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cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report



techgirl wrote:
Wow, Thanks!  I would like one because I am going to start traveling, and I am at that age that I probably should have at least one premium bankcard. Right now all of my credit cards are coming from Federal Credit Unions - and they are all maxed out. Okay, on my way to purchase my true credit score - be back - I don't want to hurt my score, so I am not applying for anything until I am absolutely sure - my main focus is to pay off all high interest rates balances:
 
Student loan 16.75% first
Both (2) $5,000 11.75% credit card next
One $10,000 credit card at 7.9%
Two Student loans at $5,000 at 11.79% interest last
 
Is that a good game plan?  Once my credit line is down I will apply, unless it makes sense to get another card due to the percentage of credit limit versus balance.....


The best plan is the plan that works for you.  If it were me, I'd focus on paying off the CCs before I tackle the student loans, for a couple of reasons.  1)  Student loan interest is tax deductible; CC interest is not.  2) CC utilization affects your FICO scores much more than student loan balances do.
 
Again, that's just me.
 
I also agree that you shouldn't apply until you get your balances paid down.  If your current cards are truly maxed out as you say they are, I would venture to say you'd have a tough time getting approval anywhere, especially from Amex.
 
Good luck, and keep us posted!
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
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wmarat
Posts: 1,754
Registered: ‎11-03-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report



techgirl wrote:
Hello, I am new to this, but here I go...
 
My history:
 
Okay, I have no negative credit, nothing late, but.... I have high credit credit card limits that I never worried about because I never use my credit cards, and I have student loans. One right now is at 16.75 with Sallie Mae (almost done paying it off), and a couple at $5,000 each at 11.5% interest with Sallie Mae. Then both my husband and I have Federal Student Loans at 6% interest that we will need to be paying soon. My plan of action is to pay the 16.75% off first - only have $1,500 left on it, then pay down all of my credit cards to bump up my score. We have three credit cards, one with a $10,000 limit at a 7.9% interest rate and two at $5,000 limit - 11.75% interest.  I am throwing about $1,300 on the student loan each month and my husband is paying down the credit cards a little at a time.
 
My credit scores are:
TU: 734 (I think they are missing my $10,000 credit card)
Experian: 659
Equifax: 683
 
When I pull my credit they say this is where I can improve:
 
There are not enough premium bankcard accounts on your credit report. [TransUnion, Experian, Equifax] - if I got another card this would help my percentages, right? I would really love an AmericanExpress card. What credit bureau score needs to be where?
 
There are not enough revolving accounts on your credit report. [TransUnion] - I don't know if I want to tell TransUnion about this card right now 'cause it could bring down the score.
 
There are too many personal finance accounts on your credit report. [Experian, Equifax] - would that be student loans or credit cards???
 
Help!
 
 
 
 



I have the same remark on my report.
Not enough revolving accounts in good standing. I have 17 and all of them in good standing.
IN VINO VERITAS.
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techgirl
Posts: 371
Registered: ‎12-28-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report

Okay, then all cc's will be paid off before I get another :-) I am looking for products - I would like to have a good credit score from all three? and credit reports to go along with it. I am cancelling TrueCredit to today. Which product should I get?
 
Thanks,
Angie
05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
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cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report



techgirl wrote:
Okay, then all cc's will be paid off before I get another :-) I am looking for products - I would like to have a good credit score from all three? and credit reports to go along with it. I am cancelling TrueCredit to today. Which product should I get?
 
Thanks,
Angie


Don't be so hasty to cancel TC, as they are useful.  As I said, I use TC for the 3-in-1 reports, just make a note to ignore the scores that come with them.
 
Which product you get depends on what you want.  Personally, I use TC for report monitoring, and buy my individual FICOs every so often from myFICO (make sure you Google for a myFico discount code before you do this).  I'm not too familiar with the other myFICO products, so maybe someone else can chime in.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
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techgirl
Posts: 371
Registered: ‎12-28-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report

Okay, thanks! I have had Score Watch and one point getting into a new home, and I like it alot, the only thing is that you only get one score - I want the score that is the lowest...
05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report



techgirl wrote:
Okay, thanks! I have had Score Watch and one point getting into a new home, and I like it alot, the only thing is that you only get one score - I want the score that is the lowest...


