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Paid down ~$50k of CC debt recently (feels awesome!) and want to understand how my credit scores will shake out once everything reports. Trying to close on a home loan around the end of this month (once all my cards have had the opportunity to report new balances to the credit unions and my score improves), and figured I'd come to the forums to get your perspectives on where my score might range. Don't want to spend too much money over these next 3 weeks or so repeatedly buying my credit reports and checking reported balances incessantly so figured I'd turn to you all to get an idea of what I can expect (some of the little tools came out in the 760 area).
Updated balances are as follows:
Loans
BMWFS Auto Lease - $10,039
Lending Club Unsecured Loan - $18,663
US DoE Student Loan 1 - $3,709
US DoE Student Loan 2 - $4,545
Revolving
Chase Slate - $62.41 balance on $5.5k limit (1.1% util)
Bloomingdale's Store Card - $24.32 balance on $3.3k limit (0.7% util)
AmEx Delta Gold - $5.84 balance on $25k limit (0.0% util)
UBS Financial Services - $0 balance on $7.5k limit
Citi Dividend Platinum - $0 balance on $4,180 limit
Best Buy Store Card (Citi) - $0 balance on $3k limit
Amazon Store Card (GECRB) - $0 balance on $2.7k limit
BarclayCard Financing Visa - $0 balance on $2k limit
Discover More Platinum - $0 balance on $800 limit
Capital One Platinum Visa - $0 balance on $750 limit
Neiman Marcus Store Card (Capital One) - $0 balance on $705 limit
Capital One Platinum (old Orchard Bank) MasterCard - $0 balance on $300 limit
Total revolving util is 0.2% ($92.57 outstanding balance on $55,735 of available credit)
AAoA on my open accounts is 3.98 years on my revolving (oldest account is my AmEx which was opened 13.69 years ago). AAoA on all accounts (incl. my loan accounts) is 3.55 years. Most recent account opened was the BMWFS account (0.48 years ago).
In addition to the aforementioned 16 accounts, I have 1 paid off auto loan, 1 paid off auto lease, 1 paid off 3rd party student loan and 3 closed credit card accounts (closed because of $0 balance inactivity).
I have 6 hard inquiries on my report over the past 12 months (2 of which will roll off on 3/6/14) and the newest of which is 6 months old.
Credit Karma says I've made 463/463 payments on time. Don't have any 30-day lates/60-day lates/collections, etc.
Should also note that AAoA including the revolving accounts, loan accounts and now closed accounts is 3.63 years.
How many new accounts in the past 6 mo - 1 yr?
If you have no derogatories, and your utilization is very low as stated, then my guess would be around 750-775.
One tweak to the utilization would be to only have one card reporting a balance, instead of three.
I assume you have adequate income to make DTI calculations come out okay.
Yeah, unfortunately didn't factor residual interest when paying down the Chase, AmEx and Bloomingdale's cards so have to wait until mid-March for two of those to report $0. Not sure if it'd be worth a rapid rescore to ensure I'm able to close in time?
I think DTI should come out fine. I"m currently at $1,443 of monthly obligations between the Lending Club loan, the student loans and the BMW lease vs. $12.9k of monthly AGI (11.2% DTI). Figure I should be able to add $1,700/mo. in mortgage (new DTI of 24.2%) without getting tiered down on rates, right?
4.
The closed auto lease was opened 4/1/13 (took over the lease and traded the car in for the auto loan).
The BarclayCard Financing Visa was opened 6/15/13.
The closed auto loan was opened 7/1/13 (totaled the car within a month haha).
The current BMW auto lease was opened 9/4/13 (so will be ~6 months old on the dot at the end of this month).
@boston3000 wrote:Yeah, unfortunately didn't factor residual interest when paying down the Chase, AmEx and Bloomingdale's cards so have to wait until mid-March for two of those to report $0. Not sure if it'd be worth a rapid rescore to ensure I'm able to close in time?
I think DTI should come out fine. I"m currently at $1,443 of monthly obligations between the Lending Club loan, the student loans and the BMW lease vs. $12.9k of monthly AGI (11.2% DTI). Figure I should be able to add $1,700/mo. in mortgage (new DTI of 24.2%) without getting tiered down on rates, right?
For me personally sitting on 8 cards, I don't see any difference between 1-3 cards reporting a balance. I do take a ding when I get to that 4th, this holds true with a non-trivial number of people as well. Conventional wisdom is that less than half your cards reporting a balance is acceptable: but to guaruntee it, only let one report which works for everyone with 3+ cards.
If you're right on the bubble of a tier that materially effects your APR (like my trying to hit a 700 by the end of the year) then absolutely take the swing at a rapid resocre; however, your monster paydown of your CC debt is going to put you into near gold-plated territory anyway, and we're talking a couple of points which isn't likely to drop you below most lenders top mortgage tier.
DTI doesn't tier you, credit score does. DTI guidelines are whether you'll get the loan underwritten or not: if you're under 36% backend DTI (everything including loans, mortgage, insurance, etc) there's no way you're going to get denied on that point by any lender.