Recommendations for Next Steps

ucdcrew · ‎12-03-2017

I think I have a thin file - I need to fatten it up so that I can refinance my mortgage in a couple years from a 30 yr fixed (FHA) to a 15 yr fixed (conventional) to get rid of the PMI.

My stats:

Fico 08 - EX 642, TU 629, EQ 624. My mortgage scores are ~50 pts. higher across the board for some reason.

Accounts -

Revolving -

1. US Bank Secured/Opened 12/2016/1500 CL/paid off every month - currently letting ~30% report on the 1st, then pay off in full/pays as agreed, no lates.

2. Capital One Bank (closed card)/opened Jan 2009, closed August 2009/CL 300/paid or pays as agreed, never late. Closed by Cap 1 because I used it one time and then never used it again (my first card).

3. FortyTwo, LLC - this is my old apartment complex reporting to TU for me at my request. Has positive history from 12/2016 to 8/2017 when I moved out. Payed/paying as agreed, never late.

Installment:

1. Vehicle Loan - closed. Opened 11/2005, paid in full 2/2012.

Mortgage

1. Opened 8/2017 - pays as agreed, never late.

Baddies:

1 medical collection from 2012 - $180 dollars.

Inquries:

1. Mortgage Inquiry - all three bureaus 3/2017

2. Mortgage Inquiry - all three bureaus 7/2017 (pulled again prior to closing as report was too old).

I think my next step would be to see if US Bank will unsecure the card at 1 year, but I heard rumors that they won't do it unless you've got 680 FICO. I also think I should apply for an unsecured card in like February of next year - looking for recommendations. CapOne likes to send me offers on the the QuicksilverOne - maybe that one? Any other ideas? Also thinking of applying for a secured Discover card to get my number of revolving accounts up. I think AAoA is going to be a big issue though - about 5 years on EX and TU, 3 years on EQ. Also my newest account was 8/2017 so not sure if i should wait past February?

Anonymous · ‎12-04-2017

I had less then a 680 when they unsecured my HD card. I think I was closer to 640/650? Since they unsecured it I've actually gotten two more card from them (the Cash+ and the flexperks). Both with not too shabby CL and then they gave me a CLI for the HD card.

ucdcrew · ‎12-04-2017

Do you remember which report they pulled? They only pulled Transunion on the initial. I got an alert today that my TU went up again - but I will wait until they're all solid 650 before trying.

Anonymous · ‎12-05-2017

They pulled TU for me. I actually remember what I did now. I did the prequal check, saw that I could get the flexperks and it had a set APR so I got that. Then After I was approved I called the same day to get the HD unsecured. They did then I applied for the cash+

Anonymous · ‎12-06-2017

@ucdcrew wrote:
I think I have a thin file - I need to fatten it up so that I can refinance my mortgage in a couple years from a 30 yr fixed (FHA) to a 15 yr fixed (conventional) to get rid of the PMI.
My stats:
Fico 08 - EX 642, TU 629, EQ 624. My mortgage scores are ~50 pts. higher across the board for some reason.
Accounts -
Revolving -
1. US Bank Secured/Opened 12/2016/1500 CL/paid off every month - currently letting ~30% report on the 1st, then pay off in full/pays as agreed, no lates.
2. Capital One Bank (closed card)/opened Jan 2009, closed August 2009/CL 300/paid or pays as agreed, never late. Closed by Cap 1 because I used it one time and then never used it again (my first card).
3. FortyTwo, LLC - this is my old apartment complex reporting to TU for me at my request. Has positive history from 12/2016 to 8/2017 when I moved out.  Payed/paying as agreed, never late.
Installment:
1. Vehicle Loan - closed. Opened 11/2005, paid in full 2/2012.
Mortgage
1. Opened 8/2017 - pays as agreed, never late.
Baddies:
1 medical collection from 2012 - $180 dollars.
Inquries:
1. Mortgage Inquiry - all three bureaus 3/2017
2. Mortgage Inquiry - all three bureaus 7/2017 (pulled again prior to closing as report was too old).

I think my next step would be to see if US Bank will unsecure the card at 1 year, but I heard rumors that they won't do it unless you've got 680 FICO. I also think I should apply for an unsecured card in like February of next year - looking for recommendations. CapOne likes to send me offers on the the QuicksilverOne - maybe that one? Any other ideas? Also thinking of applying for a secured Discover card to get my number of revolving accounts up. I think AAoA is going to be a big issue though - about 5 years on EX and TU, 3 years on EQ. Also my newest account was 8/2017 so not sure if i should wait past February?

Never hurts to wait a bit