You want the score that is the lowest? I'm confused here.
 
Anyway, you're getting great advice here. There is not a thing in the world wrong with CU credit cards. They count exactly the same as those from commercial banksc, and usually the rates are better, and certainly the customer service is better in most cases.
 
As long as you have around 4-5 cards, at least three of them with the word Visa, MasterCard, AmEx, or Discover on there somewhere, maybe one gas card, and maybe one store card, that's all the cards you need for scoring purposes, and it's a heck of a lot easier to keep track of them all.
 
Don't go anywhere near an application form until all your current cards are under 10%, maybe with one or two paid off. Even if you could get a good card with good rates, which is doubtful with maxed-out cards, you might be in the same pickle in 6 months time, except that you would have one more maxed-out card.
 
When you're applying for any kind of credit, you want to look like someone who has credit but doesn't bother to use it that much, and pays it off promptly when she does. Once your cards are paid down, I'd ask your credit unions if they would increase your credit limits. Your past high balance shows on your credit reports, and that will help disguise that fact that you have been maxed out. Be sure to ask first if they are going to do a hard inquiry on your credit reports.
 
Keep your TrueCredit, and just ignore the FAKO scores and the advice that comes with them. It's better not to read the advice at all, as it tends to get stuck in your head and color your thinking. Use TC to find out what day of the month each card has been reporting, and pay online 4 or 5 days ahead of time. This will help your scores. Keep paying until your util is way down.
 
Scorewatch is great. For the other two scores, Google FICO discount code or FICO coupon and find codes that you can enter on the second screen when you're paying. That's the only way that you're going to find cheaper FICO scores.
 
And take some time to read Credit Scoring 101 before you start making a lot of changes:
 
 
good luck!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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zman
Posts: 264
Registered: ‎11-08-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report

Stop spending money on TrueCredit they DO NOT report actual FICO scores. (useless)
 
Only MyFICO and Equifax use real FICO's
 
And only MyFICO will give you all 3 real FICO scores PERIOD.
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cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report



zman wrote:
Stop spending money on TrueCredit they DO NOT report actual FICO scores. (useless)
 
Only MyFICO and Equifax use real FICO's
 
And only MyFICO will give you all 3 real FICO scores PERIOD.


TC scores are useless, yes.  But they do give you 3-in-1 report monitoring, and also list reporting dates as mm/dd/yyyy on TU and EX, as opposed to mm/yyyy format on myFico.  Those are not useless at all, and worth a few bucks a month for me.
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report

[ Edited ]


zman wrote:
Stop spending money on TrueCredit they DO NOT report actual FICO scores. (useless)
 
Only MyFICO and Equifax use real FICO's
 
And only MyFICO will give you all 3 real FICO scores PERIOD.

But the TC reports will tell you the day of the month that your accounts update to the CRA's (or at least they do for EX and TU), and that is important knowledge when you're timing your payments to improve your util. It's also nice to have all three reports lined up next to one another on the same screen, so that you can compare what they've got. (Yay for the printable report option.)
 
I pull an absurd number of FICO scores --they ought to name an office wing after me, or something! --but there are some things that don't show on their reports, and I sure can't afford to pull a FICO every time I want to know if an account has updated.
 
edit: ahhh, cheddar beat me to it, and with fewer words (no surprise there! :smileywink: )


Message Edited by haulingthescoreup on 12-28-2007 11:19 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Credit reports says There are not enough premium bankcard accounts on your credit report

[ Edited ]
...oh, and TC reports also show your INQs for the last two years, as opposed to only the last year on myFico.  TC also gives you contact information for your creditors / CAs/ inquirers.
 
I think myFICO reports make a point to only show you items that affect your scores, which is why they only show one year's worth of INQs.  Even though the INQs that are more than a year old aren't affecting my scores, I still always like to be able to see my INQs from the last two years, since that's what potential creditors are going to see.
 
Edit: hehe, HTSU.  Actually it is a surprise, as brevity is not among my strong points. :smileywink:


Message Edited by cheddar on 12-28-2007 11:49 AM
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )

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