07-30-2011 11:47 AM
Have a 6 month old $300K mortgage reporting. I let my INQs get down to 0 and I was lucky somehow to only get a single hard for my mortgage on Experian.
It seems like the magic score now is FICO 760+.
Before my mortgage I had a $30,000 NFCU cashRewards. I did some changes to my new house plus I bought new appliances. At one point my HIGH BAL on my NFCU card reached $15,000. I've been paying $2,200/mo in debt service and then I decided to take the offers to zero out my interest and lower my payments to co-incide with the BT offers expiring.
So in the last 4 weeks:
Citi Platinum Divident: $10,000 CL
Chase Slate: $7,000
Barclays US AIRWAYS Platinum: $13,000 CL
One thing that helped me get the Barclays card is that my balance went to $0 on NFCU and it hasn't shown up on my Citi card yet, and I am 100% convinced they set the CL on that card by looking at my highest balance ever across all my cards ($15,000).
So in the last few days I've bumped my total lines by $30,000 and my Vantage scores are now above 910. When Citi reports my BT they'll fall back down to where they were because it will be 95% utilized and it won't get back to 10% utilization on that one card until June 2012.
All my other revolving TLs are sitting at 0% utilization except for that one Citi card.
07-30-2011 11:55 AM
BTW on my INQs I now have 4 hards on EX, 2 on EQ and 2 on TU. I'm not going to bother to bump off the EQ and TU...
I also forgot to add that I tried for a 2nd Citi card (Simplicity) but they gave me a toy limit: $500. I'm not going to even activate that card it's a joke.
On the Chase card I am using to finance a new 17" maxed-out Macbook for 12 months @ $260/mo. On the Citi $10K card that BT offer runs for about 17 months so I set up an automatic payment of $580/mo on that one.
Since I was using $2,200/mo to kill my balances off on Navy I've now kicked the debt service payment in half and am saving over $500 on interest, plus now I can use my cashRewards again for actual cash rather than using my 1.5% cashback to cut down my interest rate to effectively 7%.
With these 3 new lines my AAoA will probably drop from 6 years down to 3 years (or worse I dunno), but after 12 months I should be back in the FICO 800 Club with my new mortgage and all my accounts aged over a year, plus multiple cards with big lines on them showing perfect payment histories. All my baddies except one have expired off all my reports and that 1 baddie that is left is only on one report and it's due to expire off in December which should get me another 20 FICO points (I hope!)
07-30-2011 11:58 AM
07-30-2011 12:26 PM
Hey Philly! First off...nice work! Those cards & limits are pretty dang sweet!
I did want to give you an example of a FICO bump to expect. About a year or so ago, I had my last collection/last baddie drop off equifax (1 year early) & I got about a 30 point jump and just a couple weeks ago I had (also the last baddie here) a 90 day late from 9/04 drop off my TU...I went from 706 to 751.
YMMV...but you're still going to be looking GOOD!!!