topic Re: I NEED INPUT in Credit Cards

I NEED INPUT

Anonymous — Thu, 30 Oct 2014 23:05:16 GMT

This is going to be a long message. So I appologize in advance. I recently helped my cousin get into credit and to my dismay he has a higher score than me. He has a loan, on which he hadn't even started making payments, that is four years old. My score is hindered by my AAoA which is 2 years 2 months with 12 New Accounts and the oldest account being 7 years 2 months. I have 8 inquiries with the first due to drop in January '15. Luckily I got a new student loan obviously without inquiry and a CC. I have a util that has never gone above 7% and have $35,000 in available credit. My question to you guys is if I have a 723 FICO and according to CK a 688 TU how long after gardening can I expect to see 750-800. Everything besides age and inquiries are immaculate on my profile. I just need to see my score higher than my cousin's because it's honestly hummiliating to me when I go on and on about the importance of credit and he is doing better than me. My last apps were two in March if that gives you an idea of where I'm at in terms of AAoA and Inqs. Thanks very much in advance for any advice or personal experience.

Re: I NEED INPUT

heyarrnold — Thu, 30 Oct 2014 23:16:21 GMT

Well, you cannot really rush it. Your util is already pretty low. Getting a higher credit score takes time. It's not going to happen over night.

Your AAoA is bringing you down. Also, try letting all cards but one report a $0 balance. And let that singleton card report a 1%-9% util. That should help a bit.

Re: I NEED INPUT

Anonymous — Thu, 30 Oct 2014 23:20:53 GMT

you should stop comparing your credit score with your cousin's, because credit score and go up an down by a lot of different reason, just focus your own and don't try to rush it. hell... my younger brother's got credit score of 770 while i'm struggling at 655, and he doesn't even do anything special for that score, he just pay off his bills and not maxing out his cards.

Re: I NEED INPUT

Anonymous — Thu, 30 Oct 2014 23:21:44 GMT

Thanks! Appreciate the advice! That is one thing I haven't tried (the $0 balance) because of how difficult it is to coordinate reporting dates. It's not as if the cards are going unused so I'd have to do that. You know how it is, certain perks here and other ones elsewhere.

Re: I NEED INPUT

FinStar — Thu, 30 Oct 2014 23:23:21 GMT

So why compare yourself or compete in that fashion with your cousin? Granted, everyone has different goals and aspirations but 723 FICO is not bad and you can increase it over time.

Bottom line, it's going to take a long while for you to get to 800, especially with your AAoA and new accounts. Not impossible though, but it will take some work on your part. I'm sure others can point you to some strategies for getting there. And I've been to 800 land but at the end of the day it doesn't drive my life.

Re: I NEED INPUT

Anonymous — Thu, 30 Oct 2014 23:23:34 GMT

Thanks @ REDMINISTAPLER. Yeah, credit is a fun game to play even if it isn't fair sometimes.

Re: I NEED INPUT

Anonymous — Thu, 30 Oct 2014 23:26:42 GMT

@FinStar, thanks. It's really just about the fact that I've told him about utilization and age and hard/soft inquiries. All of this info and then I just straight out told him when I helped him app for a CC that he has a better score and he laughed. It's just kind of ridiculous that here I am advising him but at the end of the day he has the better score. I appreciate the responses. I am going to stop applying even though I really want that Double Cash. HA!

Re: I NEED INPUT

Creditaddict — Thu, 30 Oct 2014 23:47:56 GMT

while score is important... it's really the least important thing on the credit report... Credit is SO much more than a score!

I dated someone once that had an 810 Fico (back when fico use to give a free report once in a while for like an hour promotion, i had him get it) but all he had was a $500 capital one card... He used his debit card for EVERYTHING because he spent more than that in a day! he just never really knew or thought about going to another bank and applying for something different... So what good is an 800 score if you don't know what to do with it!

Re: I NEED INPUT

Anonymous — Thu, 30 Oct 2014 23:57:54 GMT

@CreditAddict, Thanks! Yeah, I guess I'm just torn about whether to just keep getting the cards I want or stop. Very impressive list of cards you've got on your profile by the way.

Re: I NEED INPUT

Anonymous — Fri, 31 Oct 2014 00:11:23 GMT

When you pay your student loans off, it should go to 800 range as long as you don't apply for any more credit.

Re: I NEED INPUT

Anonymous — Fri, 31 Oct 2014 00:24:07 GMT

Thanks @MEdWar! The only question I have is something I've never really understood. My oldest account is one of my student loans. $840 is remaining and it's deferred right now since I'm currently a student. I can pay it but I've been hesitant to because I don't quite understand what happens when it's paid in terms of AAoA. Does it still report? I cannot afford to let that account stop reporting because my next oldest is like 6years old. There's very few CCs holding my AAoA up to 2years2months as it is. My most recent loan I just took out so that it'd add some variety to my credit mix. I've read that is valuable. Thank you for the input!

