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Frequent Contributor
Phoenix-rising
Posts: 474
Registered: ‎06-16-2008

Re: I'm in Heaven

RR, you asked about establishing credit for your wife. 
 
Two years ago my 21-yo son was in the same situation.  We did a couple of things for him.
 
1- He got a secured loan at a local bank.  He had to leave a certain amount of money in a savings account until his loan was paid off.
 
2 - I added him as an AU on a couple of my credit cards.  His account history is older than he is now.
 
Even though he only started building his credit 2 years ago, his credit score is now in the high 700s.  He now has an auto loan, a Best Buy MC and a Discover card and he's very responsible about paying on time.
DH's FICOS: July '08 TU-661 / EQ-593 / EX-656 --> April '09 TU-730 / EQ-705 / EX-685

MY FICOS: July '08 TU-735 / EQ-727 / EX-767 --> April '09 TU-789 / EQ-774 / EX-767
Regular Contributor
RichRaven
Posts: 239
Registered: ‎08-30-2007

Re: I'm in Heaven

 Thank you for the advice. I finally had access to my other scores TransU 672 and Ex 618. Ex has an old collection for $60 dollars that is killing me (3yrs but reporting as 6 months) I totally forgot about this account. I guess my moniker of never being late is shatered. Please help me decide what to do with this account. Should I pay it and have it start over or should I reluctantly forget about it and move on. I really want to have great scores with all reporting agencies but I also feel that if I could weather this sorm until my $3500 Wamu and $750 Cap One cards begin to report and age this will overcome the collection. What do you think?

Starting Score: 721
Current Score: 799
Goal Score: 800


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Regular Contributor
RichRaven
Posts: 239
Registered: ‎08-30-2007

Re: I'm in Heaven

   I really need you help. I ask you all to read this thread and please help. Please guide me through this difficult situation. Moderators are you out there and if not anyone with simular experiences please offer advice.

Starting Score: 721
Current Score: 799
Goal Score: 800


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Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008

Re: I'm in Heaven

Rich, since the amount is so small and it's obviously eating you up (as it would me, too) why don't you contact with a PFD?  
Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007

Re: I'm in Heaven



RichRaven wrote:
Ex has an old collection for $60 dollars that is killing me (3yrs but reporting as 6 months) I totally forgot about this account. I guess my moniker of never being late is shatered. Please help me decide what to do with this account. Should I pay it and have it start over or should I reluctantly forget about it and move on. I really want to have great scores with all reporting agencies but I also feel that if I could weather this sorm until my $3500 Wamu and $750 Cap One cards begin to report and age this will overcome the collection. What do you think?


RR, you might want to post this question separately on the Rebuilding Credit board - you'll probably get more helpful responses there than on CC's.
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

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Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007

Re: I'm in Heaven



RichRaven wrote:
 Please Help. I need all your experience and expertise to predict our credit future. I want to increase our credit limits to put us in the best possible position to get the best interest rates in May 2009 to buy a home. We will only have revolving credit and no installment loans when we try to buy . I don't want to explain our situation because I've already done this within this thread. I have a total cc limit of 5850 with 4 cards, never late, and always using them to pay bills and paying them off immediately leaving a small balance. My score is now 682 only because my 2 oldest accounts are almost a year old and my 2 newer accounts are very recent. I would like to know 2 things. 1...What do you recommend I do to get the highest limits on each card before May 2009 and ....2 ...Assuming I pay everything on time and keep my utilization below 9% would I qualify for the best interest  rates. I know it's asking a lot but please read this thread before determining your response.


RR, your best bet for finding out what your individual CCC's like to see in the way of usage to encourage good CLI's, and when/how often it's okay to try for CLI's or expect auto-CLI's is to do a search on each one's name and skim through the thread titles the search turns up, as this question has been asked many, many times about pretty much every CCC. You're certain to find lots of threads with titles like 'What does (name of CCC) like to see?" and "(CCC name) CLI", etc.  That's probably your best, quickest resource for answering that part of your question, for all your cc's.
 
As for the question about whether or not you're likely to qualify for the best mortgage rates, you might want to repost that over in the Mortgages Board - lots of pros there who should be able to give you more info about that than here on CC's.
 
Hope this helps.  Good luck, and keep up the good work.  :smileyhappy:
 

 
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Regular Contributor
RichRaven
Posts: 239
Registered: ‎08-30-2007

Re: I'm in Heaven

  Some new information to add to my post and please feel free in giving me advice. I know know that I don't need any more cards to help my cause as I know with useage and a perfect payment history my credit score will take care of itself. I'm an impatient fellow and I've noticed that 2 accounts I opened on June 2nd have yet to post. WaMu and CapOne. I have been through 1 billing cycle on each, and paid on time and about to enter the second. Does anyong know when these guys will begin posting to the agencies? It's driving me crazy not seeing them posted. Any help would be greatly appreciated.
 
PS. Ive been using them like crazy and paying the bills online 1 or 2 days after they post. My utilization is below 9%.
 

Starting Score: 721
Current Score: 799
Goal Score: 800


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Regular Contributor
RichRaven
Posts: 239
Registered: ‎08-30-2007

Re: I'm in Heaven

 Is there any advice out there?

Starting Score: 721
Current Score: 799
Goal Score: 800


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Regular Contributor
mrlimo
Posts: 153
Registered: ‎12-04-2007

Re: I'm in Heaven

Hey Rich, way to keep up the good work.
 


UpUpUp wrote:
Rich, since the amount is so small and it's obviously eating you up (as it would me, too) why don't you contact with a PFD?  


 How has this progressed? Have you sent of a PFD on that $60 account yet?
 
 I would have said a while back that if you were to add a store card to your mix rather then a 4th Revoling card it could have been good at showing a mix of credit, however If your apping for a Mortgage in May 2009 you want all your inq's over the 1 year mark. It will account for up to 10% of your 850 or (up to 85 points) since your highest would be 4  it is probably closer to the 20 points mark (IMO) that you can gain. As far as your CLI's as I see it should be a non issue short term wise since your keeping your posting util low anyways. Your biggest obsticle is still your oldest good standing account is 2 years old and your average age is 1.5 years as of mortgage time. That can only take care of itself over time. I can say a good downpayment amount will be a strong positive in a lenders eyes how is the savings coming along?
 
 Also your wifes credit will be just as important if your going to file for a joint mortgage so keep working on her credit as well, In a short period hers can be a healthy 700's if there is nothing at all on hers already. But once again you would want to have all her inq's off by mortgage app time.
 
Is the May 2009 date etched in stone or is it a guideline to follow? Have you found the house yet? are you looking for one now? Price range etc. will be a huge factor.

 
Regular Contributor
RichRaven
Posts: 239
Registered: ‎08-30-2007

Re: I'm in Heaven

Cheddar?

Starting Score: 721
Current Score: 799
Goal Score: 800


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