Hi all!
I started establishing my credit file back in Oct. of 2007 and managed to get a few installment loans since then to help the process along. I have a total of 4 installment loans reporting with one being a CU loan for a motorcycle that I purchased in Feb. of '08 with the help of a friend who cosigned. The other 3 are personal loans from local finance companies with one showing a zero balance(paid off in Mar. '08). May 31st marked the 6 month mark for my oldest account so I decided to use the 3 reports/scores from the Suze platinum kit I purchased in Oct. of '07 when I started all of this.
My EQ score is 623 and TU is 620, and both were pulled on May 31st using the Suze kit. On June 5th I was able to pull EX which reported a 609. I have a med CO on EQ and TU that is due to fall off in Oct. of this year, and there are 2 collection accounts on EX with one being the same med CO as is on EQ and TU. The other is a small (paid) collection from when I changed insurance companies back in '05(oversight on my part). All payments are being made on time with no lates at all.(other than the collection accounts)
I started another thread recently about possibly getting either a store CC or a sub-prime CC to help out my credit mix and I decided last week to app some companies. I managed to get the Orchard card with a 300.00 limit and a 79.00 annual fee(even though I detest those fees
). They also charged me a 39.00 processing fee.
My question(s):
I've noticed from peoples signatures who post on this site that their scores really havent went up all that much since posting their beginning scores and I'm wondering what I can expect now that I have a CC in the mix. It seems that I went from not having a score back in Oct. of '07 to a fairly decent score of 609-623'ish in just the past 6 months, but from what I've read in other threads the road from here seems to be a long and painful one as account age and timely payments continue past this initial 6 month mark. Is there anything I can do to help bolster my score now that I have a CC in the mix other than comtinuing to make timely payments on everything? I would really like to be in the 700 club somewhere around the 18 month mark(from Oct. '07). Is that even possible?
I started establishing my credit file back in Oct. of 2007 and managed to get a few installment loans since then to help the process along. I have a total of 4 installment loans reporting with one being a CU loan for a motorcycle that I purchased in Feb. of '08 with the help of a friend who cosigned. The other 3 are personal loans from local finance companies with one showing a zero balance(paid off in Mar. '08). May 31st marked the 6 month mark for my oldest account so I decided to use the 3 reports/scores from the Suze platinum kit I purchased in Oct. of '07 when I started all of this.
My EQ score is 623 and TU is 620, and both were pulled on May 31st using the Suze kit. On June 5th I was able to pull EX which reported a 609. I have a med CO on EQ and TU that is due to fall off in Oct. of this year, and there are 2 collection accounts on EX with one being the same med CO as is on EQ and TU. The other is a small (paid) collection from when I changed insurance companies back in '05(oversight on my part). All payments are being made on time with no lates at all.(other than the collection accounts)
I started another thread recently about possibly getting either a store CC or a sub-prime CC to help out my credit mix and I decided last week to app some companies. I managed to get the Orchard card with a 300.00 limit and a 79.00 annual fee(even though I detest those fees
). They also charged me a 39.00 processing fee.My question(s):
I've noticed from peoples signatures who post on this site that their scores really havent went up all that much since posting their beginning scores and I'm wondering what I can expect now that I have a CC in the mix. It seems that I went from not having a score back in Oct. of '07 to a fairly decent score of 609-623'ish in just the past 6 months, but from what I've read in other threads the road from here seems to be a long and painful one as account age and timely payments continue past this initial 6 month mark. Is there anything I can do to help bolster my score now that I have a CC in the mix other than comtinuing to make timely payments on everything? I would really like to be in the 700 club somewhere around the 18 month mark(from Oct. '07). Is that even possible?
@haulingthescoreup wrote:
@ChrisGA43 wrote:
....Is it also possible that I'll face a rebucket once the only derog drops from my TU and EQ reports? Or does account age require more than a year of history before that would occur?
Very good question! I believe that you're in the very new credit bucket (don't know the exact name), and I think it's driven by age rather than by the presence of derogs. So you could get a score change, but I doubt that there would be a re-bucketing.
Any idea as to the length of time that someone such as myself will stay in this "very new" credit bucket? It would be nice to know so I dont freak out when my score suddenly drops when it occurs.