Re: I NEED INPUT

09Lexie — Fri, 31 Oct 2014 00:28:00 GMT

@Anonymous wrote:
@Anonymous @MEdWar! The only question I have is something I've never really understood. My oldest account is one of my student loans. $840 is remaining and it's deferred right now since I'm currently a student. I can pay it but I've been hesitant to because I don't quite understand what happens when it's paid in terms of AAoA. Does it still report? I cannot afford to let that account stop reporting because my next oldest is like 6years old. There's very few CCs holding my AAoA up to 2years2months as it is. My most recent loan I just took out so that it'd add some variety to my credit mix. I've read that is valuable. Thank you for the input!

Welcome to the forum. I notice that you might not know how to respond to posts by using our quote feature.

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Re: I NEED INPUT

Anonymous — Fri, 31 Oct 2014 00:29:38 GMT

@09Lexie wrote:
@Anonymous wrote:
@Anonymous @MEdWar! The only question I have is something I've never really understood. My oldest account is one of my student loans. $840 is remaining and it's deferred right now since I'm currently a student. I can pay it but I've been hesitant to because I don't quite understand what happens when it's paid in terms of AAoA. Does it still report? I cannot afford to let that account stop reporting because my next oldest is like 6years old. There's very few CCs holding my AAoA up to 2years2months as it is. My most recent loan I just took out so that it'd add some variety to my credit mix. I've read that is valuable. Thank you for the input!
Welcome to the forum. I notice that you might not know how to respond to posts by using our quote feature.

1. Click "reply" on the post you want to respond to.

2. To the right of the toolbar, next to the MACRO drop down-- and above the message post window -- you will see the quote button. It should look like this:

3. Tap the quote bubble to insert the text of the post you are responding to and the block of text will appear in the message post window.

4. Type your response below the quoted block of text and then click preview if you'd like to proof the post before submitting, or click "Post" at the bottom of the message post window.

Thank you!

Re: I NEED INPUT

coldnmn — Fri, 31 Oct 2014 10:21:12 GMT

To respond to your question about the Barclay Ring from your locked thread. The rewards are nothing to brag about the only reason I have it is for the 8% interest.

Re: I NEED INPUT

woodyman100 — Fri, 31 Oct 2014 11:22:02 GMT

@Anonymous wrote:
you should stop comparing your credit score with your cousin's, because credit score and go up an down by a lot of different reason, just focus your own and don't try to rush it. hell... my younger brother's got credit score of 770 while i'm struggling at 655, and he doesn't even do anything special for that score, he just pay off his bills and not maxing out his cards.

+1000. Its the file that matters. My 19 year old daughter had a score of 757. The only thing in her file was being an AU on 4 of my cards. She appd and got a cap one card, but She was shot down for several car loans for no history and low income. It's the file that weighs heavier than the score.

Re: I NEED INPUT

woodyman100 — Fri, 31 Oct 2014 11:26:09 GMT

@woodyman100 wrote:
@Anonymous wrote:
you should stop comparing your credit score with your cousin's, because credit score and go up an down by a lot of different reason, just focus your own and don't try to rush it. hell... my younger brother's got credit score of 770 while i'm struggling at 655, and he doesn't even do anything special for that score, he just pay off his bills and not maxing out his cards.
+1000. Its the file that matters. My 19 year old daughter had a score of 757. The only thing in her file was being an AU on 4 of my cards. She appd and got a cap one card, but She was shot down for several car loans for no history and low income. It's the file that weighs heavier than the score.

Proud of that kid by the way. About to make me a proud Grampa!

Re: I NEED INPUT

Anonymous — Fri, 31 Oct 2014 13:11:30 GMT

@coldnmn wrote:
To respond to your question about the Barclay Ring from your locked thread. The rewards are nothing to brag about the only reason I have it is for the 8% interest.

Thanks! That was what I was afraid of. The 8% is nice to have in case of emergency but carrying balances is, as we all know, undesireable. I don't know if you were involved in my post about the Sears CITI card but you should check out the card I mentioned in that thread. The Huntington Voice card, it comes in two different types. One is a 3% category card and the other is a low interest card. It might be a rate comparable to or better than the RIng.

Re: I NEED INPUT

Anonymous — Fri, 31 Oct 2014 13:12:04 GMT

@woodyman100 wrote:
@woodyman100 wrote:
@Anonymous wrote:
you should stop comparing your credit score with your cousin's, because credit score and go up an down by a lot of different reason, just focus your own and don't try to rush it. hell... my younger brother's got credit score of 770 while i'm struggling at 655, and he doesn't even do anything special for that score, he just pay off his bills and not maxing out his cards.
+1000. Its the file that matters. My 19 year old daughter had a score of 757. The only thing in her file was being an AU on 4 of my cards. She appd and got a cap one card, but She was shot down for several car loans for no history and low income. It's the file that weighs heavier than the score.
Proud of that kid by the way. About to make me a proud Grampa!

Congratulations!