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Hello,
My name is Beth, I'm 27 year old got my first card 5 year ago and have been working on my credit score for the last year. (please look below for all my current scores and cards information)
I want to get Lasik done on my eyes and I need help deciding on how to pay for it. The bill would be 3.4k for both eyes which is a great price, and I asked and the price will not expire so I have time to make a decision.
Things I want to do:
***Increase the CL on My American Express Cash card from 13k to an even 20k or higher? (had it increased from 6.5k to 13k on 08/2015) the wait time is up and i can try to increase my CL again.
****Take out a loan to help my Account Mix currently have 5 Revolving Credit, 1 Student loan. I got an from Discover personal loans offer that expires on 3/29/2016 for up-to 30k with 6.99% to 18.99%. Which I would take out a loan for 3k and I did research would be 8.99 APR and I plan to pay it off in less than a year and there is no prepayment penalties. WOOT
**** Get a new Card, Current CC offers i got in the mail:
Citi Simplicity Card 12.99% APR 0 % for 21 months (no late fees, no penalty rate and no annual fee not a problem for me because i always pay my account on time ) I like the 21 months free APR if I pick this card I won't need a new card for almost 2 years Expires: 3/15/2016
Ctit Double Cash Card 13.99% APR 0% for 18 months (earn 1% unlimited cash back on every purchase you make, then earn an additional 1% cash back on payments) so 2 % back not bad but i don't ever go over 50 bucks on my new cards a month Expires: 3/15/2016
Citi ThankYou Preferred Card 14.99% for 0 for 18 months (2x ThankYou Points per dollar spent on purchases for dining at restaurants and entertainment. 1x ThankYou Point per $1 spent on other purchases) I could add this card to my fandango account and get points when i go to the movies Expires: 2/15/2016
Please note: I still have 0% APR on American Express EveryDay CL:5k till 05/2016 so I don't know if I should wait then get a new card?
Choices:
*I know most of these changes will drop or increase my score I just want the best option that help me in the long run when I try to buy a house in 3 years (think of the advice you would give yourself 5 year ago about your credit score.) I don't care if drops because I not planning on buying a car for another 2 year or a house for 3-4 years. I am ok with taking a hit so my scores can become stronger.
Thank you for taking the time to read and help me, also sorry for any spelling or grammar mistakes.
Free Scores via Site: AMEX (760), Credit (774), Credit Karma (768), Discover (765), Mint (724)
Student Loan Start:12,700 Current:6,400 APR:3.4%| Opened: 10/2010
BOA Power CL:1.5k APR:17.24%| Opened: 07/2011
Amex Blue Cash CL:13k APR:10.49%| Opened: 07/2014
Discover IT CL:3550k APR:12.24%| Opened: 10/2014
Amex EveryDay CL:5k APR:17.24%| Opened: 02/2015 says 2014 on report
BOA Better Balance CL:1.5k APR:13.24%| Opened: 04/2015
0 Late Payment
6% Debt to Limit Ratio
9 mo. Youngest Account - 63 mo. Oldest Account
5 Revolving Credit -1 Student - 0 Auto/Mortgage
5 Total Inquiries
Paid Score: CreditCheckTotal FICOScore8 Experian {771}, Transunion {773}, Equifax {765} Update: 2/5/16
Factors helping your score: No missed payments, Low credit usage, Recent credit card use, No collection or PR
Factors hurting your score: Short credit history
@Anonymous wrote:I know most of these changes will drop or increase my score I just want the best option that help me in the long run when I try to buy a house in 3 years (think of the advice you would give yourself 5 year ago about your credit score.)
Revolving utilization doesn't have a long term impact. If your revolving utilization increases enough you'll see a score decrease. If it decreases enough you'll see a scoring increase. Revolving utilization is determined based on balances and limits as indicated on your reports at time of consideration.
@Anonymous wrote:Take out a loan to help my Account Mix currently have 5 Revolving Credit, 1 Student loan.
Credit Mix is typically 10%.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
Don't open an account just for scoring purposes. Open one based on your financial needs. If you have a student loan you already have an installment and adding another won't provide much, if any benefit.
@Anonymous wrote:Put the 3.4k on my American Express EveryDay CL:5k at 0 APR till may then 17.24% but i use more than 60% of my cards utilization.
How long would it take you to pay it down? Short term high utilization generally isn't an issue. It's prolonged high utilization that can lead to adverse action. You'd see a scoring impact from the high utilization but your scores will recover as you utilization decreases.
@Anonymous wrote:
- This is the big one, i would try to do this all in one day: Increase my CL on my AMEX card, ask for the loan and apply for one of the Citi cards and then my scores will drop like a rock, but i would need to use for my score for another 2 years
- What do you think there is another choice I just haven't thought of it that why I came to MyFico.
Try the AmEx CLI. We can't tell you what you'd qualify for whether it's the CLI or a new card. It all depends on what your credit profile and income qualify for.
@Anonymous wrote:Free Scores via Site: AMEX (760), Credit (774), Credit Karma (768), Discover (765), Mint (724)
Always keep the specific scoring model in mind as well as relevance to creditors/products. The EX FICO 8 provided by AmEx is only relevant to creditors/products that use that specific score. CK's TU and EQ Vantagescores are only relevant to creditors/products that use those scores. Discover provides a TU FICO 8. I don't recall what Credit.com and Mint provide.
@Anonymous wrote:Paid Score: CreditCheckTotal FICOScore8 Experian {771}, Transunion {773}, Equifax {765} Update: 2/5/16
Also keep in mind that a FICO 8 is a FICO 8. If you're already getting an EX FICO 8 from AmEX and a TU FICO 8 from Discover then the only benefit CCT is providing as far as scores are concerned is the EQ FICO 8.
Well I think it's better to pay 0 interest rather than throw money away on interest. So any of the Citi cards or the Carecredit card would be my choice. You already have a loan so you don't really NEED a loan to help your credit mix. I think with your scores you would get enough of a limit to keep the utilization low.