Reply
Regular Contributor
localuser
Posts: 167
Registered: ‎09-07-2012
0

Reporting on New CC's-Getting my score to raise

History:
2 collections - I sent my first GW to a local one on Tuesday :fingerscrossed:

2 Macy's accounts - 1 is closed with baddies one is reporting OK  with old baddies (both are PIF currently)

I make 37K a year

I have recently opened a Chase Slate and a Cap One
I am an AU on my wifes Slate and Freedom card (her slate is not reporting just yet but should be in a few days)
4 inq. On all reports so I guess 12 total.

I applied to GE Walmart but was denied

Garden mode for now

 

Reporting: 

My slate

Balance $0

high balance $41

limit $200

Wifes Freedom

Balance $113

high balance $1329

limit 3300

autoloan that I have not missed a payment in 5 years @ $400/month


Her slate and freedom both have 3,300 limits - She puts on about a grand then PIF on her Freedom and does this twice a month.  We just put 2K on the slate from a balance transfer with 0% interest until December 2013 - I will be paying $200 a month on this.

 

So what would be the best option for me to raise my FICO?  My goal is to switch between the two cards (cap1 and my slate) every other week and PIF on Friday.


Will this raise my score?  If not how do you suggest I go about raising my score


 

 

 

Cap1Secured $700 | Chase Slate $700 | Amazon Store $5000 | Discover IT $7000 | Lowe's $8000 | AmEx BCE $20000 | Freedom $3000
November 2014 (myFICOs): Equifax 717 TransUnion 725 Experian 717
January 2014 (myFICOs): Equifax 675 TransUnion 661 Experian 723
Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
0

Re: Reporting on New CC's-Getting my score to raise

Keep your utilization painfully low, but use each of your cards every month.

 

Wait, and be patient.

 

- The Zen of "Gardening"  :smileyhappy:

 

Meanwhile, apart from maintaining a spotless payment history, possibly the most attractive thing you could do from a lender's perspective is negotiate or job-hop your way to a higher salary.  While the scores are important, so are debt-to-income ratio and net worth. That's why most lenders ask questions that target these two factors on their applications.

 

Don't take that to mean that I am disparaging your current salary. I have nothing but respect for any working member of society, and I make it a point to never judge a person by a number.  But lenders make a point of judging people by exactly that: numbers.

 

As someone who interviews a lot of job applicants, it has been my experience that few people are asking for what they truly deserve. You may be surprised how readily you can get a raise even in the current economy, and how much it can improve your ability to both secure and manage credit. It's one of the best outside-the-box solutions to financial growth I know. And it is kind of bizarre to call it an outside-the-box solution, but as I said, few people actually do it.

 

I negotiated a raise and a promotion for myself in the past year, and I consider it no accident that afterward Amex finally welcomed me back into their fold after 2 years of denying my applications. Give it a try...you have nothing to lose!

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
Regular Contributor
localuser
Posts: 167
Registered: ‎09-07-2012
0

Re: Reporting on New CC's-Getting my score to raise

Im so lost at what you said Conductor.   As an update I got my Cap1 secured card today.  So in a month I should have 4 revolving credit cards on my statement, waiting to hear back from a GW and I am going to call Macys tomorrow and see what/if anything they can do for my baddies...Seriouly they are bad multiple past 30, 60, 90 and 120 days late.  I will call them once a week and hopefully someone will be kind enough to remove them or some.  I searched for GW MAcys but all the threads are old.

Cap1Secured $700 | Chase Slate $700 | Amazon Store $5000 | Discover IT $7000 | Lowe's $8000 | AmEx BCE $20000 | Freedom $3000
November 2014 (myFICOs): Equifax 717 TransUnion 725 Experian 717
January 2014 (myFICOs): Equifax 675 TransUnion 661 Experian 723
Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
0

Re: Reporting on New CC's-Getting my score to raise

"Keep your utilization painfully low" means never let your total balance exceed 30% of your total credit limits.

 

Also, at the phase of rebuilding you're in, I'd apply the same logic to each individual card just to make sure your lenders remain secure in your ability to pay.  So, for example, never put more than $60 on that Slate with a $200 limit.  Treat it as if the actual credit limit is 30% of what it actually is.

 

"Wait and be patient" means no applications, no requests for credit limit increase, none of that.  Just use all 4 cards every month, and pay them like clockwork.  With a payment history as cluttered with lates as you say yours is, the best way to improve your score is rack up a good 6-12 months of perfectly on-time payments.

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
Regular Contributor
localuser
Posts: 167
Registered: ‎09-07-2012
0

Re: Reporting on New CC's-Getting my score to raise

That is what I have been doing.  I know about the 30% rule and I have followed it so far with my slate card.  I just received my Cap1 secured card $200 yesterday and I plan to apply the same to it. I have no need for apps or CLI's for the forseable future.  Im really just in this to raise my score to match my wifes who is at 750+ so when we go to buy a house its all good.



I have already setup payment options and I have weekly reminders.  Plus I am pretty anal about my finances right now since I have some in my checking some in my savings etc...  No its time to garden and never ever be late.  Thanks for you help.

Cap1Secured $700 | Chase Slate $700 | Amazon Store $5000 | Discover IT $7000 | Lowe's $8000 | AmEx BCE $20000 | Freedom $3000
November 2014 (myFICOs): Equifax 717 TransUnion 725 Experian 717
January 2014 (myFICOs): Equifax 675 TransUnion 661 Experian 723

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}