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Where to go from here?

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tntexans72
Valued Contributor

Re: Where to go from here?

Here are quick fixes to your credit reports.

Util 21%...get it down to 1-5% to help increase score.
Thin file ....being added as an AU on a card that has long positive history to increase AAOA.

Once you accomplished those 2 variables and let all your reports update, your score should increase across the board. That's when you start apping OR you can sit for the next 2 years and take the simulator route - pay all your bills on time, keep util under 9%, let your profile age some more. It's boring that's for sure. Its not a bad rout to take. Patient.
Message 11 of 23
Anonymous
Not applicable

Re: Where to go from here?


@takeshi74 wrote:

@Anonymous wrote:

Looking for advice on what card(s) to plan for.

All that info in your OP is great but what are you looking for from a new card?  What's lacking with your current lineup?

 


@Anonymous wrote:

So, my file I would say is thinnish at best.


With those accounts you're not thin.  You have a low AAoA.

 


@Anonymous wrote:

I don't travel a lot, maybe a couple of plane tickets from Dallas to Kentucky each year. So, travel cards might not be the thing.


That plays a part but it's not the only consideration for travel cards.  "Travel card" is a very broad category as well.  For most miles/points cards you have to consider and run the numbers for your spend just as you would with any rewards cards.  There's just the added steps of considering how transfers and the redemption methods that you will use will impact reward value on top of that.

 


@Anonymous wrote:

Sorry, I know this is an ambiguous question with tons of variables. I've already made the apping willy-nilly mistake. I want to get a couple of premiere type cards and build higher credit limits so that I can do away with the store cards etc. I'm probably not the type that's going want 20 cards and rotate them in and out.


It's up to you to sort out your need/wants (i.e. the variables you mention) and then to use that to select cards that suit you.  If you don't want a bunch of cards and don't want to continue apping willy nilly then form a strategy and stick to it.

 

"Premiere" doesn't really mean anything so it's not a useful criterion.  On top of that the word you're looking for is premier.

 

Limits are based on what your credit and income qualify for so that's also not a useful criterion.

 

If rewards are a priority then you should be able to assess this for yourself.  You should know where your spend is going.  Use that to help you find cards that maximize rewards on your spend.

 

Your utilization and low limit cards are indicators that there are things you need to work on before worrying about what to apply for but you can certainly consider it while working on those things.

 


@UncleB wrote:

You mention that you are with USAA... I'm with them as well, and they are fantastic with banking.  Their credit cards aren't 'bad', but they aren't as flashy as many folks around here are used to.  They gave me my first 'big' limit, and I credit them with being my 'prybar' to getting larger limits with other lenders.  That being said, they tend to be a bit more conservative, and any CLI request with them is a HP.


Good, bad, etc are all highly subjective. When I was rebuilding, higher limits were a plus because they were difficult to come by and USAA granted me higher limits, lower APR's and didn't slash limits and bump APR's like my other creditors back in 2008.  They also offered me the lowest rates on auto loans at the time. That made them the opposite of conservative though I have no idea what they're like now. I still keep my USAA cards even though rewards are now my priority and USAA's cards are generally poor in that area. However, my USAA cards have 5 digit limits that help with revolving utilization.


Thanks for the spell check. It was late, my eyes were tired and I was typing on my iPad.  In regards to things to work on. Correct, as stated I know my scores are being held back due to current utilization and as I noted, I'm working that down. By March 15th I will have only one card reporting a balance and it will be around 5%.

 

I guess the point of my original post was seeking not only advice about what cards are considered desirable, but also what my file and projected scores would qualify me to even consider app'ing for (when I am ready to app which is certainly not today for sure). From there, I will form a strategy. 

 

What's lacking from current line-up? Not sure, that's why I included what I have and hoping others might have experience and can compare to what they know might be better and offer suggestions as replacements. Maybe my current line-up is fine and nothing is better. That's why I'm seeking opinions.

 

 

Message 12 of 23
Anonymous
Not applicable

Re: Where to go from here?


@tntexans72 wrote:
Here are quick fixes to your credit reports.

Util 21%...get it down to 1-5% to help increase score.
Thin file ....being added as an AU on a card that has long positive history to increase AAOA.

