Should I just wait for another year?

[climbinghigher]

Just wondering what you guys would do.

My score stays between 730 to 735. I have 2 cc. 1 for 12 yrs. and one 6 mo.

All is clean except for 2 pr's.

I was denied by BOA. Their reasons were the pr's and not enough credit references.

The pr's should be gone in about a year.

I would like to build a 3rd reference while waiting.

Should I just do the Orchard or something like that for a year?

Would it hurt, help, or make any difference to AU on my wife's accounts?

[Anonymous]

Hi climbinghigher,

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@climbinghigher wrote:

Just wondering what you guys would do.

My score stays between 730 to 735. This is your FICO score pulled from this site?  I have 2 cc. 1 for 12 yrs. and one 6 mo.  Can I ask, Who are your CC's with?  and What is the CL? 

All is clean except for 2 pr's.  I have the same thing basically.  But "all is clean" and "2 pr's" is an oxymoron.  But I know what you're saying.  Keep in mind that your creditors do not see it quite that way.  They see that you have two derogatories on your CR.  Again - I'm in the same place, but I've found it helpful when I'm apping to keep the picture clear when I'm talking to myself  .  Two derog's is what it is - it's not a clean report.

I was denied by BOA. Their reasons were the pr's and not enough credit references.

The pr's should be gone in about a year.

I would like to build a 3rd reference while waiting.  Any particular reason for this?  Having a third account was not advantageous to DH or to me; and it reduces your AAofA which takes awhile to rebuild.  At this point, you will probably qualify for a rebuilder card that will not suit you long term.  If you wait the year, you can probably be approved for a more long-term card -- This is the better plan.

Should I just do the Orchard or something like that for a year?  Hmmm.  Who is it that you have your first two cards with? 

Would it hurt, help, or make any difference to AU on my wife's accounts?  Check each account separately.  Look at whether the age of the account will positively or negatively impact your AAofA (and possibly How Long You've Had Credit), along with how that card will impact your utilization and number of accounts reporting a balance.

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[climbinghigher]

Thanks  beamMeup for the reply. Yes my score is from this site. Both of my cards are with Cap One. One cl is 1500 and the other is 750. I guess I thought a 3rd account would be helpful since BOA said I didn't have enough references.

Sounds like I should just wait. I just needed to hear that from someone.

Another ? My wife's score stays in the 800's.

We live on 8 acres and need a new mower. The one we are looking at is about 6k. We could pay for it but I was thinking about getting a loan from our bank and trying to get it on a joint account in order to have something besides cc accounts. What do you think. Thanks for your input.

[Anonymous]

Do you have any other open installments showing up on your CR?

[climbinghigher]

I only have the 2 Cap Ones open. I au on a Shell card that is reported on TU. I have a paid auto loan from 2000 showing all good. Thanks.

[Anonymous]

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climbinghigher wrote:

Thanks  beamMeup for the reply. Yes my score is from this site. Both of my cards are with Cap One. One cl is 1500 and the other is 750. I guess I thought a 3rd account would be helpful since BOA said I didn't have enough references.

Sounds like I should just wait. I just needed to hear that from someone.

Another ? My wife's score stays in the 800's.

We live on 8 acres and need a new mower. The one we are looking at is about 6k. We could pay for it but I was thinking about getting a loan from our bank and trying to get it on a joint account in order to have something besides cc accounts. What do you think. Thanks for your input.

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I was  hoping you'd see more replies and opinions on this - but it's been awhile, so I'll take a shot at it.

I don't know.  I'm not sure I would take out an installment loan simply in response to this BoA statement.

It's really your PR's that are holding your scores where they are, and BofA is snippy about PR's. 

And it looks like you have four accounts currently on your report.  If your auto loan closed in 2000, it is overdue to age off your reports.  If it was opened in 2000, it will age off about ten years after your last payment was made.  Even closed installment loans count somewhat in your FICO scores, though definitely not as much as an open installment account.

On the other hand, it appears that you have a thin file.  If these four accounts are all that's appearing on your CR, it could potentially be helpful to have an additional account.  If you did open this installment, I would hold the cash expressly for repaying the installment and I would pay it off in short order - even if the terms of the loan are several years.  IMO - I would pay this off in about half a year max.  I am not a fan of paying interest for FICO points.  Especially when your score is pretty decent as it is.

Did we already go over what's showing up on your FICO score reports?  What's Helping Your FICO Score and What's Hurting Your FICO Score?  (Sorry, I can't remember if we did).  Address those issues that are showing up on "What's Hurting Your FICO Score" first.  If lack of installment info is showing up here, I might consider doing a loan and paying it off pronto;  If it's not showing up as a negative factor, I wouldn't even consider opening the installment. 

And, of course, I always remember that DH had an EQ FICO over 800 with no installments open; on the other hand, he did not have a thin file.

So, there you have it.  Stuff to think about.  IMO, when your PR's fall off will likely be in the High Achievers Club or fairly close to it - you'll be in pretty good shape.

Best wishes to you as you move forward -and congratulations on your good work.

[Anonymous]

Do you own this 8 acres?

[climbinghigher]

Thanks for the replies

beamMeup, my report says the things that are hurting my report are the pr's and a short credit history. (11 yrs. and 5 mo.) What is helping my score is on time pay and recent use of cards.

casinoannie, yes we own the 8 acres.

Thanks again

[JayRizzo]

Did we ever answer the actual question?  hahahaa

[Anonymous]

Jay Rizzo:  I don't see any help from your end.

More info was needed.