Credit Card Center Advertiser Disclosure

Reply
Super Contributor
Posts: 6,305
Registered: ‎02-24-2015
0 Kudos

Re: Is 1% UTIL too low a starting place for the SSL technique?

[ Edited ]

laFenix wrote:

SouthJamaica - uuf.  Thank you.  I will definitely be pulling with myfico for him to get a real picture of what's going on.  Revelate wrote that any 3 TLs will do re: mortgage, however, DH only has 2 at the moment, and they're piddly, really (another reason to show a larger installment loan to demonstrate capability during a manual review).  Based on this, would you agree that it's almost necessary to get the SSL, so that it at least ages 6mo come credit pull time?  We're hoping to go with NFCU.  In our past conversations with them, they pretty much said that we have a lot of flexibility with our goal of 40% down (to avoid jumbo).  Without derogs on his file, his great DTI, the down, and his income, they seemed quite willing to work with DH on a very nice rate conventional loan (the mortgage amount wouldn't qualify for FHA).  The 3 TL thing is what's driving me towards the SSL asap.  I'm just questioning now the value of 3 TL vs the new TL impact.  Thoughts, anyone?  As always, thanks to all for helping with brainstorming all of this!


Well, let me say this... since you're dealing with NFCU, if you feel the need to beef up his credit history you should go for a credit card there. They give better starting limits than anybody.

 

But personally I don't think you need to beef up his credit history.

 

 

 


FICO8 EQ 736 TU 743 EX 733 FICO5 EQ 707 Total revolving 422500
New Contributor
Posts: 119
Registered: ‎04-18-2017
0 Kudos

Re: Is 1% UTIL too low a starting place for the SSL technique?

SouthJamaica, yeah?  Somehow it seems that the one credit card and the one store card would not be enough to satisfy much of anything.  Even Discover rejected my CLI based on "not enough other revolving credit" ie I only have discover as a credit card right now and they want me to get another.  Add the comment about needing three TLs, and I'm on the fence about what to do now.  I think a call to NFCU is in order Smiley Wink  Thank you, all, for your input!!

Our Journey Click to read our storyOur Cards: Me:   Him:   Our Future Cards: USAA Limitless | AmEx BP | BJs Perks Elite | Chase Freedom | Sam's MC | Costco
05/17 - Me: 595EX 570EQ 602TU  Him: 740EX ???EQ ???TU  4/17 - Me:  558EX 546EQ 602TU 671TU surprisedHim: No CR/Score!
Short Term Goals: Me: All 640+, Refi Auto Loan | Him: All 650+, Mortgage-Approved | US: New house before April 2018
Long Term Goals: Me: All 850, 2 low util HELOCs, 2 new cars | Him: All 800+, new truck & mtrcl, dental work | US: 1 low util HELOC

Moderator
Posts: 17,443
Registered: ‎12-30-2011
0 Kudos

Re: Is 1% UTIL too low a starting place for the SSL technique?

With six months to go it's hard to say.

 

 

The absolute best possible option, pretty up what you can on his file in the next month, and then pull your scores here and see where you are... or if you already know that do figure it out now.  If things come up aces, you win, just zealously manage the reported balances and proceed with confidence.

 

If they don't, that's when hard choices need to be made.  

 

A couple of thoughts: some mortgage UW's will be fine with 1 tradeline, any tradeline, AU even, doesn't matter; others won't; so you can work around that 3 tradeline issue.

 

When it comes to installment utilization, only Experian on the tri-merge mortgage pull counts for that, so you get points there on the SSL trick; however, the SSL does count as installment and that DOES still count for mix of credit and that does affect the other two, it just won't be as big of a deal.  We're talking basically thin file here.

 

That said I missed the whole 740 EX line, get your 3 FICO's, pull the mortgage scores, and you may not have to do anything though since we're talking <6 months AAOA anyway, opening up an Alliant loan right now isn't going to meaningfully change that going into a mortgage, won't hand a HP, new credit is a non-issue, and may help mix of credit so I'm not entirely sold on not doing it but I do agree with SJ in that perhaps some caution should be applied. 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.