Recently had a pretty decent rise on my credit score (yay!). I’ve been credit card shopping for a decent travel card for a while and wanted to raise my score to lower my risk of being declined. Since I saw my credit change so rapidly, is it advisable to apply for a credit card now or will it make a difference if I wait a little? The reason for this question is because I was able to check my credit score on various different platforms such as my banks fico and nerwallet. My bank fico score hasn’t updated but the nerdwallet score has updated already.
Too thoughts = My 2 Cents
I think it depends on your credit score, your credit card debt and overall debt. I would wait until all 3 agencies show your FICO increase before applying for a new card.
Hi kfig9 Congrats on the recent rise in your credit score!
I think you’re very wise to be considering your overall score before applying for a new travel card, especially since most require good or excellent credit. I suspect that you’ll see your other scores updated shortly.
Keep in mind that your credit score is only one factor that card issuers take into account. You can read more about improving approval odds in the resource below. (You’ll also find a link to NerdWallet’s credit card tool where you can see cards that fit your credit profile before applying.)
Do you know what lead to the recent score bump?
Thank you guys for your input. I waited until I saw my credit increase on all platforms then went ahead to apply for the travel card I wanted. I got approved with a great credit limit!
Cori: To answer your question, I had a relatively high overall credit debt percentage. I believe it was around 70% was being used compared to available credit which had dropped my score about 50 points through the months. I have a savings account specifically to pay off my credit debit just building up so I just went ahead a paid a large chunk of it to drop the overall credit debt to 25% (I heavily used an AMEX that is still under a 12 month no APR so no interest was accumulated). After that, I waited a little bit and saw my score increase quite dramatically. All my accounts are in good standing and there aren’t any alarming blemishes (maybe one or two late payments from years ago) so I realized that the credit utilization was the biggest factor in my credit score. Also, I used the link you provided me for more insight and I found it quite helpful.
Great news! Congratulations.
Congratulations! And thanks for sharing your story, since it may inspire other people to deploy their savings to pay down debt. I love it when something that’s good for your scores (reducing credit utilization) is also good for your wallet (saving on credit card interest).