@supervelous wrote:
So, I have had credit problems in the past, no bankruptcies, not even any CO's on my record, but I do have a 90 day late from last 3 months of 07', and about 27 lates over the last 7 years, all other ones were 30 with one 60 day on my car loan maybe 3 years ago. My car loan was also 30 in September 2012 and March 2012. Besides those two I don't think I have any lates the last 2 years. I am a renter.
I did have high utilization on my credit cards, lot of it due to low low limits. I paid down all my credit cards to 0 via tax refund & a CU installment loan just opened a few weeks ago ($2,700), except my GE Amazon I just got a few months ago and is at 0% with $150 balance out of $700 limit. My current credit cards, I haven't checked Equifax lately so I mostly report below what's on my Experian and TU. Equifax I got FICO on 8/8 and even with most of the paid off CC's not reporting I had a 670 and got a score alert to 682 a few days ago.
Cap 1 - $0 (300 limit)
Cap 1 Orchard Visa - $0.00 but still reporting on Experian at $620, paid to 0.00 on 7/25/13, $0.00 on TU, CLOSED DUE TO ANNUAL FEE $79
Cap 1 Orchard MC - $0.00 but still reporting on both TU and Experian at $494 - CLOSED DUE TO ANNUAL FEE BEFORE CHARGED $59
Bank of America - 0.00 ($500 limit)
Commenity Express - $0.00 ($1,700 limit)
Chase Slate - $0.00 - still shows as $50 on credit reports, statement cuts 8/20 (250 limit)
Chase Slate 2 formerly WAMU -$0.00 ($300 limit)
GE Amazon $157 ($700 limit), just got in May 13'
Installment
Car Loan Connex Credit Union: $2,300 but reporting as $3650 on credit till next balance update (they owed me a big credit from an erroneous insurance add-on), might pay my $450 payment by next reporting date of 8/31/13, would the lower balance help?
Connex CU Installment Loan: $2,700 (new, showing on credit reports)
Sallie Mae: $610
I have the two 30 days on car from last year, but in the past year I paid a lot of debt down, and my income went from about 64k to 74k. A month ago I had a utlity showing in unpaid collections from years ago, I disputed and it got removed from my reports. My scores:
Equifax FICO - 682 (8/15/13)
Transunion FICO - 692 (8/20/13)
Transunion FAKO - 783 (says 800-900 is "B" range, I'm in C and says better than 49%)
Experian FAKO - 657 out of 830 or 850(says Medium risk), started at 561 on 7/27 before my credit cards started showing paid down and collection came off
Credit.com TU Fako - 749 (says my state average is 724 and National is 723)
Average Age of Accounts - 5 years 10 months Oldest 10 years
I am finally at the point where I don't need credit cards at all, I can pay off the Installment loan within a month or 2 if I want, the car loan will be paid off November 30th freeing $450 from my monthly budget, then might let Sallie Mae sit for the payments since it has a ridiculously low rate. But in as little as 3-4 months I can be debt free.
I want to keep or get a new card for paying in full each month and rewards, with no annual fee, or willing to pay annual fee is rewards make up for it. But I don't want to inquire all over the place when my credit finally seems to be getting way better fast. I have 3 inquries on report, 1 from May, 1 from March, and the other from March 2012. I also want a high limit, these $300 - $500 aren't worth it to me. I applied for Cap 1 increase and was denied, said recent late payment, I think it was in December of last year, but wasn't even a 30 day, just a "I forgot to pay it by due date and wasn't using auto bill pay at the time". They also said my score was 603 from Equifax but said score date was 6/25/13 even though I hit CLI button on 8/14/13.
So, what is my best bet for a high limit card with my profile? Should I wait a month for the Cap 1 still reporting $620 to show $0. Will my car note goign from $3,600 to $2,000 help? A lot of my credit cards have 30 day late at soem point from when I was at breaking point in 2007, early 08, but all are current and no 30 lates for at least 2 years. I had 40K in debt then and a much lower income, now at around 5,500 total debt.
Would appreciate any advice on a good card for my profile. I wish I had 3 FICO's, I will be ordering soon but wanted to wait for all my cards to update from my consolidation before paying the $20 per FICO.
Add: I also want a CLI on Amazon, I plan on buying and selling a few PS4 and Xbox Ones I preordered right when preorders started. Would like to have them on the 0% rather than float $3,000 cash out for them before they are sold or returned. So would like to have by beginning of November. Might wait till then to apply.
Update! About 1 year from this post, here is my updated status. I now have the following lineup of cards:
Chase Sapphire Preferred: $6,200
Chase Freedom: $5,500
Discover IT: $10,000
American Express Blue Cash Preferred: $6,000
American Express Blue Cash: $15,000
US Bank Cash+: $5,000
Express: $2,000
Chase Ink Bold: Charge Card, No Preset Spending Limit but they said something about $18,000
Barclays Arrival World Mastercard: $10,000 (just approved today)
Bank Of America: $500 old card, keeping bc of age, won't ask for CLI b/c of HP and no rewards
Pulled my FICO's the other day from myFICO and the scores were: TU 760, Experian 762, Equifax 763
I have no credit card debt, except for letting a 1% balance report on 1 card each month for scoring purposes. Old car loan and installment debt mentioned in original post now paid off. Only debt is a new 0% Auto Loan where the car is definitely worth more than the amount owed (about $8,000), so I'm not underwater. Oh, I also got a new job with a big raise, AND I won a national weight loss contest for my company where top prize was $5,000 cash, tax free (well, my company grossed it up, so on the pay summary it looks like I got $8,500 and they pay out the $5,000). And my girlfriend who lives with me was on the team and also got $5,000 so $10,000 for our household.
I have 180,000 Chase Ultimate Rewards points as well, and now over $10,000 in savings to go along with the zero credit card debt. I am not bragging, but I want to put out a positive story for anyone who was as frustrated as I was in the past. It wasn't all that long ago I was on the very edge of declaring bankruptcy. My paycheck would come in on Friday and be gone by the weekend. Overdraft fees, collection calls, and a bad credit score. Like I said in the original post, Capital One who I now will not do business with (it's petty but personal preference), turned me down for a CLI from $300.
It feels very good to be financially stable, well at least compared to where I was. I still want to save up more, buy a house, travel a bit, and marry my gf. Wish me luck. Best of luck to all of you who may be still struggling, credit is a continous journey and I know I still can improve as well. Thanks for all the advice I have gotten in these forums, I learned a TON!!!
I'm trying to do the same. I want to go back with chase and app for amex in the near future.
Starting Score: 557 (2005)