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Trying to take my credit to the next level: Input needed!

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nitrov
Established Contributor

Trying to take my credit to the next level: Input needed!

Hey all,

 

So my credit has been kind of stagnant for a while since I've been carrying some heavier balances than I'd like after an emergency medical expense late last year. My scores have been hovering between 680-720 across the board, but I really want to try and streamline my small useless PITA accounts, and just maintain a few good ones with healthy limits. I'd love some input on my plan to see if anyone has a better idea!

 

 Current accounts (years are years opened, $ are CLs):

  • Amex Platinum (opened 10/15, after backdating ended)
  • Amex PRG (backdated 2007)
  • Amex BCE (backdated 2007) just got $15,000 CL
  • Chase IHG, 2014 $9000
  • Chase Freedom, 2012 $3500
  • NFCU, 2014 $20,000
  • NFCU, 2014 $5000
  • Cap One, 2013 $5000
  • Cap One, 2012 (former HSBC) $2500
  • Credit Union, 2014 $5000
  • USAA, 2014 $7000
  • PenFed, 2015 $5000

Store cards:

  • CareCredit, 2010 $7200
  • Lowes, 2014 $12,000
  • HHGregg, 2014 $4500
  • Limited/Comenity, 2014 $1230
  • Wells Fargo/Mattress Firm, 2015 $4600

I also have a HELOC from NFCU and an Upstart loan I am working on paying off. My total util on CCs is around 10%, working on paying those down within the next few months. I'm currently carrying a big balance ($10k) on NFCU due to the BT promo, $4000 out of $5000 on Penfed, and $5000 on CareCredit.

 

I'd like to know if my strategy is feasible or good:

  • Pay down NFCU & CareCredit, hope score bumps a bit
  • Mini app spree for NEW Chase Sapphire, CLI on Freedom...maybe CLI on IHG card too? Or should I not push it?
  • App for CLI on USAA and small CL NFCU card
  • Close credit union card, HHGregg, small Cap One card, and Platinum Amex

I'm hoping USAA will give me a decent CL, though they haven't given me one yet. Should doing all that and getting my util down and total outstanding balances down help bump my score? I have no derogs/baddies whatsoever, but my AAoA kind of sucks. I'm just trying to minimize some accounts so my credit report doesn't look like such a cluster-you-know-what. Thoughts? I'd love any insight or advice!!

 

Thanks!

My Top 3: Amex Delta Platinum ($30k) | Amex PRG | Citi Prestige ($30k) |



Starting scores 600-640 (2013), current 765-775 (2019); It is possible!

19 REPLIES 19
Anonymous
Not applicable

Re: Trying to take my credit to the next level: Input needed!

don't take this as being a smart mouth but if you want to show less utilization for now i would ask for CLIs on all cards that don't require hard pulls. then, once you pay down to a comfortable level, start closing some. i wouldn't apply just yet for new accounts, though.
Message 2 of 20
Anonymous
Not applicable

Re: Trying to take my credit to the next level: Input needed!

what's that $5k cap1? if it's not a mastercard i would try to CLI that, BOTH NFCU accounts, USAA (if it's SP) and penfed (again, if SP)

after you pay down to your comfort level, i would close all store cards except lowes and care credit (if you'll use them), close the platinum as you stated, PRG (if the rewards aren't doing any good for you and your lifestyle), dump credit union, cap1 (that was former HSBC (will probably be quite stuck and it appears it is lol)), and only CLI your chase cards if you're willing to take HPs
Message 3 of 20
nitrov
Established Contributor

Re: Trying to take my credit to the next level: Input needed!


@Anonymous wrote:
don't take this as being a smart mouth but if you want to show less utilization for now i would ask for CLIs on all cards that don't require hard pulls. then, once you pay down to a comfortable level, start closing some. i wouldn't apply just yet for new accounts, though.

I've already done that. Amex just bumped me to the $15k. NFCU only "sometimes" does a SP CLI, and I've had no luck with that in the past, so I want to wait until my CR is where I want it to be before I take the risk and have them do a HP. Cap One sucks and gave me a $500 CL but I never use those cards, tried doing the account combination but it won't let me for reasons unknown to me. I've exhausted all my SP CLI options and regardless I'm just not comfortable carrying debt so I'm working to pay it down/off ASAP. The CSP is the only new app I want simply because I want the card, the rest are all just CLIs that may require HPs. Assuming I get approved for a decent amount of CLIs, THEN I would start closing some of the crappy cards up so my util stays the same or still decreases.

 

I wasn't sure if there were some other tricks or some other insights people had specifically on any of the creditors I have but I think I've researched pretty much all of them at this point thanks to these forums and the only reason I'd be closing them is because they stink with giving CLIs or I otherwise have no use for them.

My Top 3: Amex Delta Platinum ($30k) | Amex PRG | Citi Prestige ($30k) |



Starting scores 600-640 (2013), current 765-775 (2019); It is possible!

Message 4 of 20
nitrov
Established Contributor

Re: Trying to take my credit to the next level: Input needed!


