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So my immediate goals have been met! I finally have cards from Amex, Chase, Citi and even Crap1... So I think for the next 6 months now I will be gardening. A big thanks to this great board for all the advice (primarily as a lurker.). A big big step up from the days when I didn't know how to handle my credit. Now my credit is hovering around 700 and only can go up.
So where to go from here? Do I look towards some "Super Prime" cards in a year? With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!
@Frunkis wrote:So my immediate goals have been met! I finally have cards from Amex, Chase, Citi and even Crap1... So I think for the next 6 months now I will be gardening. A big thanks to this great board for all the advice (primarily as a lurker.). A big big step up from the days when I didn't know how to handle my credit. Now my credit is hovering around 700 and only can go up.
So where to go from here? Do I look towards some "Super Prime" cards in a year? With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!
I'm forced to stay in the garden =\ since I got a mortgage shortsale pending. Regardless it's great but get your utilization down 16% is still high, always under 5%!!!! imo unless you have 0% apr
@hayabusa wrote:
@Frunkis wrote:So my immediate goals have been met! I finally have cards from Amex, Chase, Citi and even Crap1... So I think for the next 6 months now I will be gardening. A big thanks to this great board for all the advice (primarily as a lurker.). A big big step up from the days when I didn't know how to handle my credit. Now my credit is hovering around 700 and only can go up.
So where to go from here? Do I look towards some "Super Prime" cards in a year? With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!
I'm forced to stay in the garden =\ since I got a mortgage shortsale pending. Regardless it's great but get your utilization down 16% is still high, always under 5%!!!! imo unless you have 0% apr
I don't think 16% is high especially if you have a strong credit profile. Anyway if you're gonna app after 6 months you should toy around with your utilization to see what percent maximizes your score. I'd say to start at 10% and then go down. Your sweet spot could be anything between 1 and 10. Since you'll be in the garden its a good time to get to know what influences your specific credit.
@Rhaeny wrote:
@hayabusa wrote:
@Frunkis wrote:So my immediate goals have been met! I finally have cards from Amex, Chase, Citi and even Crap1... So I think for the next 6 months now I will be gardening. A big thanks to this great board for all the advice (primarily as a lurker.). A big big step up from the days when I didn't know how to handle my credit. Now my credit is hovering around 700 and only can go up.
So where to go from here? Do I look towards some "Super Prime" cards in a year? With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!
I'm forced to stay in the garden =\ since I got a mortgage shortsale pending. Regardless it's great but get your utilization down 16% is still high, always under 5%!!!! imo unless you have 0% apr
I don't think 16% is high especially if you have a strong credit profile. Anyway if you're gonna app after 6 months you should toy around with your utilization to see what percent maximizes your score. I'd say to start at 10% and then go down. Your sweet spot could be anything between 1 and 10. Since you'll be in the garden its a good time to get to know what influences your specific credit.
16% is way too high especially if you have a strong credit profile. Why? cause you'll probably have a large credit limit. Let's say $50,000 in credit limits which is reasonable for a strong profile. Chase Sapphire = 15.24% prime rates (1.24% a month) so if you were at 16% debt that's a $8,000 balance. You'll be paying just shy of $100 a month just in interest charges! Personally I rather spend $100 on other things like a 2 hour massage.
I will certainly try to bring it down to 10% now heating season is over... (though I do have one more big bill to pay with my CC's)...
Should be fun to play with to say the least!
@hayabusa wrote:
@Rhaeny wrote:
@hayabusa wrote:
@Frunkis wrote:So my immediate goals have been met! I finally have cards from Amex, Chase, Citi and even Crap1... So I think for the next 6 months now I will be gardening. A big thanks to this great board for all the advice (primarily as a lurker.). A big big step up from the days when I didn't know how to handle my credit. Now my credit is hovering around 700 and only can go up.
So where to go from here? Do I look towards some "Super Prime" cards in a year? With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!
I'm forced to stay in the garden =\ since I got a mortgage shortsale pending. Regardless it's great but get your utilization down 16% is still high, always under 5%!!!! imo unless you have 0% apr
I don't think 16% is high especially if you have a strong credit profile. Anyway if you're gonna app after 6 months you should toy around with your utilization to see what percent maximizes your score. I'd say to start at 10% and then go down. Your sweet spot could be anything between 1 and 10. Since you'll be in the garden its a good time to get to know what influences your specific credit.
16% is way too high especially if you have a strong credit profile. Why? cause you'll probably have a large credit limit. Let's say $50,000 in credit limits which is reasonable for a strong profile. Chase Sapphire = 15.24% prime rates (1.24% a month) so if you were at 16% debt that's a $8,000 balance. You'll be paying just shy of $100 a month just in interest charges! Personally I rather spend $100 on other things like a 2 hour massage.
More goes into a credit decision other than your score and utilization. If this person you just made an example of with $8K in balances makes $100K then that changes the picture to a more favorable one. If that person makes $50K now that $8K is going to look unfavorable. So its not one size fits all for credit approval and more of general guidelines as this board has proved over and over again.
@Rhaeny wrote:
@hayabusa wrote:
@Rhaeny wrote:
@hayabusa wrote:
@Frunkis wrote:So my immediate goals have been met! I finally have cards from Amex, Chase, Citi and even Crap1... So I think for the next 6 months now I will be gardening. A big thanks to this great board for all the advice (primarily as a lurker.). A big big step up from the days when I didn't know how to handle my credit. Now my credit is hovering around 700 and only can go up.
So where to go from here? Do I look towards some "Super Prime" cards in a year? With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!
I'm forced to stay in the garden =\ since I got a mortgage shortsale pending. Regardless it's great but get your utilization down 16% is still high, always under 5%!!!! imo unless you have 0% apr
I don't think 16% is high especially if you have a strong credit profile. Anyway if you're gonna app after 6 months you should toy around with your utilization to see what percent maximizes your score. I'd say to start at 10% and then go down. Your sweet spot could be anything between 1 and 10. Since you'll be in the garden its a good time to get to know what influences your specific credit.
16% is way too high especially if you have a strong credit profile. Why? cause you'll probably have a large credit limit. Let's say $50,000 in credit limits which is reasonable for a strong profile. Chase Sapphire = 15.24% prime rates (1.24% a month) so if you were at 16% debt that's a $8,000 balance. You'll be paying just shy of $100 a month just in interest charges! Personally I rather spend $100 on other things like a 2 hour massage.
More goes into a credit decision other than your score and utilization. If this person you just made an example of with $8K in balances makes $100K then that changes the picture to a more favorable one. If that person makes $50K now that $8K is going to look unfavorable. So its not one size fits all for credit approval and more of general guidelines as this board has proved over and over again.
i think you read things wrong, I was talking about credit limits not income..... regardless paying $100 a month just in interest rates is never a good idea unless you have better investments to do wiith that money that'll recoup your losses in interest.