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Frequent Contributor
WhiteCollar
Posts: 314
Registered: ‎04-07-2012
0

Current Wallet vs. Future Wallet - ADVICE Needed

First, I'd like to thank you all for the great advice you've provided over the past few years! I will cut to the case about my situation. I do have decent scores, they were higher but due to me going to app sprees and securing a vehicle loan, I will admit I have way to many inquires than I'd like. I do have credit cards, some considered prime and some considered not so prime. I'm forcing myself into the garden to let some accounts age, and both baddies and inquires age and fall off as well. I will admit, I did apply for some products that I DID NOT need and was denied for quite a few....kicking myself right about now!! My score was in the 700's months ago and I want it back! Also racked up a few inquiries while apartment searching...long story!

 

 moved recently and ran a few expenses through my CSP to spend the $3,000 necessary for the 40k bonus points. I also used my SW visa to pay for the downpayment for my lease (I have the full amount to pay off the balance). In the future, maybe 9-12 months, I'd like to get my foot in the door with AMEX. They have denied me several times when I applied for Zync and Costo TE. I applied for a Discover card last year and was denied as well. My goal is get a Zync (I've heard they are the easiest way to get in with AMEX) and a Discover card product.

 

Current Wallet:

Nordstrom: Opened 12/2011 (good standing) started with $1k CL, now $3k CL and currently at $0 balance

Macy's: Opened 4/2011 (good standing) started with $800 CL, now $1200 CL and currently at $0 balance

Bloomingdales: Opened 04/12 (good standing) started with $800 CL now $1400 CL currently at $0 balance

WFNNB/ VS: Opened 10/2011 (good standing) started with $300 CL now $750 CL and currently at $0 balance

WebBank/DFS: Opened 04/11 (good standing) $1200 CL never used

BMO Visa: Opened 02/2011 (good standing) started with $2,400 CL now $5,000 CL and current balance is $1600 ($39 AFmy lowest APR at  13%)

Chase SW Visa: Opened 02/2012 (good standing) $3000 (transferred $2k from Freedom) CL now stands at $5k and current balance is $4300 ($99 AF)

CSP: Opened 05/12 (good standing) $5k CL and $3000 balance ($99 AF)

Reward Zone MasterCard: Opened 07/2010 with $1,500 CL and now $2,500 CL currently $0 balance ($59 AF)

GLCU Visa: Opened 02/12 with $1,500 CL currently $0 balance

CE/Care Credit: Opened 10/07 with $1,800 CL currently $0 balance

FMC: (2 year Auto lease) Opened 07/2012 $5975 balance (qualified for Tier 1 financing)

Note: I never carry a balance on store cards!

 

  • I will not apply for any new credit at least for 9 months!!
  • Working on paying down debt to get UTL lower (4 month goal)

 

Future Wallet:

 

  • Amex Zync (although I really want a Costo TE)
  • Discover Card
  • Citibank Card

I'm also thinking about closing a few accounts like Rewards Zone however, I love the interest free promotions Best Buy offers. Was thinking of getting am Amazon store card to replace it in the future.I signed up for USAA premium credit monitoring to keep an eye on my scores.

 

Ok, this is where you guys come in at! How can I reach my future wallet goal? How can I get my score up sooner than later?

 

I know, first by not applying for new credit, keeping my UTL low,. and letting old inquires age/fall off of course. I'm going through my reports now to get all my auto loan inquiries within the 30 day time frame included as one.

 

TU: 671 (myfico.com), 6 baddies, 21 inquiries, no collections or judgements

EXP: 664 (experian) 1 paid collection , no public records, 15 inquiries (4 of these are auto related) and 6 baddies

EQ: 618 (EQ) 12 inquiries, 7 negative accounts

 

 

Sorry for the long posting....thanks!

Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Current Wallet vs. Future Wallet - ADVICE Needed

Get rid of any small balances.  Get below 80% on any cards.  Easiest changes for big effect.

               LIMITS IN CARD DESCRIPTIONS
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Current Wallet vs. Future Wallet - ADVICE Needed

Remember this is reported balances.  Even if you pifthou can still show balance.

               LIMITS IN CARD DESCRIPTIONS
Valued Contributor
jamesdwi
Posts: 1,965
Registered: ‎09-16-2011
0

Re: Current Wallet vs. Future Wallet - ADVICE Needed

only UTL and INQ's would keep you getting Zync currently, they may even approve anyway. Get your UTL under control. keep all cards under 70% UTL and under 30% total your best score would be  9% reporting on a single card with 0% on the rest. 

 

I would venture that your whole list could be had if you maximized your FICO. 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 12/15/2014
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Current Wallet vs. Future Wallet - ADVICE Needed


jamesdwi wrote:

only UTL and INQ's would keep you getting Zync currently, they may even approve anyway. Get your UTL under control. keep all cards under 70% UTL and under 30% total your best score would be  9% reporting on a single card with 0% on the rest. 

 

I would venture that your whole list could be had if you maximized your FICO. 


+1 - Definitely get your util below 9%, and all but one at 0 balance.  That will have a HUGE effect on your score.  Stop applying for credit to remove inquiries...  And work those baddies.  Keep on with DV PFD, GW, etc until they either accept your deletion proposals, or age off.

 

Never give up, never surrender.  Good luck,

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL


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