WTF Macy's v. Citibank

NYSpeed Automotive NYSpeed Off Topic
21

Umm…

  1. New Credit
    Are you taking on more debt?
    Approximately 10% of your score is based on this category.
    People tend to have more credit today and to shop for
    credit—via the Internet and other channels—more
    frequently than ever. Fair Isaac scores reflect this fact.
    However, research shows that opening several credit
    accounts in a short period of time does represent greater
    risk—especially for people who do not have a longestablished
    credit history.
    Multiple credit requests also represent greater credit
    risk. However, FICO scores do a good job of
    distinguishing between a search for many new credit
    accounts and rate shopping for one new account.
    Your score takes into account:
    ■ How many new accounts you have. The score looks
    at how many new accounts there are by type of account
    (for example, how many newly opened credit cards you
    have). It also may look at how many of your accounts
    are new accounts.
    ■ How long it has been since you opened a new
    account. Again, the score looks at this by type of account.
    ■ How many recent requests for credit you have
    made, as indicated by inquiries to the credit reporting
    agencies. Inquiries remain on your credit report for
    two years, although FICO scores only consider inquiries
    from the last 12 months. The scores have been carefully
    designed to count only those inquiries that truly impact
    credit risk—see page 14 for details.
    ■ Length of time since credit report inquiries were
    made by lenders.
    ■ Whether you have a good recent credit history,
    following past payment problems. Re-establishing credit
    and making payments on time after a period of late
    payment behavior will help to raise a score over time.

:gotme:

22

However, research shows that opening several credit
accounts in a short period of time does represent greater
risk—especially for people who do not have a longestablished
credit history.
Multiple credit requests also represent greater credit
risk. However, FICO scores do a good job of
distinguishing between a search for many new credit
accounts and rate shopping for one new account.
Your score takes into account:
■ How many new accounts you have. The score looks
at how many new accounts there are by type of account
(for example, how many newly opened credit cards you
have). It also may look at how many of your accounts
are new accounts.■ How long it has been since you opened a new
account. Again, the score looks at this by type of account.
■ How many recent requests for credit you have
made, as indicated by inquiries to the credit reporting
agencies. Inquiries remain on your credit report for
two years, although FICO scores only consider inquiries
from the last 12 months. The scores have been carefully
designed to count only those inquiries that truly impact
credit risk—see page 14 for details.
■ Length of time since credit report inquiries were
made by lenders.
■ Whether you have a good recent credit history,
following past payment problems. Re-establishing credit
and making payments on time after a period of late
payment behavior will help to raise a score over time.

23

Bold & Italicized.

FGGT

24

OK, so it is in fact bad for my credit score. But in this case 1 new credit card is probably good for all of a whole point or two.

25

I already posted that FGGT! :zong:

26

Did all the n00bs see how that worked? Someone who knew more than me yelled at me to

So I did. And I learned something. And now my problem is a effectively a non-issue.

(Didn’t know he was going to spoon feed it to me too. Oh well. OG’s usually aren’t that nice.)

27

ill spoon feed you something else baby

28

Beer? Is it beer? Oooh I hope it’s beer!

29

LOLWTFBBQ

My Macy’s account was never closed, aka my account was not sold to Citibank. Just my information. I just had to scream at an Indian lady to get her to close the fucking thing.

On to Citibank…