Help me thicken my thin file~

Anonymous · ‎04-03-2017

Hey all! I currently have been carrying one credit card for about three years and I'm looking to thicken my thin file, so to speak. My goal is to have a solid three lines of revolving credit for scoring purposes, but also to grow with them so that their limits will look attractive to other lenders in the future after I graduate in a few years. So, I'm wondering if establishing relationships with PenFed and NFCU would be wise early in my credit history for future benefits along the way. My stats:

Scores: 790 (EX), 788 (TU), 791 (EQ) from CCT trial (scores just updated a few days ago)

Limit: 500** (750 now but CapOne reported 500 for statement)

Utilization: 7%

Inquiries: 0

Additional Accounts and Loans: 0 (Just one CapOne card)

Baddies: 0

History: 3 years when May rolls around

Income: 17000 (student)

I've read that PenFed likes squeaky clean files and I think I'm in a position to give them a shot! I'm wondering if my lack of lines and income might go against me though. Would it? I want to get good SLs with Discover, AMEX, and Chase after I graduate so that's why I've held off from apping for them now (I'd also rather wait for any pre-approval deals from the mail for additional perks.), hence why I'm looking at PenFed and NFCU that give higher SLs and grow quickly. They're also two great CUs with amazing customer service so can't go wrong. Should I go for it? Or should I do something else? Thank you in advanced!

DeeBee78 · ‎04-03-2017

@Anonymous wrote:
Hey all! I currently have been carrying one credit card for about three years and I'm looking to thicken my thin file, so to speak. My goal is to have a solid three lines of revolving credit for scoring purposes, but also to grow with them so that their limits will look attractive to other lenders in the future after I graduate in a few years. So, I'm wondering if establishing relationships with PenFed and NFCU would be wise early in my credit history for future benefits along the way. My stats:

Scores: 790 (EX), 788 (TU), 791 (EQ) from CCT trial (scores just updated a few days ago)
Limit: 500** (750 now but CapOne reported 500 for statement)
Utilization: 7%
Inquiries: 0
Additional Accounts and Loans: 0 (Just one CapOne card)
Baddies: 0
History: 3 years when May rolls around
Income: 17000 (student)

I've read that PenFed likes squeaky clean files and I think I'm in a position to give them a shot! I'm wondering if my lack of lines and income might go against me though. Would it? I want to get good SLs with Discover, AMEX, and Chase after I graduate so that's why I've held off from apping for them now (I'd also rather wait for any pre-approval deals from the mail for additional perks.), hence why I'm looking at PenFed and NFCU that give higher SLs and grow quickly. They're also two great CUs with amazing customer service so can't go wrong. Should I go for it? Or should I do something else? Thank you in advanced!

Discover would love to be in your wallet, and they're great about frequent, generous CLI's with soft pulls.

That's my recommendation, since you're saving Chase and Amex for later.

baller4life · ‎04-03-2017

I agree about Discover! They love thin files. I always recommend them early in a credit build or rebuild. You scores are great! My only concern is your income. Do you live with a spouse or parents? If so, you could include HHI or household income. NFCU would be a definite yes. I'm a lil worried about Penfed unless you can report HHI.

Anonymous · ‎04-03-2017

Thank you for your response!

Yeah, I live with my folks. My mom's income is 33,000, I think? My brother also made a little, since he just got a job. Am I allowed to include household income? I didn't know I could do that. Should I be apping with household income for all my apps until I graduate? I'd worry it'd come across as fraud or something. I'm 24, if my age helps.

Anonymous · ‎04-03-2017

CC applications often ask for household income. If you have it, use it!

baller4life · ‎04-03-2017

Haha no, it's perfectly legal to include your parent or spouse in your income as long as you are 21 or over, you live together and you have reasonable access to their income.

Anonymous · ‎04-03-2017

@Anonymous wrote:
Thank you for your response!

Yeah, I live with my folks. My mom's income is 33,000, I think? My brother also made a little, since he just got a job. Am I allowed to include household income? I didn't know I could do that. Should I be apping with household income for all my apps until I graduate? I'd worry it'd come across as fraud or something. I'm 24, if my age helps.

Not to hijack the thread, but that's always been my concern too. Granted, my household income wouldn't be a drastic number by any means, but my fiance and I are on our own. Her income is 25k, and mine is 30k. I am only 23, so I am hesitant to include the total income as I feel it would appear fishy for somebody my age to be reporting an income of 55k. Our funds are joint, I have 100% access to her funds, and vice versa, as it is all pretty much comingled... so there isn't really a way for us to tell which dollars "technically" belong to whom, haha. I've wondered if it would help (possible higher CLs?) or hinder me (account closure, financial review, fraud?) to include hers with mine when applying for CLIs....

Anonymous · ‎04-03-2017

Thanks, guys! Very helpful! Should I be doing this for my CLI requests too? I've been putting in 17000 for annual income for CapOne all this time ha ha.

Hmm, just decided to pull up a BOA and a Discover app to check it out myself and they don't list a household income option anywhere... Do I put that in as my main income? Seems strange to do that.

Does PenFed and Navy have a dedicated household income option on their apps? Thanks again, everyone.

DeeBee78 · ‎04-03-2017

@Anonymous wrote:
Thanks, guys! Very helpful! Should I be doing this for my CLI requests too? I've been putting in 17000 for annual income for CapOne all this time ha ha.

Hmm, just decided to pull up a BOA and a Discover app to check it out myself and they don't list a household income option anywhere... Do I put that in as my main income? Seems strange to do that.

Does PenFed and Navy have a dedicated household income option on their apps? Thanks again, everyone.

Don't worry about separating it out. If you have reasonable access to the income, put it all in there as one number.

I would also advise you to consider Amex. With one low limit Capital One card, you're not likely to get a huge SL out of them no matter what you put for income. They love thin, clean files and can grow with up to 3x CLI's at 61 days, and every 181 days after that.

Once you have Discover or Amex with their (almost guaranteed) SP CLI growth, you can app Chase down the road and get a decent SL out of them. You'll need a decent SL from them, because it's not likely to grow.

baller4life · ‎04-03-2017

@Anonymous wrote:
@Anonymous wrote:
Thank you for your response!

Yeah, I live with my folks. My mom's income is 33,000, I think? My brother also made a little, since he just got a job. Am I allowed to include household income? I didn't know I could do that. Should I be apping with household income for all my apps until I graduate? I'd worry it'd come across as fraud or something. I'm 24, if my age helps.

Not to hijack the thread, but that's always been my concern too. Granted, my household income wouldn't be a drastic number by any means, but my fiance and I are on our own. Her income is 25k, and mine is 30k. I am only 23, so I am hesitant to include the total income as I feel it would appear fishy for somebody my age to be reporting an income of 55k. Our funds are joint, I have 100% access to her funds, and vice versa, as it is all pretty much comingled... so there isn't really a way for us to tell which dollars "technically" belong to whom, haha. I've wondered if it would help (possible higher CLs?) or hinder me (account closure, financial review, fraud?) to include hers with mine when applying for CLIs....

YES absolutely include your total HHI! Don't shortchange yourself.