Discover unOfficial Data Points

[Anonymous]

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@Anonymous wrote:

I also should have mentioned that some FICO scoring will give you a point loss if you have a balance on more than one card, or more than 50% of cards, or some other metric which is a balance reporting on "too many cards".

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This is actually helpful. So I guess, I should rotate the cards and leave some without balances specially that I only have three reporting. I will make sure to follow that rule from now on. Thank you so much for the advice

[austinguy907]

clark_d_shark - starting out can be cumbersome until you stumble across a place like MF.  Yes, if you carry a balance on more than 20% of your cards for instance I normally carry / allow it to show on 2 cards per month for primary routine spending.  When I let a 3rd or 4th card report I tend to see a small dip in points and as soon as they report back to $0 then the points come back.

Rotating them will be useful for getting those points... but, if you use them it will help your chances in getting the CLI's.  The key is to just pay 2 of them off before the statement closes each month to only allow one of them to report the statement balance.  

It's a bit more work when starting out with credit but, once you have time under your belt it gets a bit easier and less impact from changes on a monthly basis.  Let these cards grow/age and then come up with a plan of action for the next few years on what to add and how it will work in your wallet for 5-10 years.  The key is to find something that you can keep around for 10 years to boost that AAOA so when you add something new there's not as much impact.

[Anonymous]

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@austinguy907 wrote:

clark_d_shark - starting out can be cumbersome until you stumble across a place like MF.  Yes, if you carry a balance on more than 20% of your cards for instance I normally carry / allow it to show on 2 cards per month for primary routine spending.  When I let a 3rd or 4th card report I tend to see a small dip in points and as soon as they report back to $0 then the points come back.

Rotating them will be useful for getting those points... but, if you use them it will help your chances in getting the CLI's.  The key is to just pay 2 of them off before the statement closes each month to only allow one of them to report the statement balance.  

It's a bit more work when starting out with credit but, once you have time under your belt it gets a bit easier and less impact from changes on a monthly basis.  Let these cards grow/age and then come up with a plan of action for the next few years on what to add and how it will work in your wallet for 5-10 years.  The key is to find something that you can keep around for 10 years to boost that AAOA so when you add something new there's not as much impact.

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duly noted sir and thank you. I definitely will follow your advice, I was lucky enough to get two prime cards to grow with, so I think I am good for the next couple of years with these two card plus Cap 1, perhaps in two years I could try Chase as I wanted to add a good VISA rewards card on my profile. My 3rd statement cuts tomorrow the 23rd, so I hope in the coming days I would be awarded at least an auto CLI, since everything helps to boost up that credit score. Thank you so much for the advise

[Anonymous]

Enter all your reporting account (CCs and loans, open or closed) into the AAoA tab of my credit helper spreadsheet in my signature. Then see when your AAoA is forecast to be over 13 months. Then add a new account postdated and see what month you can add a new CC but stay over 12 months AAoA. That'll be when you want to apply for a 4th card.

Then wait a few months and see when a 5th card will keep you over 12 months and add a 5th card.

Then garden until your AAoA is over 24 months and keep it over that number. Garden again to 36 months and keep it over that number.

[Anonymous]

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@Anonymous wrote:
Enter all your reporting account (CCs and loans, open or closed) into the AAoA tab of my credit helper spreadsheet in my signature. Then see when your AAoA is forecast to be over 13 months. Then add a new account postdated and see what month you can add a new CC but stay over 12 months AAoA. That'll be when you want to apply for a 4th card.

Then wait a few months and see when a 5th card will keep you over 12 months and add a 5th card.

Then garden until your AAoA is over 24 months and keep it over that number. Garden again to 36 months and keep it over that number.

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Thank you ABCD2199, I opened the spreadsheet based on your suggestion and went for the AAoA tab part but it's currently filled out, so I'm afraid to erase something that might be relevant. But I will definitely garden for the next year or so, depending if my scores get stable again. I just want to get my FICO scores back up, and since I am a beginner to all of these things I take all of the suggestions that I get on here, this forum has actually helped me a lot, it helped me get my Discover card so I think I am on the right path, so as long as I listen to the advises on here. Hopefully, my efforts would pay off soon with Discover and hopefully they'd help me along my credit journey with an Auto CL increase when my third statement cuts, which is scheduled tomorrow. So hopefully in a couple of days I'd have something to be happy about reporting.  

[Anonymous]

Just go to File->Make a copy and clear any data out. That's just sample data.

For every 12 months of AAoA you add, your scores boost about 5. But if your AAoA is low you are also stuck at a max FICO ceiling below 800.

[Anonymous]

Some Disco data. Discover It card.

Apped 6/5 and still no HP from Discover. Im guessing they may have used my Score Card score they offer, signed up for that a few weeks before I apped.

Credit line hit my reports 6/20.

[Anonymous]

Finally received a CLI from Discover....only $500 though. Three statements since last. 

[AverageJoesCredit]

Nice going Charlie FT

[Anonymous]

Update... My third statement cut this past Friday the 23rd and since there was no automatic limit increase, I tried to request for one, but sadly got denied upfront. I called up the CL analysts line to know why they could not increase my limit and they said the following:

- Limited credit history

- Too many inquiries 

They soft pulled Transunion, now while I do understand that my credit history is short, it is only 15% of the credit criteria, and although I did have a total of 8 Inquiries on there. 2 are from this year (Discover and Amex) and 6 of those wereall from 2016, 3 out of the 6 applications were fraudulent applications made through Paypal all on the same day July 2016 which I had to dispute since It was not something I authorized, but Transunion nor Synchrony would not remove the said inquiries and the best that they could do was to flag my Credit report for extra security. Soi I would need to wait until those fraud applications expire on my report.  My payment history on all accounts were considered Exceptional based on Fico criteria. But it seems like they denied me a limit increase on both the lower impact criterias 15% and 10% vs. Payment history both with them and across all accounts which is 35%. I am pretty sure that there are others who just like myself are new to credit with limited history which received some sort of success in getting their limit increased. I reasoned out with the Analyst that, I was applying for an increase to help my scores up again. But they were unsympathetic so I guess I would just try again when I reach a year with them. But a bit upset that they did not appreciate my efforts of paying on time, way before the bills are due.