Once you accomplished those 2 variables and let all your reports update, your score should increase across the board. That's when you start apping OR you can sit for the next 2 years and take the simulator route - pay all your bills on time, keep util under 9%, let your profile age some more. It's boring that's for sure. Its not a bad rout to take. Patient.

Thanks. On the AU, not really doable. Not much family left with which to piggy-back on. On utilization. As I just posted to the other person, currently 21% but by March15th, it will be basically be where you stated it should be.

 

Im not chomping at the bit to go on an app spree. The point of this post was basically to set my strategy on what I might consider when the time is right. I'm not even going to consder an app until all 3 are at least at 700.

Message 13 of 23
Anonymous
Not applicable

Re: Where to go from here?

Okay, glad to have that confirmed. As some other members have said, I'd honestly shoot for some CLIs for now, and garden for a while. You can really strengthen your credit portfolio and have a strong foundation and really get some good offers in the not-to-distant future. Those CLIs will help knock down some utlization which is certainly good in the long rung.

Message 14 of 23
tntexans72
Valued Contributor

Re: Where to go from here?


@Anonymous wrote:

@tntexans72 wrote:
Here are quick fixes to your credit reports.

Util 21%...get it down to 1-5% to help increase score.
Thin file ....being added as an AU on a card that has long positive history to increase AAOA.

Once you accomplished those 2 variables and let all your reports update, your score should increase across the board. That's when you start apping OR you can sit for the next 2 years and take the simulator route - pay all your bills on time, keep util under 9%, let your profile age some more. It's boring that's for sure. Its not a bad rout to take. Patient.

Thanks. On the AU, not really doable. Not much family left with which to piggy-back on. On utilization. As I just posted to the other person, currently 21% but by March15th, it will be basically be where you stated it should be.

 

Im not chomping at the bit to go on an app spree. The point of this post was basically to set my strategy on what I might consider when the time is right. I'm not even going to consder an app until all 3 are at least at 700.


 

Very true...but everyone will get the app spree bug lol. So thread lightly when that time comes. Good luck, much success on your credit future. 

Message 15 of 23
Anonymous
Not applicable

Re: Where to go from here?

Called Synchrony and got cli on my JCPenney card from $500 to $3500. Immediately after that, I called Credit One and canceled that one. I got a lot of, "We're sorry to hear that." and they offered a temporary reduction in APR plus a 20% refund of my annual fee if I stayed with them. Sorry Francis, but no Smiley Happy  Now, I'll keep paying my other cards down and watching my scores climb.

Message 16 of 23
TrialByFire
Established Contributor

Re: Where to go from here?

Awesome well done AP
Message 17 of 23
UncleB
Credit Mentor

Re: Where to go from here?


@Anonymous wrote:

Called Synchrony and got cli on my JCPenney card from $500 to $3500. Immediately after that, I called Credit One and canceled that one. I got a lot of, "We're sorry to hear that." and they offered a temporary reduction in APR plus a 20% refund of my annual fee if I stayed with them. Sorry Francis, but no Smiley Happy  Now, I'll keep paying my other cards down and watching my scores climb.


See?  With the nice limits on your Wal-Mart and Amazon, I figured you'd have luck getting a bump on the JC Penney.  Smiley Very Happy

 

Good job!

Message 18 of 23
Anonymous
Not applicable

Re: Where to go from here?


@UncleB wrote:

@Anonymous wrote:

Called Synchrony and got cli on my JCPenney card from $500 to $3500. Immediately after that, I called Credit One and canceled that one. I got a lot of, "We're sorry to hear that." and they offered a temporary reduction in APR plus a 20% refund of my annual fee if I stayed with them. Sorry Francis, but no Smiley Happy  Now, I'll keep paying my other cards down and watching my scores climb.


See?  With the nice limits on your Wal-Mart and Amazon, I figured you'd have luck getting a bump on the JC Penney.  Smiley Very Happy

 

Good job!


Thanks. I had tried JC Penney before but the account is still fairly new and they wouldnt raise it. But today, they had no problems. I did check on Walmart and was not successful, but I will try again once I cross 675 on TU.

Message 19 of 23
wa3more
Established Contributor

Re: Where to go from here?

What is the OP trying to accomplish here  ?

 

The OP has 10 cards already, I'm not sure what the end goal is.

Message 20 of 23
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