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Frequent Contributor
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

I've read the credit scoring 101 and looked around a bunch.  I think I need to watch the score that is currently the lowest -which is EX. Score Watch just does Equifax and my score isn't too bad with that one - in actuality, I would like to have one product that gives me all three scores and all three credit reports that I can rely on.
 
I have three credit cards. I will pay all of them down and try for a credit card like AmerEx - I really don't use them like credit cards - I bought land with them - I hate shopping at stores... I know, credit cards only look at the bottom line - I need to get those cards down. CUs won't lower interest rates. Only one of my CU will increase CLs.
 
I also need to look at refinancing my house sometime next year - so gotta get those cards down!
 
Should I refinance my house first or go for a credit card when all of my existing ones are paid off?
 
Thanks everyone for your input.
 
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
Moderator Emeritus
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:
I've read the credit scoring 101 and looked around a bunch.  I think I need to watch the score that is currently the lowest -which is EX. Score Watch just does Equifax and my score isn't too bad with that one - in actuality, I would like to have one product that gives me all three scores and all three credit reports that I can rely on.
 
I have three credit cards. I will pay all of them down and try for a credit card like AmerEx - I really don't use them like credit cards - I bought land with them - I hate shopping at stores... I know, credit cards only look at the bottom line - I need to get those cards down. CUs won't lower interest rates. Only one of my CU will increase CLs.
 
I also need to look at refinancing my house sometime next year - so gotta get those cards down!
 
Should I refinance my house first or go for a credit card when all of my existing ones are paid off?
 
Thanks everyone for your input.
 


You're on the right track.  First, though, you say your EX score is the lowest.  Unless you have purchased all three of your FICOs from myFico, you have no way of knowing that.  Seems you're still believing TrueCredit when they tell you your EX is lower than the other two.
 
I can't emphasize this enough.  TrueCredit scores are useless. Smiley Happy  They have exactly zero correlation with your actual FICOs.  Just as an example, TrueCredit says my EQ score is 593.  My real EQ score is in my sig.
 
You already have very good APRs on your existing cards.  I would suggest really focusing on paying them down, as you have indicated you intend to do.
 
Whether you refinance your house first or get a new CC is up to you and your priorities, but whenever you decide to refinance your house, it's generally wise not to apply for any new credit for at least 6 months before you do.
 
Good luck!
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Frequent Contributor
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

Good advice. Thanks! I went to the products, which product do you suggest for the score?
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
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Credit reports says There are not enough premium bankcard accounts on your credit report



techgirl wrote:
Good advice. Thanks! I went to the products, which product do you suggest for the score?


If you want all three scores just once, you'll need to buy FICO Credit Complete.
 
No need to pay full price for it, though.  Google "myFICO discount code" and you'll find a code to enter for a discount.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Frequent Contributor
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

Awesome! On my way!
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
Frequent Contributor
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

That was fun!!
 
Okay - new numbers - drumroll :-)
 
TU: 711
EQ: 689
EX:  721
 
Everything is
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
Contributor
Posts: 139
Registered: ‎11-14-2007
0

Re: Credit reports says There are not enough premium bankcard accounts on your credit report

I got kinda the same message!
 
It said I have too many cc's with low limits
 
My highest limit is $1300 Wamu!
EQ N/A
EXP- 692
TU- 673 3/10/08br>
Frequent Contributor
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

I went and played with the Simulator - How about one of the questions I asked earlier - with my credit scores:
 
TU - 711
EQ - 689
EX - 721
 
Wouldn't it be wise to look for another credit card at 0% for transferring my balances off of the credit card onto the 0% card and then pay it off?  This would then enable me to have a higher credit ratio and give me a lower interest rate at the same time???
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
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: Credit reports says There are not enough premium bankcard accounts on your credit report



techgirl wrote:
I went and played with the Simulator - How about one of the questions I asked earlier - with my credit scores:
 
TU - 711
EQ - 689
EX - 721
 
Wouldn't it be wise to look for another credit card at 0% for transferring my balances off of the credit card onto the 0% card and then pay it off?  This would then enable me to have a higher credit ratio and give me a lower interest rate at the same time???

Sweet scores! Once your util drops, you're going to be right on up there. The rule of thumb has been that 720's get you the best mortgage rates, but with the recent economic turmoil, I'll bet that 740 or 760 will be safer.
 
The problem with doing a BT now is, I doubt that any lender is going to give you 0% when you're maxed out. That's the fun thing about credit --when you need it, it's hard to get. It's like getting a boyfriend or girlfriend in high school --if you look desperate, they won't come anywhere near.
 
In general, whenever cards are maxed out, you don't have credit. You just have debt. Bite the bullet, pay them down. It's possible that with your TU and EX, once your cards are under 50%, you might get an 0% BT offer, although watch out for the BT fees, which are a separate critter.
* 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
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: Credit reports says There are not enough premium bankcard accounts on your credit report



SWISSOATL wrote:
I got kinda the same message!
 
It said I have too many cc's with low limits
 
My highest limit is $1300 Wamu!

Did this message come with a FICO score? If so, which bureau?
 
If it's not on a FICO score, print it out, fold carefully on the dotted lines into a paper airplane, open your window, and launch. That's how much non-FICO's are worth.
* 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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