Re: Reporting on New CC's-Getti
ng my score to raise
09-27-2012 12:34 PM
Keep your utilization painfully low, but use each of your cards every month.
Wait, and be patient.
- The Zen of "Gardening"
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!
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