I'm a junior in college right now and got my credit card (Discover Card) a couple months ago. When I got my CC, my fico score was 690. I spent the summer in NY for a internship which didn't play me til the end of the month and had to use my credit card. I maxed it out, but payed it back (on time) once I got my monthly stipend.
However, my CC reported fico score dropped to 620 because of my credit utilization ratio. Is there anyway to raise my fico score back or to reason with the CC company since this was just a one time thing. If not, how long do you think it would take to raise it to 700+ if I pay my bills on time and keep a low utilization ratio?
Don't worry about it
keep the utilization ratio low but don't worry about it until you have to apply for something else
It doesn't have anything to do with the CC company. One of the main credit score criterion is your utilization rate (high utilization rate = lack of liquidity). Generally you want to be utilizing less than 30% of your total credit limit. Don't worry about it now and just keep the utilization rate lower in the future if possible.
Alright. Thanks guys.
Your score will shoot back up when your next statement cuts with low or no balance. Don't worry about it.
Cool.
Btw, do you guys know if it'd be better to have no balance or have a small balance on your credit card (or is it the same)?
Small balance. BTW since when is Discover giving out entry level cards?
It was the first card I ever got too, way back in 2005
Hmm. My first card was a Capital One MTV Visa which changed to a Journey Visa and now to a Quicksilver - all with the same $750 limit. lol
get another card or 2 to bump the denominator lil nigga capone quicksilver lke the silver surfer whaaat just don't get drunk and sign the magnetic strip like goldie
lol haven't seen you on wso for some time. How's recon school?
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