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forrestfico
Posts: 77
Registered: ‎09-10-2007
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Re: I'm in Heaven

RR, I got my WAMU card back on Oct 29, 2007 and it started reporting around Dec 19, 2008 - around 7 weeks to report...  Hope this helps - it takes even longer for your PFICO to start updating on their website...
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RichRaven
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

Cheddar I think you replied to the wrong post...lol...this is the post we need help for. Also if there's anyone else out there that can help you input would be greatly appreciated.

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cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: I'm in Heaven

Hey Rich,
 
I just read through your whole thread one more time.  What you have accomplished in such a short time is very impressive.  You obviously know exactly what you want to accomplish, and you are taking all the right steps to make it happen.  Kudos to you for a job well done so far!
 
As far as specific advice, I can't offer much other than to reiterate the excellent advice the previous posters have already given you.  I don't think there's a single piece of bad advice in this whole thread.
 
I will point out just one thing that may save you a little bit of aggravation for the time being.  Since you apparently don't plan to apply for new credit in the near future, it's really not necessary right now to let a small balance report each month.  You can safely pay off your cards and let 0% utilization report, if you want to, because FICO has no sense of historical utilization.  About a month before you want to start mortgage shopping, that will be the time when you want your reported utilization to be around 1% for maximum FICO effect.  Until then, though, if nobody's pulling your reports, it won't hurt you one bit to just take the path of least resistance and only pay your cards in full by the due date, or before the statement date, whichever you prefer.
 
I really wish I could offer more, but everyone else seems to have covered all you need to know very well.
 
As far as your wife establishing her own credit is concerned, I would avoid getting any joint accounts, for a couple of reasons.  First, although it's not a pleasant thing to think about, it can be very, very difficult (or impossible) to separate yourself from a joint account if the need should ever arise.  Second, (another unpleasant thought, I know), if you ever need to file BK, with separate accounts at least one of you will be able to keep your reports BK-free.  Finally, if you have a joint account, it will appear on both of your reports and will count towards the amount of available credit for each of you.  With separate accounts, you'll be able to have twice the available credit between the two of you, all else equal, before creditors start telling you that you have reached the ceiling of available credit they will allow you to have.
 
Congratulations again on all of your progress.  You really have a reason to be proud of what you've accomplished! :smileyhappy:
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
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ludka23
Posts: 20
Registered: ‎07-01-2008
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Re: I'm in Heaven

I read all your posts and it inspired me. I will use your posts as motivation to help me do the same. I hope all people will read this and learn. Thank you for shownig me what I need to do to have good credit. This post inspired me. Thank you thank you.
New to the world of credit and you are my guide...My success is yours....You are my teachers.
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RichRaven
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

   Thanks for your words of encouragement Ludka23 and I do believe I am on my way. Thanks Cheddar for your advice and I look forward to sharing my experiences in the world of credit with all of you. I've read your post Ludka23 and I will post my thoughts there. I will use all your expertise to help me in my journey to the world of perfect credit and I invite all of you to read about my journey here and will welcome all comments. Again thanks all.

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RichRaven
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

  An update on my quest. I called BofA 3 times before I finally got a csr that would increase my limit from $1200 to $2500. The first guy would not increase it and when I asked for a supervisor he told me it would be 24-48 hours before one would return my call.He said he had 15 yrs experience ...lol..and that there was nothing I could do so I told him to forget it and called right back. The second rep was rude also so I basically told her to forget it and decided to try one more time.The third rep sounded so pleasant on the and let me explain my reason for an increase. After holding for 2 or 3 minutes she increased my limit $1300 dollars. My point is that if you believe you deserve an increase don't let a customer service rep that thinks he's God tell you you're not worthy and no person controls your destiny....YOU DO. Just be persistent and good things will happen. I learned a valuable lesson this evening in my quest and I'll never be denied. I have never been late paying my bills and never will. Watch out Cap One, WaMu, and Orchard for in time you'll be on my radar. Please remember one thing in this credit game....Paying your bills on time, letting your cards age, and increasing your Fico scores keep you in charge because time is on your side.

Starting Score: 721
Current Score: 799
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RichRaven
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

An update on my quest. I recieved a pre-approval letter from Discover for their "More" card this evening. I was skeptical at first because of my short credit history. I've read many posts here about discover being very selective in who they approve so I was very weary about this offer. I decided to try it anyway because I had nothing to lose since we won't be buying our house until June at the earliest. To my astonishment I was approved for the card. My God I can't believe it. I feel I've finally achieved the ultimate credit joy. I can't explaine it in this single post but I invite you all to read this entire post to understand what I've been through. I'm sure it will be motivation to anyone starting fron scratch. I thank you all for helping me do what was needed to help improve my life. This is wonderful.
 
I just need advice on what to do next. I now have 5 cards..
 
BofA..13 mos open..$2500 high...0 balance
Orch..11mos open..$300 high.....0 balance
WaMu 4 mos open..$3500 high...$700 balance...0% till jan
CapOne..4 mos open...$1000 high...0 balance...0% till Dec
AND THE GRAND DAM....Discover...high not given on pre-approved site...0% till Mar 2009
 
My questionsare numerous but the big one is can anyone guess what my credit limit will be? I make about 100k a year, been on my job for 10 years. Also can anyone give me direction on what I should do next? I had decided not to apply for any more cards since we'll be buying a home within a year but the discover card was too hard to ignore. I need your help .

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


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Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
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Re: I'm in Heaven

1. Congrats on your great success!
 
2. I'm quite certain we had a run in with the same rude customer service rep at BofA. The guy I got felt the need to tell me mulitple times that he was a senior credit analyst. I have a post about him on these boards somewhere. Jerk!
 
3. I am just basing this on my experience with Discover and then the numeours threads I have read about recent Discover approvals on here and then on WGMC and I would guess they will give you a CL of somewhere between $3-4k. 
 
Best of luck on your continued journey!
Regular Contributor
RichRaven
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

Thanks UpUpUp..Does anyone have any more advice on how I should progress?

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


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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: I'm in Heaven


RichRaven wrote:

....I just need advice on what to do next. I now have 5 cards..

BofA..13 mos open..$2500 high...0 balance
Orch..11mos open..$300 high.....0 balance
WaMu 4 mos open..$3500 high...$700 balance...0% till jan
CapOne..4 mos open...$1000 high...0 balance...0% till Dec
AND THE GRAND DAM....Discover...high not given on pre-approved site...0% till Mar 2009

My questionsare numerous but the big one is can anyone guess what my credit limit will be? I make about 100k a year, been on my job for 10 years. Also can anyone give me direction on what I should do next? I had decided not to apply for any more cards since we'll be buying a home within a year but the discover card was too hard to ignore. I need your help .



I'm terrible at guessing scores, CL's, and so forth, so I won't even try that one, but here a suggestion for the second:

You now have a great selection of cards. I would go into credit gardening phase at this point. By mortgage time, all accounts will be over a year old, and you'll be in wonderful shape. Your BofA card has the potential for CLI's, which will help increase your total CL. It's not a biggie, but it's useful.

Keep using the cards, to keep them alive, and PIF'ing them, as you're doing. Your scores should keep on rising, slowly but surely, as time goes by and more and more good history accumulates.

At some point, once the WaMu is paid off, I would experiment with allowing one card and then zero cards to post a balance of $20 or so, and see how it affects your scores. When you actually sit down to apply for the mortgage, it will be useful to know if a certain number of cards with balances might give you an extra 10 points or so.

Otherwise, garden your cards and start to save, save, save. It's all about the down payment now! Good luck
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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