@Anonymous wrote:
what's that $5k cap1? if it's not a mastercard i would try to CLI that, BOTH NFCU accounts, USAA (if it's SP) and penfed (again, if SP)

after you pay down to your comfort level, i would close all store cards except lowes and care credit (if you'll use them), close the platinum as you stated, PRG (if the rewards aren't doing any good for you and your lifestyle), dump credit union, cap1 (that was former HSBC (will probably be quite stuck and it appears it is lol)), and only CLI your chase cards if you're willing to take HPs

Both my Cap Ones are MC Smiley Sad they don't want to give me anything. USAA is always HP if customer asks, same with Penfed. NFCU is hit or miss SP or HP and you don't know til you press the button. Aside from that, yea, I think you're pretty spot on with that you're suggesting. I want to keep the PRG only because it's backdated and one of my oldest accounts but I def don't need a PRG AND a Platinum, especially with those hefty AFs. Yea lol Cap One and that HSBC card I think is totally useless. I wish closing newer accounts could help your AAoA short term, but alas Smiley Mad

My Top 3: Amex Delta Platinum ($30k) | Amex PRG | Citi Prestige ($30k) |



Starting scores 600-640 (2013), current 765-775 (2019); It is possible!

Message 5 of 20
Anonymous
Not applicable

Re: Trying to take my credit to the next level: Input needed!

well, with NFCU if they wanna HP you a lot of times you can send a secure message to cancel it. it's not 100% but it has worked for me each time. they send a message back next day saying "your request has been canceled" and no HPs on my reports. AR happens in about a week and 2-3 days.
Message 6 of 20
SouthJamaica
Mega Contributor

Re: Trying to take my credit to the next level: Input needed!


@nitrov wrote:

Hey all,

 

So my credit has been kind of stagnant for a while since I've been carrying some heavier balances than I'd like after an emergency medical expense late last year. My scores have been hovering between 680-720 across the board, but I really want to try and streamline my small useless PITA accounts, and just maintain a few good ones with healthy limits. I'd love some input on my plan to see if anyone has a better idea!

 

 Current accounts (years are years opened, $ are CLs):

  • Amex Platinum (opened 10/15, after backdating ended)
  • Amex PRG (backdated 2007)
  • Amex BCE (backdated 2007) just got $15,000 CL
  • Chase IHG, 2014 $9000
  • Chase Freedom, 2012 $3500
  • NFCU, 2014 $20,000
  • NFCU, 2014 $5000
  • Cap One, 2013 $5000
  • Cap One, 2012 (former HSBC) $2500
  • Credit Union, 2014 $5000
  • USAA, 2014 $7000
  • PenFed, 2015 $5000

Store cards:

  • CareCredit, 2010 $7200
  • Lowes, 2014 $12,000
  • HHGregg, 2014 $4500
  • Limited/Comenity, 2014 $1230
  • Wells Fargo/Mattress Firm, 2015 $4600

I also have a HELOC from NFCU and an Upstart loan I am working on paying off. My total util on CCs is around 10%, working on paying those down within the next few months. I'm currently carrying a big balance ($10k) on NFCU due to the BT promo, $4000 out of $5000 on Penfed, and $5000 on CareCredit.

 

I'd like to know if my strategy is feasible or good:

  • Pay down NFCU & CareCredit, hope score bumps a bit
  • Mini app spree for NEW Chase Sapphire, CLI on Freedom...maybe CLI on IHG card too? Or should I not push it?
  • App for CLI on USAA and small CL NFCU card
  • Close credit union card, HHGregg, small Cap One card, and Platinum Amex

I'm hoping USAA will give me a decent CL, though they haven't given me one yet. Should doing all that and getting my util down and total outstanding balances down help bump my score? I have no derogs/baddies whatsoever, but my AAoA kind of sucks. I'm just trying to minimize some accounts so my credit report doesn't look like such a cluster-you-know-what. Thoughts? I'd love any insight or advice!!

 

Thanks!


If you really want to take your credit to the next level

 

1. don't apply for anything

2. pay down everything

3. apply for any CLI"s you can get but SOFT PULL ONLY

4. keep a credit card with small but not zero balance reporting

5. keep loan with small but not zero balance reporting

6. don't close any credit cards


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 7 of 20
Anonymous
Not applicable

Re: Trying to take my credit to the next level: Input needed!

you can close things and still take your credit to the next level though.
Message 8 of 20
SouthJamaica
Mega Contributor

Re: Trying to take my credit to the next level: Input needed!


@Anonymous wrote:
you can close things and still take your credit to the next level though.

Sure you can but closing cards will create a downward pull. OP should wait til at next level, then close card if there's compelling reason to do so.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 9 of 20
jamesdwi
Valued Contributor

Re: Trying to take my credit to the next level: Input needed!

What is the next level, you are looking for?  I see most of the major players, with 4  digit credit limits and 5 digit credit limits. 

 

Most of those cards will grow slowly with time. If you have the income to back it up, the AMEX may even grow to 30k after 6 months to a year. 

 

NFCU is known for  giving CLI's.

 

Most everything else will take time.

 

If there is a card you want, apply for them 1 or 2 per year, with at least 6 months between these cards.

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 10 of 20
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