Good FICO Scores, Thin File- Advice?

[Anonymous]

First off, many thanks to all who contribute on this forum. There's a real wealth of information being shared here by so many knowledgeable people...

So, dabbled in credit in my 20s with 2 low limit cards from sub- prime lenders that ended up going to collections, I've lived on a cash only basis for the last 10 years or so- saved up and paid cash for cars, no credit applications of any kind(except for student loan), etc. I decided to start paying attention to my credit again in October of this year as fiance and I would like to buy a house in the next year or 2. I was shocked to find that my FICO scores on all 3 bureaus were above 700! My student loan heIped I suppose-. 6 yrs old, never late.

Basically, decent scores w/ thin file. So looking to fatten my profile and before I researched fully, I basically hit it with buckshot and just app'd everywhere- guess I was feeling cocky b/c of FICOs w/o realizing they mean nothing with no revolving account history- and ended up with a ton of denials.

Credit as it stands today:

EQ- 721 Fico8, 9 HPs (2 from leasing desk at new apartment complex, no idea why they HP'd 2x in a month span, ugh!)

TU- 774 FICO8, 5 HPs

EX- 723 FICO8, 4 HPs

No baddies, collections, nothing negative showing on any bureau.

Accounts:
Student Loan- $6000 still owed from original $8900 total- 6 yrs old, never late

Amazon Store Card- $1200 SL, 2 mos old

Ulta MasterCard (Comenity)- $1500 SL, 2 mos old

Cap One Plat- $1000 SL, 1 mo. old, not yet reporting

PayPal Credit- $5000 SL- hidden TL

AAoA- 1yr 11 mos.
Util- 7%. I'm pushing tons of spend through accounts , making multiple payments and making sure to report under 9% when statement cuts.
Personal Income-$40,000. Household Income-$94,000 combined.

All HPs have occurred since October. Denied by Discover, Barclays (now realize apping them w/ such limited history was really dumb), Target MC, and US bank got 7-10 msg, then denial, now under review, will know in 3 days or so.

So obviously I need to stop apping now, I just really wanted to have 3-4 TLs growing and aging together and figured best to have all HPs now so they age off before applying for mortgage. Any advice here on future steps is appreciated!

[Anonymous]

PM me for an AAoA forecast spreadsheet to help you analyze when you apply for more credit cards in the future but to keep your AAoA over 24 months.  You want to get to 24 months AAoA and keep it there, forever.  24 months is a huge AAoA breakpoint for FICO scoring.

Right now, I would garden but I would definitely go for a prime CC or two as long as new accounts reporting keep your AAoA > 24 months.  I'd go for Chase first if you're under 5/24 (I have a 5/24 forecaster spreadsheet too), then look at Amex second if the rewards meet your needs.  Discover is a great cashback card the first year (10% categories) so I'd consider that third.  But always keep your AAoA > 24 months with new accounts.

[Anonymous]

Thanks for the advice, wasn't aware of the 24mos. AAoA situation. PM'd you. Definitely eyeing Chase at some point. Was kinda knocked back by the Discover denial, as I've seen many approvals with far worse profiles here. Guess I just have to be patient and try again down the road. I'm nervous about apping for anything later though b/c wanting to apply for mortgage soon. Definitely planning to stick with prime banks for future apps.

[Anonymous]

No inquiries or new accounts for 6 months before apping for a mortgage.

AAoA data points appear to be less than 6 months (bad), 6-24 months (poor), 24-36 months (first decent point) and then some annual ranges after that.

So you are on the cusp of 24 months.  Get there and stay there, my spreadsheet will give you solid forecasts that I use personally.

5/24 is more difficult which is why I had to build that because it's a mental math nightmare.  My own 5/24 doesn't fall until 6/19 if I stop apping, but I want Amex Platinum and CSR next year so that's 9/19 or so until I am under 5/24, ugh.  So far away.

[Anonymous]

It's really awesome your student loans aided with boosting your score

I too went on a crazy app bender when I started my credit journey early this year. I wasn't really aware of the ramifications until I found the boards. Sometimes I wonder how anyone is suppose to know the things you find out here off the back.

I would second apping for at least one other card. I would try the AMEX prequalification page. The AMEX cards have great CL potential and can help with future utilization. They are some of my favorite cards. You can usually app for one revolver and one charge card with one HP on the same day.

You could try the Chase prequal site too even though you are borderline on 5/24 so you may want to be careful with that or try for the Chase Amazon card that isn't apart of the 5/24 rule.

In a few months make sure to try to upgrade your Capitalone Platinum to a Quicksilver so you can start earning rewards. The link is on the boards somewhere and is still working fine.

[Anonymous]

Also forgot to tell you to get on chat for your Amazon card and ask for a CLI. When they ask how much say 10k, if they ask why say X-mas shopping. They will either say no, counter or grant it. I was at a 700$ SL asked for 5K via chat and they granted it right away. My TU score was in the lower 700's can't recall exactly what it was. I know I left money on the table bacause they didnt counter.

For the Ulta card after it hits 6 months start hitting the CL button on the account page. They usually offer 200-500 SP CLIs on a monthly or bi-monthly basis. As always YMMV. Also I have heard of HP happening but they never have for me. I dont have a Ulta card but I do have a Victoria Secret and a Wayfair card both issued by Comenity bank.

[Anonymous]

It was a happy accident that I app'd for the platinum and it turns out to be the easiest to PC to a QS with no AF b/c I didn't know that at the time. I was prequaled for a QS1 and was tempted because wanted a rewards card, but no way was I paying an AF on a starter card, so took the Plat instead. Very glad I did. Also glad I didn't PIF on student loan as it has helped me out in the long run. Thanks for tips on CLI, will start working those ASAP!

[Anonymous]

Loans are great that way! I had a little over a year co-signed auto loan aging on my reports. I didnt even think about credit much until Capital One sent me the Platinum mailer.

Like you I was very lucky to have gotten the Platinum too! I was able to PC it rather quickly. I know it was only a few statements in not sure exactly how many though. I've received two auto-CLI from Capital one so far this year so I'm really happy with it so far.