Raise FICO - Not Sure To Believe

I use identity Guard to monitor my credit (currently 700)and their system tells me that if I take my 3 active cards (only 1 over 50%) and consolodate all into one existing (and empty) larger limit card that my score will raise 31 points. If I do this, I will nearly max out the card although there will be no other cc debt in my name.



Does this sound right to anyone? I always thought that spreading it around to a few cards and keeping less than 50% was the right thing to do.

Comments(10)

  • NewKidInTown323rd April, 2008

    I keep getting offers in the mail for Zero rate balance transfers. Call each of your card companies and ask if they will give you a zero interest rate for one year on a balance transfer.

    You may be surprised at the counteroffers you will get.

  • d_random23rd April, 2008

    Kid-

    FYI: If you are tried of all the credit card offers you can stop them from being sent:

    https://www.optoutprescreen.com[ Edited by d_random on Date 04/23/2008 ]

  • NewKidInTown324th April, 2008

    Quote:
    On 2008-04-23 16:58, d_random wrote:
    Kid-

    FYI: If you are tried of all the credit card offers you can stop them from being sent:

    https://www.optoutprescreen.com
    Not a problem at all. Just making an observation: suggesing a course of action that may not have been previously considered.

  • hunterjackson28th July, 2008

    I recently had a client with 4 credit cards on file. Used 1 of them, barely used the other three. However, they were extremely low limit (ie: $300ish).

    We consolidated them all onto one, with a high limit, low interest, and after rapid rescore, his credit shot up about 22 points to put him over the 680 mark.

    It was worth it in this scenario, and it worked, however it may not work in other scenarios.

  • Skydiver28th July, 2008

    It turns out that even though the service I am using shows my score is 705, I am actually over 750. I found that out from my mortgage contact when I bought my house last month.

    I guess I will need to sign up with the individual companies rather than one of these monitoring services.

  • d_random28th July, 2008

    Sky-

    Thanks for following up.

  • cjmazur28th July, 2008

    did you ever get an explaination of this from the monitoring service?


    Quote:
    On 2008-07-28 11:56, Skydiver wrote:
    It turns out that even though the service I am using shows my score is 705, I am actually over 750. I found that out from my mortgage contact when I bought my house last month.

    I guess I will need to sign up with the individual companies rather than one of these monitoring services.

  • fbprop28th July, 2008

    The monitoring services do NOT use true FICO scores. FICO scores are ONLY available from Fair Isaac.

    Quote:
    On 2008-07-28 12:10, cjmazur wrote:
    did you ever get an explaination of this from the monitoring service?


    Quote:
    On 2008-07-28 11:56, Skydiver wrote:
    It turns out that even though the service I am using shows my score is 705, I am actually over 750. I found that out from my mortgage contact when I bought my house last month.

    I guess I will need to sign up with the individual companies rather than one of these monitoring services.

  • Skydiver29th July, 2008

    They were absolutely no help. I am going ot end up going with an account on each credit agency directly, I think...just to stay as accurately informed as I can.


    Quote:
    On 2008-07-28 12:10, cjmazur wrote:
    did you ever get an explaination of this from the monitoring service?


    Quote:
    On 2008-07-28 11:56, Skydiver wrote:
    It turns out that even though the service I am using shows my score is 705, I am actually over 750. I found that out from my mortgage contact when I bought my house last month.

    I guess I will need to sign up with the individual companies rather than one of these monitoring services.

    [ Edited by Skydiver on Date 07/29/2008 ]

  • cjmazur29th July, 2008

    read the fine print...

    On www.trucredit.com:

    TransUnion TransRisk New Account Credit Score, not FICO.

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