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In 9 short days I will have my shiny bronze spade back in my sig! Still contently gardening.
To my American friends, have a safe and happy Thanksgiving. I'll be offline pretty much til 26November. Have fun on Black Friday!!
Thanks for the quick and helpful response. So far all but one of my pending apps were denied which is a bummer. But I think I now have a healthy mix of credit. Please FICO fairy grant me good credit.
@webhopper wrote:@postalmommy
also; depending on which mortgage product you are looking at; you will need a minimum of 640 score for FHA and 680 if you are going with a conventional... seems like you are very close! You may be house shopping by spring so by all means don't Max out the new cards and definately treat them well. If you have any baddies or unpaid collections; you will want to pay for delete or settle those prior to the mortgage process. Unpaid collection or chargeoff debt raises a big red flag in most underwriters' eyes.
Minimum of 6 months... its usually not advised to apply for cards when you are in line for a mortgage. Typically new cards will drop your score for a short period of time due to the decrease in average age of accounts. You may see a score increase if you didn't have cards before... just be sure that you before you apply for mortgages; all of the cards except one should be at 0 balance and the one that is not should have less than 9% of its available credit used.
Best of luck.
Hi, all!
I'd like to let everyone know that mxp114 has kindly created a transparent version of the seedling badge. I've updated the code on the opening post of this thread, so if you'd like to use it, just grab it and replace the old one in your siggy. Thanks, mpx114.
@tinuviel wrote:Hi, all!
I'd like to let everyone know that mxp114 has kindly created a transparent version of the seedling badge. I've updated the code on the opening post of this thread, so if you'd like to use it, just grab it and replace the old one in your siggy. Thanks, mpx114.
That is awesome. I'm just waiting on my 1 month badge lol.
@armbenderc wrote:
@tinuviel wrote:Hi, all!
I'd like to let everyone know that mxp114 has kindly created a transparent version of the seedling badge. I've updated the code on the opening post of this thread, so if you'd like to use it, just grab it and replace the old one in your siggy. Thanks, mpx114.
That is awesome. I'm just waiting on my 1 month badge lol.
You'll get there before you know it. I'm looking forward to being able to upgrade to silver in 10 days!!!
@postalmommy wrote:Thanks for the quick and helpful response. So far all but one of my pending apps were denied which is a bummer. But I think I now have a healthy mix of credit. Please FICO fairy grant me good credit.
@webhopper wrote:@postalmommy
also; depending on which mortgage product you are looking at; you will need a minimum of 640 score for FHA and 680 if you are going with a conventional... seems like you are very close! You may be house shopping by spring so by all means don't Max out the new cards and definately treat them well. If you have any baddies or unpaid collections; you will want to pay for delete or settle those prior to the mortgage process. Unpaid collection or chargeoff debt raises a big red flag in most underwriters' eyes.
Minimum of 6 months... its usually not advised to apply for cards when you are in line for a mortgage. Typically new cards will drop your score for a short period of time due to the decrease in average age of accounts. You may see a score increase if you didn't have cards before... just be sure that you before you apply for mortgages; all of the cards except one should be at 0 balance and the one that is not should have less than 9% of its available credit used.
Best of luck.
Hate to say it, but those denials are probably a blessing in disguise!! All those new accounts could have tanked your scores.
Unfortunately (insert drumroll here), there is no FICO fairy.... I know, sad right?! The only gains you make are the ones that you work hard for... writing letters, paying on time, keeping balances low.... these are all examples of activities and behaviors that over time can lead you into the FICO utopia known as an 800 Fico score.
FICO measures risk, and they accurately measure risk by the way you use your current accounts, as well as behaviors such as seeking new credit, and opening new accounts... Obviously someone that opens a lot of new accounts represents a greater risk than a consumer who has maintained the same 2 credit card accounts for a long time say... 8 years.
For a great discussion of what makes a Fico High Acheiver, check out this thread! Lots of good information and inspiration contained in this thread!
@webhopper
You are so right. I didn't expect to get all of them but I did expect a beeter ratio than 4/10. I feel like I wasted inquiries for nothing. I am definitely a work in progress and this forum has been God sent. Hopefully I can see a CLI on that Walmart cc soon. I can't believe they give out such low CLs.
@postalmommy wrote:You are so right. I didn't expect to get all of them but I did expect a beeter ratio than 4/10. I feel like I wasted inquiries for nothing. I am definitely a work in progress and this forum has been God sent. Hopefully I can see a CLI on that Walmart cc soon. I can't believe they give out such low CLs.
You should have high hopes for that. One of the things that I love about GE backed cards is that they have a tendancy to grow quickly. Keep gardening, and good luck!
Inquiry update:
As you guys know (or maybe don't know) I had over 15 inquiries on each report when I first joined the garden club back in april or may.. I stepped out a few times, to do things that made sense financially, refinancing, and financing a car since my favorite car, a Volvo was totalled
So now, I've gone from 15 on each report (19 on TU) to... drumroll....
EX 6 EQ 7 TU 10
I can't wait for the last of the mortgage inquiries to fall off as well as the inquiries from my Feb / March CC apps.
Thanks gardening club Its nice to be back in the single digits LOL