How to increase score and obtain higher credit limits

[JM-AM]

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@hunter399 wrote:

I just pulled my Exp report (from this website) and the score was actually higher than my "fako" score on USAA. Experian score is 674. 17 points off from the USAA score. Nice. 

I tried to do the TU one as well, but it blocked me for some reason .... 

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What cards have you applied for? 

How long ago did you apply for your last CC?

How old is your AAoA (Average Age of Accounts)?

[hunter399]

I've applied for a few cards in the last few months - Chase, USAA. I recently got B of A to increase my credit limit from 500 to 800. I applied for (and got approved) for a Mobil (Citi) gas card. I've gotten declined for a few others, don't remember off the top of my head. Its probably been 2 months since I've applied for a new card. 

My AAOA is probably somewhere in the ballpark of 1.5-2 years. First established 7 years ago, but didn't have any credit between like ... 2005-2007. 

[hunter399]

i should also add, that my auto loan is at 14.5%, and a major goal of mine is either re-financing the loan or buying (or leasing) another car at a more attractive rate. 

I applied to cap one auto finance 3 months ago for a re-fi, and they actually offered me MORE than what i'm paying now (~18%), which is weird, since i've had a perfect relationship with Capone for 2 ish years. 

[JM-AM]

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@hunter399 wrote:

I've applied for a few cards in the last few months - Chase, USAA. I recently got B of A to increase my credit limit from 500 to 800. I applied for (and got approved) for a Mobil (Citi) gas card. I've gotten declined for a few others, don't remember off the top of my head. Its probably been 2 months since I've applied for a new card. 

My AAOA is probably somewhere in the ballpark of 1.5-2 years. First established 7 years ago, but didn't have any credit between like ... 2005-2007. 

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IMO I would wait a little while before I applied for anything else.

Your AAoA is considered short and the INQ's are not going to help you for primary cards. Let the little you have age a little at least 6 more months and then hit the CLI LUV button for Bank of America again (its a soft pull so will not impact your scores). This will let your accounts age some more and your auto loan will also age (assuming it is fairly new). 

Some of the collections will also be off your reports by then and that will also help. Playing the FICO game is about patience, and figuring out how to use your UTIL to your advantage.

[JM-AM]

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@hunter399 wrote:

i should also add, that my auto loan is at 14.5%, and a major goal of mine is either re-financing the loan or buying (or leasing) another car at a more attractive rate. 

I applied to cap one auto finance 3 months ago for a re-fi, and they actually offered me MORE than what i'm paying now (~18%), which is weird, since i've had a perfect relationship with Capone for 2 ish years. 

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Refinancing your auto loan is not very easy to do in todays market. While your rates are high you probably owe more then the vehicle is worth. 

Do you belong to a CU (Credit Union)? CU's are the best choices to try and obtain refinancing for auto loans. If you belong to a CU you can go in and speak to some one (bring a copy of a current Credit Report) and ask them what the possibility of refinancing your auto through them is. They are usually upfront and tell you what your chances are since you are a member. If you would not qualify they usually let you know what it would take to qualify and you can make it a goal to achieve what it takes to qualify.

[hunter399]

Thanks again for all of your help.

That all makes sense. i don't really need the credit, but it would be nice to have a few grand around in an emergency. I would also like to start getting good benefits (miles, points, whatever). 

As far as the auto loan ... im a bit (maybe a grand) upside down in the car, which i could come up with if needed.

i do not belong to a CU. I bank with B of A and USAA. USAA could only match the rate when i took out the loan, so i went with the factory bank.