Monthly Credit Score Update - October 2003
I just received my monthly credit score update from eloan.com. My recent credit score (October 23) was 663, or higher than 35% of US consumers.
Though improved 27 points since last month primarily due to my big payment of MBNA balance, the score is not high due to the following factors revealed by the service:
- Credit application: I have 10 credit applications in the last 6 months. (This is mainly due to my mortgage application, auto insurance application and multiple credit card application before house buying to prevent liquidity issues.)
- Length of credit history: My credit history only contains 1 year and 3 months data (my first credit card account - 1st Tech CU Visa - was opened in July 2002).
- Credit usage: $2,481 balance in revolving accounts.
I don't anticipate much improvements in the next few months, as I plan to keep around $2,000 balance on my ShareBuilder Visa account during the 12-month 0% APR promotion period. My credit score may fall a bit as a result.
I just noticed Providian has increased my credit limit on the Providian Visa card from $3,000 to $4,500. I never received a notification of that change, but maybe a notice is on its way. It's around six months after I opened this account, so it ... Read
Eloan gave another monthly update of my credit score. My score declined from last month's 663 to this month's 650. This is mostly due to my intent to keep a high balance in my ShareBuilder Visa Card to enjoy the full benefit of 12 months ... Read
