topic Re: Need advice moving forward. in Credit Cards

Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 15:19:16 GMT

Hello, i havent used credit in 11 yrs. Decided to rebuild after everything dropping off. New credit basically. Here are stats now as of today.
All are Fico 8
Experian- 713- 8 inq.-
Equifax- 773- 0 inq
Transunion- 763-5 inq
Experian mortgage - 730
Auto- 745
Credit card- 744

Capital one card opened 7-3-19 $200 secured
Discover card- 8-26-19 $200 secured
Regions cc- 8-19-19 $1000 unsecured
Barclays closed cc 7-12-06
Student loan- 8-01-02
All paid as agreed.

Where do i need to go from here? Wait for secured cards to graduate? Apply for more? Stop for 6months or a yr? Please give me some advice and as always, thank you for imparting your knowledge to me.

Re: Need advice moving forward.

Remedios — Tue, 22 Oct 2019 15:27:06 GMT

@Anonymous

Hi and welcome to the forums

Stop applying for now and let what you have age. When your youngest reaches a year old, you'll be ready for the next step. A lot of lenders pose limitations on how many cards they will approve during certain period of time and you're getting there

You do not want to use them all up for secured/low limits cards.

By that time, you should also have a better idea on your spending and it will help you decide where to take it next

Good luck!

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 15:41:13 GMT

Forgot to mention I took out a secured installment loan at regions for 300 dollars for 6 months. Pay it 15 days before due date. Lady at bank said let it run the full 6 months. Should I make another secured one after this? I'm just so amazed that in such a short period of time my scores are what they are. I am retired and my ss check is 1700 dollars a month. No house payment, only utilities, no car payment, only insurance. Going forward in the next year, what kind of credit limits can I expect. I'm sure they won't be high but that's ok. Just curious what y'all think they will be. Oh, I use all the cards and pif before statement drops. I left 83 dollars on the regions card this month. Rest are 0 balances. Thanks in advance for all your support.

Re: Need advice moving forward.

Girlzilla88 — Tue, 22 Oct 2019 15:41:57 GMT

I agree definitely just focus on upgrading your Secured at the 1 year mark and grow what you have you look like you have a nice mix so holding off for a bit won't hurt and while you don't app for New it reflects better on you if something later pops up that suites you best!

Re: Need advice moving forward.

dragontears — Tue, 22 Oct 2019 15:43:06 GMT

If your student loan is open you don't need to get another loan

Re: Need advice moving forward.

Girlzilla88 — Tue, 22 Oct 2019 15:44:04 GMT

That small secured loan will help you a LOT as well I know it up'd my score 40 plus points when mine was all said and done and they are right you want it to run the full 6 months As far as doing another afterwards I wouldn't think you would need it as that would show recent activity for that section and if you have Vehicle loan/loans you really only need Cards and one other so is it a bonus to have a current one for the personal loan part yes but Need to do another one I don't think so.

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 15:49:59 GMT

Yes, student loan is open, paid as agreed, never late for over 17 years. Im really excited about this. Let me know what you guys think the limits might eventually look like and , no auto loans on my report. My car is paid off.

Re: Need advice moving forward.

Girlzilla88 — Tue, 22 Oct 2019 15:51:28 GMT

But since you still have your student that works in your favor too

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 16:07:45 GMT

@Anonymous wrote:
Forgot to mention I took out a secured installment loan at regions for 300 dollars for 6 months. Pay it 15 days before due date. Lady at bank said let it run the full 6 months. Should I make another secured one after this? I'm just so amazed that in such a short period of time my scores are what they are. I am retired and my ss check is 1700 dollars a month. No house payment, only utilities, no car payment, only insurance. Going forward in the next year, what kind of credit limits can I expect. I'm sure they won't be high but that's ok. Just curious what y'all think they will be. Oh, I use all the cards and pif before statement drops. I left 83 dollars on the regions card this month. Rest are 0 balances. Thanks in advance for all your support.

The secured installment loan probably dinged your score instead of raising it. You are already satisfying installment mix of credit with your 17 year old student loan, which by now has low utilization. The new secured installment loan would be reporting near 100% utilization, so it's possible you lost a few points because of it. I'd pay it off and get your $300 back.

Someday after your student loan is paid off a secured installment loan could be of use if you need every point possible.

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 16:19:52 GMT

So no fingerhut acct or credit one bank cc huh....lol

Re: Need advice moving forward.

Girlzilla88 — Tue, 22 Oct 2019 16:49:38 GMT

LOL HELLLLL no lol but as stated yes the secured loan dinged it a bit possibly starting it but once it's paid off in the 6 months and goes away it will up your score too so I would stick with that just don't do anything after it and follow through with the rest

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 17:00:20 GMT

no no no. you don't have new credit, your credit is still old and well established because you have an old student loan and an old barclays card on your reports. my credit is brand spanking new. everything fell off of mine both good and bad. so you have a big advantage here.

if you look at my scores and cards and limits, i started 8 months ago, i didn't use any authorized user tricks or anything. you should be able to do at least as good as me, but probably much better than me, due to having older accounts on file. especially the loan.

i would say you're doing pretty good so far, pay attention to paying on time and low utilization that's the key thing to scores. and always ask for cli's, i have one coming up with amex next week it might increase my limit to 12k or 18k with them.

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 17:04:54 GMT

Thanks to every one for your advice. Makes me feel better to know for sure that I am on the right track. Still curious what you folks think my credit lines might eventually be with my income.

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 17:13:12 GMT

Figured it out. My AoOa is 3 yrs 7 months. Wow, thos new accounts dropped me from 17 yrs 7 months all the way down.

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 17:16:39 GMT

you only need an AAoA of 4yrs to be doing great. but it can fall much lower and still not be an issue, so don't worry bout that. its the other stuff that falls off will harm you. your oldest accounts. then it will be like you just started entirely new.

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 17:19:37 GMT

@Anonymous wrote:
Thanks to every one for your advice. Makes me feel better to know for sure that I am on the right track. Still curious what you folks think my credit lines might eventually be with my income.

it's possible to get limits of half your income sometimes a bit more or less. 10k is a good guess. try for an amex card when you have a really good score on experian.

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 17:20:50 GMT

I pay the 284 dollars a month for my student loan. Still have a 42,000 dollar balance so no worries about it dropping off. The closed barclays acct is only on equifax. So really no worries there. AAoA should only get better from here.

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 17:23:25 GMT

Ok, as far as american express, I burned them back in 1985 in a bankruptcy. I've heard they have long memories and won't approve a card for me unless I repay them the charge off amount. Just what I have heard. Not sure.

Re: Need advice moving forward.

FinStar — Tue, 22 Oct 2019 19:51:45 GMT

@Anonymous wrote:
Ok, as far as american express, I burned them back in 1985 in a bankruptcy. I've heard they have long memories and won't approve a card for me unless I repay them the charge off amount. Just what I have heard. Not sure.

It's fairly possible that you might still be on their "blacklist" since AmEx tends to have long memories + it may also depend on the burn amount and other factors. The only way of knowing for sure is when you eventually apply. If the application gets auto-declined without a HP, then you're still on the naughty list.

Re: Need advice moving forward.

Anonymous — Tue, 22 Oct 2019 19:55:28 GMT

34 yrs. Elephants dont remember that long. Sometimes I wish I didnt remember that long.😀