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Established Member
Posts: 14
Registered: ‎05-05-2011
0

Credit Advice

Hello Everyone,

 

I need your credit advice. I am not sure how much detail is relevant but here's my situation:

 

I imigrated to the USA in 2007 so I started off with one secured bank of America Card while I was a student. Currently, I only have 3 credit cards (Bank of America Platinum CL: $10,000,  Discover CL: $5,500 and a Capitalone card CL: $750). I also have a car loan for about $15000 now.

My current FICO credit scores are all 700+ and my yearly income is +$250,000.

I am trying to build a solid credit because in a year or two I am planning on buying a house and an office. My main concern about my credit is that I have a short credit history and very few revolving accounts. I've applied to a couple of credit cards a while ago before I started working and was denied. I have 4 hard credit inquiries on TU & EQ and 2 inquiries on EX.

Apart from making payments on time and keeping my debts low, what should I do? apply for more credit cards and accept more hard inquiries? Just stick to what I have and apply for a CLI? or do nothing at all?

 

Your input is greatly appreciated.

 

Regular Contributor
Posts: 157
Registered: ‎01-30-2009
0

Re: Credit Advice

Hi RD,

 

I am an "immigran" too, and therefore, have a thin credit file as well. I would recommend  you nurture your current cards for a year or so (great credit limits, by the way).

 

If you are looking to buy a house via mortgage, remember that the loan officer will assume that you will max out your credit cards (the credit limits will count as debt when they are calculating your debt-to-income ratios). Also, remember to have all the applications for any credit done 6+ months before applying for mortgage.

 

All the best to you Smiley Happy

Established Member
Posts: 14
Registered: ‎05-05-2011
0

Re: Credit Advice

Thank you so much for your reply. However, I am not sure if I understood correclty. What do you exactly mean by "nurture" my credit cards? Do you mean no more cards? Should I try more CLI's or not? Thanks again

Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: Credit Advice

I arrived to the USA in 2006, and today I have too much credit and too many cards, but what is most important morgage @4.5% fixed.

You should not just applY to cards, but look for good/best credit products (low APR/ good rewards/no or low AF).

Research bumpage to get rid of inq's. Stop appling at least one year before you apply to morgage. Research CREDIT UNIONS.

IN VINO VERITAS.
Moderator Emeritus
Posts: 17,409
Registered: ‎07-14-2009
0

Re: Credit Advice


wmarat wrote:

I arrived to the USA in 2006, and today I have too much credit and too many cards, but what is most important morgage @4.5% fixed.

You should not just applY to cards, but look for good/best credit products (low APR/ good rewards/no or low AF).

Research bumpage to get rid of inq's. Stop appling at least one year before you apply to morgage. Research CREDIT UNIONS.


Advocating this approach is a violation of the Forum's Credit Repair Discussion Guidelines which say:

 

The only credit repair discussions allowed in FICO Forums are ones that exchange information on how to correct or remove real errors from your credit report – not accurate information that you want to get rid of because it may be negatively affecting your credit score.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 

 

Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: Credit Advice


Marinevietvet wrote:

wmarat wrote:

I arrived to the USA in 2006, and today I have too much credit and too many cards, but what is most important morgage @4.5% fixed.

You should not just applY to cards, but look for good/best credit products (low APR/ good rewards/no or low AF).

Research bumpage to get rid of inq's. Stop appling at least one year before you apply to morgage. Research CREDIT UNIONS.


Advocating this approach is a violation of the Forum's Credit Repair Discussion Guidelines which say:

 

The only credit repair discussions allowed in FICO Forums are ones that exchange information on how to correct or remove real errors from your credit report – not accurate information that you want to get rid of because it may be negatively affecting your credit score.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 

 


I know that my English is not so good, and now I learn that RESEARCH and ADVOCATE are synonyms. Thanks.

IN VINO VERITAS.
Moderator Emeritus
Posts: 5,279
Registered: ‎03-18-2008
0

Re: Credit Advice

 


wmarat wrote:

Marinevietvet wrote:

wmarat wrote:

I arrived to the USA in 2006, and today I have too much credit and too many cards, but what is most important morgage @4.5% fixed.

You should not just applY to cards, but look for good/best credit products (low APR/ good rewards/no or low AF).

Research bumpage to get rid of inq's. Stop appling at least one year before you apply to morgage. Research CREDIT UNIONS.


Advocating this approach is a violation of the Forum's Credit Repair Discussion Guidelines which say:

 

The only credit repair discussions allowed in FICO Forums are ones that exchange information on how to correct or remove real errors from your credit report – not accurate information that you want to get rid of because it may be negatively affecting your credit score.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 

 


I know that my English is not so good, and now I learn that RESEARCH and ADVOCATE are synonyms. Thanks.


 

This is not a question of synonyms or semantics.  You suggested a form of unethical credit repair, and this is not permitted on the FICO Forums.

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Credit Advice


RD82 wrote:

Hello Everyone,

 

I need your credit advice. I am not sure how much detail is relevant but here's my situation:

 

I imigrated to the USA in 2007 so I started off with one secured bank of America Card while I was a student. Currently, I only have 3 credit cards (Bank of America Platinum CL: $10,000,  Discover CL: $5,500 and a Capitalone card CL: $750). I also have a car loan for about $15000 now.

My current FICO credit scores are all 700+ and my yearly income is +$250,000.

I am trying to build a solid credit because in a year or two I am planning on buying a house and an office. My main concern about my credit is that I have a short credit history and very few revolving accounts. I've applied to a couple of credit cards a while ago before I started working and was denied. I have 4 hard credit inquiries on TU & EQ and 2 inquiries on EX.

Apart from making payments on time and keeping my debts low, what should I do? apply for more credit cards and accept more hard inquiries? Just stick to what I have and apply for a CLI? or do nothing at all?

 

Your input is greatly appreciated.

 


I think stick to what you have is a good plan.  Adding more cards is not particularly helpful at this point.

Valued Contributor
Posts: 2,708
Registered: ‎10-16-2008
0

Re: Credit Advice

[ Edited ]

Wolf3 wrote:

RD82 wrote:

Hello Everyone,

 

I need your credit advice. I am not sure how much detail is relevant but here's my situation:

 

I imigrated to the USA in 2007 so I started off with one secured bank of America Card while I was a student. Currently, I only have 3 credit cards (Bank of America Platinum CL: $10,000,  Discover CL: $5,500 and a Capitalone card CL: $750). I also have a car loan for about $15000 now.

My current FICO credit scores are all 700+ and my yearly income is +$250,000.

I am trying to build a solid credit because in a year or two I am planning on buying a house and an office. My main concern about my credit is that I have a short credit history and very few revolving accounts. I've applied to a couple of credit cards a while ago before I started working and was denied. I have 4 hard credit inquiries on TU & EQ and 2 inquiries on EX.

Apart from making payments on time and keeping my debts low, what should I do? apply for more credit cards and accept more hard inquiries? Just stick to what I have and apply for a CLI? or do nothing at all?

 

Your input is greatly appreciated.

 


I think stick to what you have is a good plan.  Adding more cards is not particularly helpful at this point.


+1

 

It's not the quantity of cards/loans, it's the quality of payment history.  Welcome to the forums and the good ole USA, RD82!

Established Member
Posts: 14
Registered: ‎05-05-2011
0

Re: Credit Advice

Thanks guys!

 

I did it last night and applied for the Chase freedom card (before I ready your posts Smiley Wink and got approved for $6000 CL.

I'm satisfied now. No more credit cards for at least 2 years!

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