topic Re: My Journey- Part II in Rebuilding Your Credit

My Journey- Part II

BMW_328i — Tue, 16 Jul 2024 15:44:30 GMT

I've been a member here for a few years. I started my rebuild in 2020 and I f**ked up in 2022. I had a couple of late payments that year and my score tanked. Here's a visual of my journey. I would buy this stock- it's gapping up......LOL

Since then, I have closed my trash AF CCCs (Mission Lane, Credit One and First Premiere). I'm currently in the process of attempting the AZEO method for August reporting and will post my results. Here is my CC portfolio:

Apple: 2,700 / 711

Chase: 1,500 / 0

Citi Secured: 300 / 0 % (4 freakin' years)

Discover: 500 / 0

Macys: 600 / 0

Current Utilization 21.71%

Revised Utilization 15.16%

My Chase card was opened in June 2024 and hasn't reported yet- for which I find weird. My current utilization being reported is 20.71%, 15.16% when Chase reports. I will pay off all cards except Apple (leaving $50 to report). My estimation is to have utilization at .92%.

Near term, I hope to open an AMEX card, green or gold. My middle mortgage score is 632- I don't know what else to do to raise it to 700 by spring time.

Any advice would be appreciated!!

Re: My Journey- Part II

keekers — Tue, 16 Jul 2024 16:18:10 GMT

I wouldn't be concerned quite yet if your Chase card hasn't reported since June was just a couple weeks ago. I think you have plenty of cards for now to rebuild. Do you have any installment loans reporting on your file or only CCs?

Re: My Journey- Part II

BMW_328i — Tue, 16 Jul 2024 16:37:02 GMT

I have an CAP1 Auto and two personal loans. Also have 7 late payments over the last 7 years, including a CO. My scores are definitely suppressed.

Re: My Journey- Part II

JoeRockhead — Tue, 16 Jul 2024 22:35:40 GMT

You're headed down the right path.

When was your last derogatory, and what was it?
What are the balances on the 3 loans?

Re: My Journey- Part II

Thomas_Thumb — Wed, 17 Jul 2024 18:35:43 GMT

For a score boost stop getting new cards and let your youngest card age to 12 months.

If you report a balance on a single card, make sure it counts as a revolving account. Amex green/gold/platinum charge cards and most "store specific" retail cards don't count.

With Discover you can request soft pull CLIs. You should wait 6 months after a CLI before requesting another.

Re: My Journey- Part II

BMW_328i — Wed, 17 Jul 2024 20:09:32 GMT

Last major derog, JAN24 was a CO from Upstart- personal loan. Dropped the ball on that. Also have a few late payments. The loans ($4K) are relatively new and will be paid off prior to applying for a mortgage.

Re: My Journey- Part II

BMW_328i — Wed, 17 Jul 2024 20:13:45 GMT

Your information is very helpful. Thanks was unaware that charge cards can't be used with AZEO. All of my CCs are at least two years old. When I app for AMEX in January, that will be my last card for at least a year.

Citi and Disco have been difficult to gain graduation/CLI. I will sock draw those cards.

Re: My Journey- Part II

MissLiz — Thu, 18 Jul 2024 12:38:32 GMT

@BMW_328i wrote:
Your information is very helpful. Thanks was unaware that charge cards can't be used with AZEO. All of my CCs are at least two years old. When I app for AMEX in January, that will be my last card for at least a year.

Citi and Disco have been difficult to gain graduation/CLI. I will sock draw those cards.

If you're hoping to get a mortgage in the spring, don't app for the AMEX in January. It can wait until you've closed on your house.

Re: My Journey- Part II

BMW_328i — Thu, 25 Jul 2024 22:28:39 GMT

As bad as I want the AMEX Platinum card, I definitely will have to wait until summer. My Chase card doesn't reach one year until June, so it only makes sense to wait until I close.

Thanks,

Re: My Journey- Part II

Gregory1776 — Fri, 26 Jul 2024 21:13:31 GMT

I just learned about Bucketing,

your Citi may be in that case, which, close and try opening a new account when your score is better.

the closed account will affect utilization (a little, and account age in 10 years)

Re: My Journey- Part II

FicoMike0 — Tue, 30 Jul 2024 03:34:44 GMT

As @Thomas_Thumb said, getting youngest account over 12 months will help. Getting util. near zero will too. As far as the plat card goes, I think I'd save the $695 for the next time you can't make a payment on time.

If you're thinking mortgage near term, it's not just getting one, a small difference in interest rate makes a huge difference when you're talking hundreds of thousands over decades. You need to squeeze every point you can out of fico.

Good luck with it.

Re: My Journey- Part II

FicoMike0 — Tue, 30 Jul 2024 03:53:10 GMT

Btw, I was looking at some stock prices earlier. If your score were a stock, id call it volatile. Looks like it's peaking to me, I'd be thinking maybe selling a bear call credit spread.

Sorry, I couldn't help myself. The options market will make you crazy. Try to break through that ceiling. We're all pulling for you.