Garden Club Thread - August 2016

[MissMoni223]

Happy August Fellow GC Members!!!

August is the month of NEW Beginnings! I'm so EXCITED about where my credit score is (FICO average 674). Gardening WORKS and I'm committed to staying here for a while. My kicks come from getting SP & Auto CLI's and watching my score INCREASE. Stay FOCUSED and remember why you started in the first place.

[Anonymous]

Howdy all, checking in and still gardening.

[Anonymous]

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@CarbonCard wrote:

Hello guys, I'm alive haha. Just graduated college, now "adulting" and still getting used to it haha.

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Ugh not a fan of that word but hello fellow young stallion! How's that income treating ya?

[Anonymous]

tcbofade- We are growing older, but not up. 

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@driftless wrote:

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@Anonymous wrote:

New month check in. No major changes to my scores, no changes to my accounts. I think I already reported a small CLI from Cap1 in July. I increased my auto savings transfer.

I am considering leaving the garden momentarily for a few more cards, but only if it is the right plan. Am I allowed to ask for advice here in the garden about if I should app? I know I can start a new thread, but I would really like the advice of my conservative garden friends. 

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So, what did you want to ask?

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OK- So I was wondering if I should continute to garden, or if I should try to get a few more cards, then come back to the garden. This is what I have now:

Cap1 QS                       3.3K                  4/15

Chase CFU                      3K                  6/16

Local CU visa                  1K                  6/16

Instl loan                         19K                  9/15

All on time, never late

Aging off soon:

Auto loan, never late, off 1-17

Foreclosure, aging off 5/17-7/17

Exp shows 1 inq in 12 months, TU has 1 in 1 yr 2 in 2 yrs, EQ 5 in 2 yrs 4 in 1 yr (2 in 9/15)

Scores are hanging around 630-650 with all reports.

The main thing that has me thinking of this now is seeing someone with way more baddies having a significantly higer score, I'm guessing due to more accounts. I was also already thinking that maybe I should app for a few more cards in nov-dec before the + auto loan falls off. When that and the foreclosure go, my AAoA is going way down.

So what do y'all think? Should I grow what I have, add a few now, or add a few at the end of the year before my old accounts fall off? I have a few cards in mind that would be beneficial to me, but I will spare those details in the garden.

[driftless]

I would definitely garden until your scores are above 720. You should receive a nice boost when your foreclosure falls off next year. Your CL's are not the highest but you are in with Chase and Cap One. I would try to grow those accounts, Chase does give out auto CLI's but from my experience and some threads here, usage helps. You have 3 nice cards, 2 are very young, a year or 18 months from now you will be in a stronger position.  You said that you have some cards that interest you, are they needs or wants?  If they are wants then wait until you can get a higher SL.  Do you need more than the 3 cards that you have now?

[Anonymous]

I need two years to age 20+ inquiries off of my report... At least when it comes to Equifax and Experian. Right now, Transunion has less than 10. I feel like as soon as I get my credit cards paid off in September, that'll be the next area that'll make me sweat when applying for new credit (if I have to).

My current credit reports sit at around 620-630 last I checked. The good news is I've paid off my entire Discover balance, so it's 0/750. My bonus in September should allow me to pay off my closed Chase 694/800 and Capital One 1915/2000, while also paying down my Citi Double cash to 0/1500.  The Double Cash isn't going anywhere though, as that card has too good of a rewards program to pass up, unless somehow I can product change it to one of Citi's more prestigous cards like the Prestige, or one of the AA ones.

[Anonymous]

Well, I don't  consider any CC a need, other than the need to improve my profile.  They are not frivilous though, they are things that would get me higher CB in categories. One thing I have been wondering, will the old FC falling off help more than losing my aged accounts will hurt?

ETA: Will those three cards alone get me to 720?

[UncleB]

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@Anonymous wrote:

Well, I don't  consider any CC a need, other than the need to improve my profile.  They are not frivilous though, they are things that would get me higher CB in categories. One thing I have been wondering, will the old FC falling off help more than losing my aged accounts will hurt?

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While all any of us can do is speculate (unless there's some FICO analysts on here who happen to know the 'secret' formula... LOL) I can tell you about my own personal experience. 

Back in May my last baddie dropped off; it was a paid CO from seven years ago.  My largest jump was TU by 60+ points... the other two jumped significantly as well, closer to 40 points each.

I also have an "issue" with old installment accounts aging off next year.  In my case, it's two PIF student loans and a PIF mortgage.  I have an idea of 'things to come' since all three are already off my EQ (for some reason) and it's around 20 points lower than EX, and 30+ points lower than TU (for the record, TU has the lowest number of inquiries of the three as well, which is also helping to boost it a bit). 

While nobody can say for certain, I believe the FC dropping off will likely help you more than the aged accounts dropping off will hurt.  In my case I've looked at doing a share-secured loan at a CU in the future, but for the moment I'm not watching my scores as closely (I'm not in the market for a mortgage or auto loan).  I am keeping in mind, though, that the EX (760) and TU (778) scores I'm enjoying now will likely take a 'hit' next year since I'll no longer have any installment loans reporting on them.

[driftless]

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@Anonymous wrote:

Well, I don't  consider any CC a need, other than the need to improve my profile.  They are not frivilous though, they are things that would get me higher CB in categories. One thing I have been wondering, will the old FC falling off help more than losing my aged accounts will hurt?

ETA: Will those three cards alone get me to 720?

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Yes, 3 cards got me to 760 and above.

As UncleB mentioned you should be much better once the foreclosure comes, you will have no baddies and you will be "rebucketed".  When you have no baddies, addind a cc or two does not seem to hurt your score.  You are in a different playing field.  IMHO adding cards or loans will not help you like being baddie free will. Adding more credit now may actually hurt you. 

[Anonymous]

OK, in the garden I stay then. Thanks for the seasoned advice. 

Menawhile, once I saw how well my rebuilding was going after getting my Cap1 card, I decided to get one for DH too. I set him up with the mobile app, told him to watch his emails and make sure it was paid on time. We could get those other category cards for him now if he hadn't proceeded to let the card go 84 days late.  Instead it is still sitting at $300 with scores in the toilet and no new cards in sight any time soon.