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improving thin file

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bRICrEAW
New Contributor

Re: improving thin file


@seattletravels wrote:

Do you need other cards now? Why not let your Amex and Discover continue to age a bit until your bankruptcy ages off? 


I just thought it could be useful to have a few more cards. I thought it would improve my score since it would decrease utilization. I have been rejected several times for not enough for not enough revolving credit lines. I also I think it could be useful to get other types of rewards. 

Message 11 of 13
RSX
Valued Contributor

Re: improving thin file

'Not enough revolving' or 'not enough' accounts are FAKO ploys to get you to open more accounts.  Which is what makes those companies money (CK as an example)

 

I fell for those ploys before I learned more about credit building

 

also, more cards can help lower utilization, but only if you get good CL's.  
Getting cards with $300-750 limits don't help enough.  

 

Wait it out and you can get a card with $5k which will actually help.  

of course, the best way to decrease utilization...... is to PIF and actually, really decrease your utilization......

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k
Message 12 of 13
KJinNC
Valued Contributor

Re: improving thin file

Disclaimer, what works for one person may not work for another, since every profile is unique. Second disclaimer, 13 months ago, I had no credit and knew next to nothing about credit. I do not claim to have become a guru in 13 months. That said, my philosophy is that you can be denied for thin file or you can be denied for credit-seeking, and the impact of credit-seeking fades over time. It depends how far in the future you want to qualify for stuff and in general, what your goals are. "Go slow" is an approach, not the approach. JMO.



FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
Message 13 of 13
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