Just got a new CC... Does this help my utilization...

[MrSpock]

Hi all,

Just got approved for a new Wells Fargo Platinum card with a $5,500 limit.  Will this help my FICO score? If so, how soon...  With the new card, my utilization drops from 56% to %17 percent...  It would be awesome if this would give me a corresponding boost to my score...

[Tuscani]

You should see an increase once it reports!

[MidnightVoice]

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Tuscani wrote:

You should see an increase once it reports!

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Assuming it reports the credit limit 

[Tuscani]

I have this card and it does.

Message Edited by Tuscani on 06-22-2007 02:51 PM

[smallfry]

Nice job. Painless way to lower utilization. For a while anyway.

[MrSpock]

My wife and I are wanting to finance a new living-room set... $approx $3000...  Would it be better to apply for an installment loan and take the inquiry hit, or put it on a credit card and take the utilization hit?

[Tuscani]

Installment.. but try for a personal loan, not a finance company (which is what the store most likely uses). Consumer finance TLs hurt your score.

[smallfry]

I purchased a bed at Sleepys and took advantage of the no finance charge for 2 years offer. GEMB is the lender. Bed was $2900 line of credit on charge account was $3000. Not good for the utilization at all I don't suppose. Is this a correct assumption Tuscani?