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New Contributor
MyCreditSucksTheMost
Posts: 83
Registered: ‎08-13-2012

Would this help me at all?

Well, I've been app free for over 2 months now, my scores are steadily rising(until my car loan reports, hahah)

 

I've just started a new job where I will easily triple my prior income 70k to 220k+. I have hardly any bills, and my only real goal is to purchase a home.

 

My highest credit card limit is current $1000 with walmart, I have a $200 secured card with crapitol one. Would it be prudent for me to max out my capitol one card's secured limit(I believe 5k?)  I understand this will not help my credit score, but will it trick lenders into giving me higher lines of credit?

 

Also, I'll go ahead and ask this as well so hopefully I dont have to re-post in auto but, Would it be ok for me to pay off my car after only 6 months, or should I let it report for 1 year first? If so, I owe around 15k on it, so I think I'll just send in a grand a month for the payment.(this is my first auto loan)

 

My AAOA is around 1 3/4 years, I had always paid for everything prior in cash.

 

 




Staring Scores:Transunion-636 Equifax-618 Experian- 640 (8/12):
Current Scores:Transunion-717 Equifax-(?) Experian 726(as of 11/18/13):

Goal 760 Across the Board:







Contributor
RonDawg
Posts: 322
Registered: ‎10-19-2012

Re: Would this help me at all?


MyCreditSucksTheMost wrote:

Well, I've been app free for over 2 months now, my scores are steadily rising(until my car loan reports, hahah)

 

I've just started a new job where I will easily triple my prior income 70k to 220k+. I have hardly any bills, and my only real goal is to purchase a home.

 

My highest credit card limit is current $1000 with walmart, I have a $200 secured card with crapitol one. Would it be prudent for me to max out my capitol one card's secured limit(I believe 5k?)  I understand this will not help my credit score, but will it trick lenders into giving me higher lines of credit?

 

Also, I'll go ahead and ask this as well so hopefully I dont have to re-post in auto but, Would it be ok for me to pay off my car after only 6 months, or should I let it report for 1 year first? If so, I owe around 15k on it, so I think I'll just send in a grand a month for the payment.(this is my first auto loan)

 

My AAOA is around 1 3/4 years, I had always paid for everything prior in cash.

 

 


Actually it just might help your credit score as it will show more available credit.  This will drop Utilization and that usually raises the credit score.

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
New Contributor
MyCreditSucksTheMost
Posts: 83
Registered: ‎08-13-2012

Re: Would this help me at all?

the problem is I only report around $10 of credit on one cc each month.lol




Staring Scores:Transunion-636 Equifax-618 Experian- 640 (8/12):
Current Scores:Transunion-717 Equifax-(?) Experian 726(as of 11/18/13):

Goal 760 Across the Board:







Contributor
RonDawg
Posts: 322
Registered: ‎10-19-2012

Re: Would this help me at all?


MyCreditSucksTheMost wrote:

the problem is I only report around $10 of credit on one cc each month.lol


You know your available credit can raise your score, $5000.00 credit line usually shows that a bank has a level of trust in you and that as well can raise your credit score.  There are so many numbers that are used to compute your score.  All I can say is more is better. 

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Would this help me at all?

Ask the bank that see's your income flow for a credit card. Use it heavily. After 6 months get a CLI. After another 6 months, go on an app spree.

 

Feel free to get a few $5k secured cards if you have the cash sitting around.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Contributor
navigatethis12
Posts: 1,851
Registered: ‎01-24-2012

Re: Would this help me at all?

I do not believe limits factor into all scoring models. The only time they for sure will is if it lowers your utilisation when they start to report a higher limit. You really can not "trick" these lenders into giving you a higher limit just because one card you have has 5000. Your scores are kind of low and even with a high income, a high limit is not guaranteed.

 

What another lender gives you does not always influence other lenders to do the same. They can also see how long the limit has been at 5000 and will see that you just got it up to that. You could always try, but it is not guaranteed.

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: Would this help me at all?


MyCreditSucksTheMost wrote:

Well, I've been app free for over 2 months now, my scores are steadily rising(until my car loan reports, hahah)

 

I've just started a new job where I will easily triple my prior income 70k to 220k+. I have hardly any bills, and my only real goal is to purchase a home.

 

My highest credit card limit is current $1000 with walmart, I have a $200 secured card with crapitol one. Would it be prudent for me to max out my capitol one card's secured limit(I believe 5k?)  I understand this will not help my credit score, but will it trick lenders into giving me higher lines of credit?

 

Also, I'll go ahead and ask this as well so hopefully I dont have to re-post in auto but, Would it be ok for me to pay off my car after only 6 months, or should I let it report for 1 year first? If so, I owe around 15k on it, so I think I'll just send in a grand a month for the payment.(this is my first auto loan)

 

My AAOA is around 1 3/4 years, I had always paid for everything prior in cash.

 

 


Higher the limit the easier it is to keep your utilization down like already mentioned. first thing's first call for a CLI for your Walmart card (google gecrb underwritter number) not the customer service number. You should be able to get a $9,000 increase. :smileywink: also side note you already signed up for paperless billing right? cause this will give you access to a FICO TU08 credit score for free monthly.

 

Second if you have anyone that trusts you friends or family request them to add you as an authorized user or Additional Card Member (amex's term) This is referred to piggy backing, if your dad has a 30 year history with a card, and adds you to the account (does'nt have to give you the card) but just because your name is added depending on the company (Amex, BOA, Capital one, Chase def reports not sure about others) you can get a copy and paste of 30 years of his history even if your not 30 years old. This will give you a HUGE bump in credit score. It's even possible to get them to push your member start date once you get an Amex to say member start date 30 years ago. (even if your not 30 years old) This will boost your Average age of accounts tramendously.

 

Third putting $2,000 for capital one is fine, but I wouldn't go with that. I would go with DCU for free monthly FICO 04 credit score (one that 95%+ lenders use) and they are very good with people with limited credit history and has good programs for secured cards if you have to.

 

Fourth Get an Amex before the year's end (backdating purposes) If you open an Amex in Dec, and open another one in Jan you'll have 13 months of history reported combined.

 

 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

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