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Frequent Contributor
Posts: 339
Registered: ‎12-12-2007
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Trying to boost score, Should I open a discover card to increase utilization ?

Here is the deal.....my TRANSUNION score is the " middle" score for now and seems like that is what they will look at 6 months from now as well since my TU has always been the middle score for the past 3 years.
 
My utilization is not that great at all. My total credit limit combined is 24K.  I have about 7k balance combined. I have 6 credit cards and one installment car loan that I have had for about 2 years now.
 
my scores are as follows:  TU : 690  Equifax :  673   Experian : 704
 
I already tried increasing credit lines on my cards and did so with BoA with ease and chase as well...although chase did a hard pull and dropped by equifax score by -15.
 
Anyhow......my question is this.....if Discover only does a hard pull on equifax,  and I get a 10K limit card...wouldn't that be beneficial for me ?  Since I could care less about the equifax score for mortgage qualification purposes.
 
I am in Florida.  Obviousely, I need to know exactly who discover does the hard pull with and even then, does this make any sense or I am just getting too excited with all this credit stuff and need to chill.
 
Thanks for the help...
N
God is keeping score....be good to others.
Moderator Emeritus
Posts: 3,417
Registered: ‎12-27-2007
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Re: Trying to boost score, Should I open a discover card to increase utilization ?

Don't bank on Discover pulling EQ.  They pulled EX for me.
 
How soon are you looking to get a MTG?  New accts are frowned upon, not just the inqs.
 
Discover isn't known for giving large CLs at first.
 
If the MTG is at least 6 months out I'd try a CU for a large TL with a likely EQ pull.
 
And chilling out is always a good thing.  :smileyhappy:
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Frequent Contributor
Posts: 339
Registered: ‎12-12-2007
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Re: Trying to boost score, Should I open a discover card to increase utilization ?

yes...mortgage will be 6-7 months...probably December of this year.
 
 
What does this mean " out I'd try a CU for a large TL with a likely EQ pull."
 
 
 
God is keeping score....be good to others.
Moderator Emeritus
Posts: 3,417
Registered: ‎12-27-2007
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Re: Trying to boost score, Should I open a discover card to increase utilization ?



firstinlastout wrote:
yes...mortgage will be 6-7 months...probably December of this year.
 
 
What does this mean " out I'd try a CU for a large TL with a likely EQ pull."
 
 
 



If you are at least six months out, as in six months away, from the mortgage application you might consider a CREDIT UNION (such as PenFed) for a large TRADELINE from a lender who will likely pull your EQUIFAX report.
 
I hope that makes sense!  :smileyhappy:
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
0

Re: Trying to boost score, Should I open a discover card to increase utilization ?

Discover looks at all three reports but only does one hard pull...either EX or TU. Discover underwriting places a lot of weight on FICO scores and income. If your household income is over 121K annually, a big CL is possible if they hard your EX report.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Frequent Contributor
Posts: 339
Registered: ‎12-12-2007
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Re: Trying to boost score, Should I open a discover card to increase utilization ?

So PenFed does equifax only then ? Cool.  I am not affiliated with the military or government, but I see they have a membership option for non-military people for 20/year. 
 
Just wanted to confirm that PenFed is an equifax pull only ??????
 
 
 
 
God is keeping score....be good to others.
Frequent Contributor
Posts: 339
Registered: ‎12-12-2007
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Re: Trying to boost score, Should I open a discover card to increase utilization ?

Also...when I join PenFed....do I ask for a loan or can the "tradeline" be a credit card too ?
 
 
God is keeping score....be good to others.
Moderator Emeritus
Posts: 3,417
Registered: ‎12-27-2007
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Re: Trying to boost score, Should I open a discover card to increase utilization ?

I've never app'd with PenFed, but they're on my potential to-do list.
 
I'm hoping someone else will pop in with some good info for you.  I would highly suggest doing a search for penfed to see some of the opinions.
 
Good luck and keep us posted!
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: Trying to boost score, Should I open a discover card to increase utilization ?

firstinlastout, I have never, ever, ever read of PenFed pulling ANYONE other than EQ. Yes, the National Military Families Association option is the way to go.

As Peas said, do a search here on PenFed to get a feel for what they want. You'll get plenty of results, because they have gotten really hot here over the last several months.

Generally speaking, they want an EQ in the upper 600's and above, low util, very few recently opened accounts, and a reasonably clean credit report without recent baddies, as in within the last 12 months. If you're weak in one of these areas, but really strong in others, that might be enough. With a good income, they are very generous.

Many people have to show proof of income. I didn't, because I could tell them that I'm a GS 8/7, and they either took me at my word or somehow verified it on their end. (Scary!) Although I'm a Federal employee, my agency doesn't qualify me for PenFed membership, or anything else :smileymad: , so I did the NMFA deal.

I got the gas card, praise the heavens above, and a car loan. Great people, great organization, deeply primitive website, although I think that they are working on this.
* 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
Frequent Contributor
Posts: 339
Registered: ‎12-12-2007
0

Re: Trying to boost score, Should I open a discover card to increase utilization ?

lol on the deeply primitive website !!  Man was it hard navigating through that thing !
 
 
 
God is keeping score....be good to others.
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