topic Re: Gardening in General Credit Topics

Gardening

bdebtfree215 — Tue, 27 Apr 2021 14:59:31 GMT

I've read several threads that mentioned gardening for your credit cards. I've decided to do this. My last hard pull was 4/20 and I'm going to do this for six months to give my new NFCU account time to age and register on my report. Do you think 6 months is enough time or should I do it longer?

Re: Gardening

Sandman771 — Tue, 27 Apr 2021 15:02:33 GMT

Different folks garden for different things. I am there to let accounts age and bad stuff drop off. I'm quite happy with my credit mix right now but wanting to get a good AF Amex card down the road. I'll step out then and jump back in until its time to buy a house. Come on over and talk to the experts there. Just don't mention the app word lol

Re: Gardening

rostrow416 — Tue, 27 Apr 2021 15:03:52 GMT

Depends on how old your accounts are, your goals, etc. Decently thick, healthy files can apply every 6 months.

Re: Gardening

bdebtfree215 — Tue, 27 Apr 2021 15:12:28 GMT

@Sandman771 wrote:
Different folks garden for different things. I am there to let accounts age and bad stuff drop off. I'm quite happy with my credit mix right now but wanting to get a good AF Amex card down the road. I'll step out then and jump back in until its time to buy a house. Come on over and talk to the experts there. Just don't mention the app word lol

Thanks. That's a good point you made. I have some accounts that I've paid off but have negative marks set to drop off in 2022 and 2023. Nothing else negative on my report. I have what I believe to be a good credit mix also (no store cards though- should I have this?). I have a mortgage, some student loans, an auto loan and two credit cards (utilization is about 4% using AZEO). Maybe I should garden until the negative remarks fall off. I'm sure that'll really help my scores increase.

Re: Gardening

bdebtfree215 — Tue, 27 Apr 2021 15:13:15 GMT

Hmm.. not sure I would consider my file healthy yet - I'm getting there though. So maybe I do need to go longer than six months. Couldn't hurt, right?

Re: Gardening

Sandman771 — Tue, 27 Apr 2021 15:15:06 GMT

@bdebtfree215 wrote:
@Sandman771 wrote:
Different folks garden for different things. I am there to let accounts age and bad stuff drop off. I'm quite happy with my credit mix right now but wanting to get a good AF Amex card down the road. I'll step out then and jump back in until its time to buy a house. Come on over and talk to the experts there. Just don't mention the app word lol
Thanks. That's a good point you made. I have some accounts that I've paid off but have negative marks set to drop off in 2022 and 2023. Nothing else negative on my report. I have what I believe to be a good credit mix also (no store cards though- should I have this?). I have a mortgage, some student loans, an auto loan and two credit cards (utilization is about 4% using AZEO). Maybe I should garden until the negative remarks fall off. I'm sure that'll really help my scores increase.

If you were to wait until no negative marks are on your file at all you'll be shocked at what type of app spree you could go on. I should have all my bad stuff off after January, so I'm hoping I can snag my card I want and then I'll be golden just grow these NFCU cards

Re: Gardening

bdebtfree215 — Tue, 27 Apr 2021 15:20:58 GMT

Yeah you're right. I'm going to do that. I've always wanted a credit card that offers airline miles. I need to do some research to see what I need my scores to be to qualify for one of those types of cards. I wish I would have been this aware of my credit in the past. So many mistakes could have been avoided. I'm addicted now though.

Re: Gardening

Sandman771 — Tue, 27 Apr 2021 15:22:55 GMT

It is a good habit to have I think especially when you are making this journey. now some of these guys and gals with 100's of thousands of dollars in credit cards they did alright. I'm just trying to get to $100K eventually. And I am trying to hotel points I think instead of airline miles. Plus it also depends on what airline services your local airport. We just got Southwest here.

Re: Gardening

Anonymous — Tue, 27 Apr 2021 15:59:29 GMT

+1 @Sandman771

I opted for a thick rebuild after my Chap 7 discharge in preparation to buy my first home. I am eyeing a specific lender in my area with an overlay of at least 4 seasoned tradelines, so I'll be in the garden for at least 2 years after my last hard pull this month.

I'm content with what I have now and looking forward to gaining from those accounts aging, soft pull increases and letting the few remaining lines included in BK drop off.

Re: Gardening

bdebtfree215 — Tue, 27 Apr 2021 16:01:49 GMT

When you say “thick rebuild” what does that mean? I’m still new to the credit lingo on the forum.

Re: Gardening

Heatt99 — Tue, 27 Apr 2021 16:52:26 GMT

Gardening is based on several goals and factors. Everyone is different.

* Have a lot of inquires that make you look bad--Garden

* working to reduce your utilization to apply for a card with a large SL--Garden

* waiting for llB to fall off--Garden

* Aging of accounts to show that you're worthy--Garden

Several more cases. Set a goal on what cards you want, look through the forum for DPs, then apply when ready.

Ie. I'm gardening for AOD who is not kind towards DTI.

Re: Gardening

Horseshoez — Tue, 27 Apr 2021 17:14:20 GMT

@bdebtfree215 wrote:
When you say “thick rebuild” what does that mean? I’m still new to the credit lingo on the forum.

I'm guessing, but don't know for sure, a "thick rebuild" means coming out of the gate, say after a bankruptcy, and applying for several secured lines, say three secured credit cards and a secured loan, all within a very short period of time.

I've kinda-sorta done that since my Chapter 13 discharge in March of 2020, I started with a secured card with a $5,000 limit, since graduated to unsecured, added two more unsecured credit cards, and then added a secured loan with PenFed just a couple of weeks ago. So far my scores have been on a generally upward trend and I'm hoping for at least 750 across the board by next February.

