paid service are you using that is telling you your score is 682? I wouldn't be surprised if your FICO is 682 and the 745 coming from your bank is an entirely different model. If you aren't looking at the same version of the same scoring model, 682 and 745 could both be accurate and up-to-date.

Some people find value in paying monthly for a FICO score (I am not one of them, but if it is worth it to you then by all means keep paying for it). If what you are getting is not a true FICO, however, I would recommend you stop paying for it. Tracking any score on a month-to-month basis that isn't a FICO is of very limited use.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

takeshi
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Postby takeshi » Tue Jan 20, 2015 9:47 am

ssmokeyy wrote:Look i have a paid sevice that shows me my score but now i don't believe it because i trust a bank more and the paid service says my score is 682. bank says 745.

What service? myFICO definitely provides FICO 08 scores which are used in many credit card decisions -- but not necessarily by all creditors that issue credit cards.

You need to understand what scoring models and data sources you're comparing. Don't just assume that your bank is "more correct". Your bank is only "correct" for whatever creditors happen to use the same scoring model and CRA that your bank uses. There are a number of different FICO scoring models used by creditors so don't just assume that what your bank uses is what every creditor uses.

ssmokeyy wrote:So im going to open the citi card just wondering is i should do it now or on the 11th of next month. the offer ends on the 15th of next month.. For some reason ym report shows the 8800 on my stcu but also the usbank balance being 6800 and my snap on for 2k. stcu closed and paid off snap on and paid off us bank. its taken time for that to show on my paid service so im not sure if i should trust it or not.

When do these accounts report? IIRC US Bank usually reports at end of month.

And please use paragraphs. It's painful to try to comprehend posts that just jam a bunch of sentences together.

ingramjuan
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Postby ingramjuan » Tue Jan 20, 2015 10:01 pm

I wonder if one of your scores is from FICO and another one is from Vantage scoring. I would recommend hold off on apply for any CC for now until you get a better understanding of your scores.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
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