topic Re: Credit bored 😐 Next step???? in General Credit Topics

Credit bored 😐 Next step????

Anonymous — Sat, 28 Oct 2017 07:28:31 GMT

I have risen my equifax score to 760
Transunion 738
Exprerian 770
cards
Barclays 17500
Amex 27000
Amex 13500
Cap one 21750
Capone 6750
Boa 15000
Discover 20000
Citi 7000
Hh gregg 5000
Macys 1200
Chase 25000
Usbank 13500
Quick trip 10500
Amzon 4000
Saks 5 ave 4000
Nemian macus 4000
15% utilization
All acounts mixed
Mortage
Auto loans ect....
100% on time payments
Some cards are business so only
60,000 reports to big 3
Whats next for me
I have 5 equifax inquires
12 transunion (6 falling off this year)
WHATS NEXT FOR ME THIS IS MY HOBBY.... I LOVE IT??? Need advice to hit the next level

Re: Credit bored 😐 Next step????

marty56 — Sat, 28 Oct 2017 10:58:32 GMT

Credit garden

Get util lower

Time

Re: Credit bored 😐 Next step????

Anonymous — Sat, 28 Oct 2017 13:30:30 GMT

+ 1 to what Marty just said.

A quick thing our OP could do is pay all of his cards to zero except one (AZEO) with the remaining card showing a small balance. Then wait for a couple months while he keeps his cards like that. This will isolate the help he can get from improving his CC balances.

And by garden Marty is saying no applications for credit and no new accounts for a solid 13 months. That will cause his "Age of Newest Account" to become > 12 months and for all his inquiries to cease having any scoring impact. It will also cause his AAoA to increase a year.

Finally, if our OP wants to improve his scores further, he might consider paying his open loans down while keeping them open. Since one of them is a mortgage that may be unrealistic. I am not a big proponent of this, however, because although it helps your FICO 8 significantly, I personally believe that paying down installment debt should be driven primarily by what makes financial sense rather than chasing a scoring benefit.

Re: Credit bored 😐 Next step????

SouthJamaica — Sat, 28 Oct 2017 15:26:14 GMT

@Anonymous wrote:
I have risen my equifax score to 760
Transunion 738
Exprerian 770
cards
Barclays 17500
Amex 27000
Amex 13500
Cap one 21750
Capone 6750
Boa 15000
Discover 20000
Citi 7000
Hh gregg 5000
Macys 1200
Chase 25000
Usbank 13500
Quick trip 10500
Amzon 4000
Saks 5 ave 4000
Nemian macus 4000
15% utilization
All acounts mixed
Mortage
Auto loans ect....
100% on time payments
Some cards are business so only
60,000 reports to big 3
Whats next for me
I have 5 equifax inquires
12 transunion (6 falling off this year)
WHATS NEXT FOR ME THIS IS MY HOBBY.... I LOVE IT??? Need advice to hit the next level

I know this is not what you want to hear, but IMHO your next best step to "hit the next level" is to.........

do nothing.

I.e., keep what you have; keep utilization lower; pay installment loans down to 9% or less, but more than zero; maintain revolving credit with one card reporting small balance, and others reporting zero balance. And MOST IMPORTANT OF ALL: NO NEW CREDIT APPLICATIONS.

The passage of time is the key ingredient in top FICO scores. The older your average age of accounts, the older your newest account, the older your oldest account, and the less inquiries you have, the better your scores will be... all of them.

Re: Credit bored 😐 Next step????

Anonymous — Sat, 28 Oct 2017 15:46:56 GMT

If you're bored, look for what credit cards you have that offer you an incentive for getting friends and family to apply and be approved for them.

Then hit up your Facebook friends and offer to help others rebuild and repair and grow while earning a few bucks every month as people there use your links to get cards.

I've earned a few hundred bucks already this year (yes, I do disclose that I make some $$$ if they're approved), and I've helped a lot of folks bring their scores up 100 points by teaching them all the basics (AZEO, SSL, CCT $1, etc).

Trust me when I say it isn't boring at all, and you will also meet a lot of folks who are just as clueless as we all were before finding out the tricks of the trade!

Re: Credit bored 😐 Next step????

AverageJoesCredit — Sat, 28 Oct 2017 17:08:45 GMT

Cancel all prime cards and start from scratch

Re: Credit bored 😐 Next step????

AverageJoesCredit — Sat, 28 Oct 2017 17:10:23 GMT

Jk, alot depends on what your goals are. With your stats its easy to continue to add but if thats not your thing you need to figure whats most important and go from there.

Re: Credit bored 😐 Next step????

Thomas_Thumb — Sat, 28 Oct 2017 21:14:52 GMT

@Anonymous wrote:
I have risen my equifax score to 760
Transunion 738
Exprerian 770
I have 5 equifax inquires
12 transunion (6 falling off this year)
WHATS NEXT FOR ME THIS IS MY HOBBY.... I LOVE IT??? Need advice to hit the next level

1) I'd recommend venturing into the garden to allow things to age up. While there test how changes in revolving balance impact Fico 8/Fico 9 scores. Compare them alongside VantageScore 3.0. It makes for interesting analysis. Looking at VS scores costs nothing (TU and EQ VS3 from Credit Karma, EX VS3 from credit.com.

- Play around with how many cards you allow to report small balances and see how your score reacts.

- Test how your profile reacts to individual card utilization: maintain # cards reporting a balance constant and allow a low limit CC to report a very high utilization and then make step change payments along with re-checking score when generally accepted UT thresholds are crossed. Of course, AG UT% must be kept under 9% even when the card reports its highest amount to avoid confounding results.

2) You could venture into the darkside and obtain your credit based insurance scores. Then spend some time trying to figure out how LexisNexis scoring works. Unfortunately LN CBIS scores are not available for free.