Hi, I've been a long term member and just recently started posting more regularly. I have already gotten a lot of help with choosing the best rewards cards to apply for and helping out my GF with building her credit score.
I'm have a pretty good understanding of how to get my score up. I got this far obviously, but I'd like to know what it will take to hit 850.
According to creditwise this is my report:
On Time Payments: 100% (Excellent)
Oldest Credit Line: 11 Years (Good)
Credit Used: 4% (Excellent)
Inquiries: 7 (Below Average)
New Accounts: 11 (Below Average)
Available Credit: $114,116 (Excellent)
What does it take to hit 850? If just lower my Inquries and new account average will that get me close?
According to credit wise I need to have a 25 year credit line to achieve an excellent rating!? Is that correct? How much is that worth?
When you hit this kind of level do you receive special card offers not normally given to other people? Right now I'm being offered things like the Chase Sapphire (was before I went over 5/24), Amex Platinum Business, etc.
Just to help out people that are new or building, some of what I've done seems to go against what people reccomend. I recently found out how lucrative it is to churn cards and that's how I got my below average inquires/accounts. It's been well worth it though for the points I've accumulated. I have a house and 2 cars, so I am kinda in the mentality that I don't need my credit score anymore and it's worthless to me, however the cash and point bonuses are anything but worthless. So, I went on a card opening spree. Well, I was at a 760 or so at that time (about a year ago) and now that I've opened all these new cards my score actually went up! I presume because of the additional available credit.
Just a little disclaimer so I don't get yelled at. I don't actually think my credit is now "worthless", I just have everything I need in life that requires a major credit app. So, prioritywise I believe my score isn't worth anything until it's needed again. I would never advocate purposefully lowering credit scores too far by doing some of the things I've done. In my case I'd draw the line at 750-780 before I would reverse my habits and rebuild.
@beastykato wrote:Hi, I've been a long term member and just recently started posting more regularly. I have already gotten a lot of help with choosing the best rewards cards to apply for and helping out my GF with building her credit score.
I'm have a pretty good understanding of how to get my score up. I got this far obviously, but I'd like to know what it will take to hit 850.
According to creditwise this is my report:
On Time Payments: 100% (Excellent)
Oldest Credit Line: 11 Years (Good)
Credit Used: 4% (Excellent)
Inquiries: 7 (Below Average)
New Accounts: 11 (Below Average)
Available Credit: $114,116 (Excellent)
What does it take to hit 850? If just lower my Inquries and new account average will that get me close?
According to credit wise I need to have a 25 year credit line to achieve an excellent rating!? Is that correct? How much is that worth?
When you hit this kind of level do you receive special card offers not normally given to other people? Right now I'm being offered things like the Chase Sapphire (was before I went over 5/24), Amex Platinum Business, etc.
Just to help out people that are new or building, some of what I've done seems to go against what people reccomend. I recently found out how lucrative it is to churn cards and that's how I got my below average inquires/accounts. It's been well worth it though for the points I've accumulated. I have a house and 2 cars, so I am kinda in the mentality that I don't need my credit score anymore and it's worthless to me, however the cash and point bonuses are anything but worthless. So, I went on a card opening spree. Well, I was at a 760 or so at that time (about a year ago) and now that I've opened all these new cards my score actually went up! I presume because of the additional available credit.
Just a little disclaimer so I don't get yelled at. I don't actually think my credit is now "worthless", I just have everything I need in life that requires a major credit app. So, prioritywise I believe my score isn't worth anything until it's needed again. I would never advocate purposefully lowering credit scores too far by doing some of the things I've done. In my case I'd draw the line at 750-780 before I would reverse my habits and rebuild.
I would say you need to stop applying for new credit .
Haha =P Yes. Point taken. I guess I'm more asking what that will be worth though. Like I'm 40 points away, so how much of that will be gained as the new apps drop off?
Also paying of my one credit card that has a balance could actually hurt my score yes? I have a discover with ~5k @ 0%. It comes due on 6/17 for interest charges and I intend to pay that off. My other cards I use and rotate monthly according to reward categories, promotions, etc. but are always paid in full.