Re: Gardening

bdebtfree215 — Tue, 27 Apr 2021 17:36:05 GMT

@Heatt99 wrote:
Gardening is based on several goals and factors. Everyone is different.

* Have a lot of inquires that make you look bad--Garden
* working to reduce your utilization to apply for a card with a large SL--Garden
* waiting for llB to fall off--Garden
* Aging of accounts to show that you're worthy--Garden

Several more cases. Set a goal on what cards you want, look through the forum for DPs, then apply when ready.

Ie. I'm gardening for AOD who is not kind towards DTI.

Ok that's helpful. Not sure what "IIB" is, but your other example cases gave me enough to understand. Thanks so much.

Re: Gardening

Sandman771 — Tue, 27 Apr 2021 17:37:07 GMT

@bdebtfree215 wrote:

Ok that's helpful. Not sure what "IIB" is, but your other example cases gave me enough to understand. Thanks so much.

IIB included in BK

Re: Gardening

bdebtfree215 — Tue, 27 Apr 2021 17:37:41 GMT

Oh ok. Thanks. Based on this feedback, I'm going to garden for two years to give negative remarks a chance to full off as well as inquiries to be removed.

Re: Gardening

bdebtfree215 — Tue, 27 Apr 2021 17:39:40 GMT

Gotcha.

Re: Gardening

Anonymous — Tue, 27 Apr 2021 20:35:33 GMT

@bdebtfree215 wrote:
When you say “thick rebuild” what does that mean? I’m still new to the credit lingo on the forum.

I'm new as well and figuring my way around the forum. I remember seeing a sticky in one of the sections with a breakdown of the credit lingo. If I find it again, I can PM to you.

Echoing @Horseshoez, a thick rebuild is adding several tradelines over a short period of time vs. one or two over longer periods of time. For example, in the six months following my BK discharge, I added five cards and a loan.

There's pros/cons and it isn't for everyone but that's better explained in this thread: Thick Start Pros and Cons

Re: Gardening

bdebtfree215 — Wed, 28 Apr 2021 03:32:59 GMT

@Anonymous wrote:
@bdebtfree215 wrote:
When you say “thick rebuild” what does that mean? I’m still new to the credit lingo on the forum.
I'm new as well and figuring my way around the forum. I remember seeing a sticky in one of the sections with a breakdown of the credit lingo. If I find it again, I can PM to you.

Echoing @Horseshoez, a thick rebuild is adding several tradelines over a short period of time vs. one or two over longer periods of time. For example, in the six months following my BK discharge, I added five cards and a loan.

There's pros/cons and it isn't for everyone but that's better explained in this thread: Thick Start Pros and Cons

Oh wow! That would be great if you find it. Thanks. I'll also search for it. Thanks for sharing the info about the thick start. I've considerd doing that without knowing that there was an actual name for it. I guess that would lead to a lot of inquiries, hence the gardening after.

Re: Gardening

Anonymous — Wed, 28 Apr 2021 04:22:25 GMT

@bdebtfree215 wrote:
@Anonymous wrote:
@bdebtfree215 wrote:
When you say “thick rebuild” what does that mean? I’m still new to the credit lingo on the forum.
I'm new as well and figuring my way around the forum. I remember seeing a sticky in one of the sections with a breakdown of the credit lingo. If I find it again, I can PM to you.

Echoing @Horseshoez, a thick rebuild is adding several tradelines over a short period of time vs. one or two over longer periods of time. For example, in the six months following my BK discharge, I added five cards and a loan.

There's pros/cons and it isn't for everyone but that's better explained in this thread: Thick Start Pros and Cons

Oh wow! That would be great if you find it. Thanks. I'll also search for it. Thanks for sharing the info about the thick start. I've considerd doing that without knowing that there was an actual name for it. I guess that would lead to a lot of inquiries, hence the gardening after.

I found it! Here it is: Common Abbreviations

Same, I didn't know it had an actual name either! My intention was strategizing towards possibly getting my first mortgage with a specific lender, which coincided with this method. I've learned so much on this forum in the short time I've been here. Had I found it before, I would have avoided quite a few of the unnecessary inquiries. No regrets though, as I won't be applying for anything else in the near future, lol.

Best of Luck in the Garden 😊

Re: Gardening

bdebtfree215 — Wed, 28 Apr 2021 14:02:53 GMT

@Anonymous wrote:
@bdebtfree215 wrote:
@Anonymous wrote:
@bdebtfree215 wrote:
When you say “thick rebuild” what does that mean? I’m still new to the credit lingo on the forum.
I'm new as well and figuring my way around the forum. I remember seeing a sticky in one of the sections with a breakdown of the credit lingo. If I find it again, I can PM to you.

Echoing @Horseshoez, a thick rebuild is adding several tradelines over a short period of time vs. one or two over longer periods of time. For example, in the six months following my BK discharge, I added five cards and a loan.

There's pros/cons and it isn't for everyone but that's better explained in this thread: Thick Start Pros and Cons

Oh wow! That would be great if you find it. Thanks. I'll also search for it. Thanks for sharing the info about the thick start. I've considerd doing that without knowing that there was an actual name for it. I guess that would lead to a lot of inquiries, hence the gardening after.
I found it! Here it is: Common Abbreviations

Same, I didn't know it had an actual name either! My intention was strategizing towards possibly getting my first mortgage with a specific lender, which coincided with this method. I've learned so much on this forum in the short time I've been here. Had I found it before, I would have avoided quite a few of the unnecessary inquiries. No regrets though, as I won't be applying for anything else in the near future, lol.

Best of Luck in the Garden 😊

I agree! This forum has me so focused on managing and improving my credit. Happy gardening to you! Can’t wait to see the results in 18 months.