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Gardening Mode made fun

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Frequent Contributor

Gardening Mode made fun

So, i've thought about getting a mortgage soon to diversify my accounts. I get tired of checking my reports every month and noticing that nothing is changing. This makes gardening a little less attractive then. I decided to speed up the process. I created a macro in excel that would actually change my average age of account based on the month that I ran the macro in. Then in a separate sheet I took a list of my 30 inquires (since 2009) and broke them down into how many would fall in 6 month intervals (Dec, June) by CRA and in total. Then even further which ones would fall of which month Dec-June. Aside from that I figured my scored would be effective 1 year prior to them falling off. So I was able to apping come up with a range that, all else equal, would be most appropriate for me to begin looking for a mortgage. In conjunction with that I took the same 6 month intervals in calculated where my AAoA would be at that point in time with and w/o a new amex (backdated). So I will begin counting down and watching the inquires fall off and accounts age! The other sheet is just my accounts with their respective limits and rates. Although thats what typical gardening is about, using this way I have benchmarks set!

 

I'm wondering if I should even have a CMS now, since I have the most important items I need to focus on?? The other question is the difference in AAoA at the time I want to apply is 2.98 years and 2.88 years (w/new amex); since its so small should I go for it anyway or wait later on down the line I mean gardening for 6 months to 2 years maybe tough...

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Message 1 of 14
13 REPLIES 13
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Valued Contributor

Re: Gardening Mode made fun


@aamex wrote:

 

So, i've thought about getting a mortgage soon to diversify my accounts.

 

I get tired of checking my reports every month and noticing that nothing is changing.

This makes gardening a little less attractive then. I decided to speed up the process.

I created a macro in excel that would actually change my average age of account based on the month that I ran the macro in.

Then in a separate sheet I took a list of my 30 inquires (since 2009) and broke them down into how many would fall in 6 month intervals (Dec, June) by CRA and in total.

Then even further which ones would fall of which month Dec-June. Aside from that I figured my scored would be effective 1 year prior to them falling off.

So I was able to apping come up with a range that, all else equal, would be most appropriate for me to begin looking for a mortgage.

 

In conjunction with that I took the same 6 month intervals in calculated where my AAoA would be at that point in time with and w/o a new amex (backdated).

So I will begin counting down and watching the inquires fall off and accounts age! 

 

The other sheet is just my accounts with their respective limits and rates. 

Although thats what typical gardening is about, using this way I have benchmarks set!

 

I'm wondering if I should even have a CMS now, since I have the most important items I need to focus on??

 

The other question is the difference in AAoA at the time I want to apply is 2.98 years and 2.88 years (w/new amex); since its so small should I go for it anyway or wait later on down the line I mean gardening for 6 months to 2 years maybe tough...


Bump!    Can someone help OP?

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Message 2 of 14
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Re: Gardening Mode made fun

Hi aamex,

 

Here are my thoughts, hopefully someone smarter than me will chime in as well!

 

First, you should never pay interest for a score - if you are only getting a mortage to "diversify" your accounts, that's a bad idea.  Now if you are actually house shopping and want/need a mortgage, that's fine.

 

I like your excel idea, sounds cool and more exciting than nothing!  

 

I don't think that small a difference in AAoA will matter - but waiting for a 3 year+ average might be better, if it doesn't take that long....and also, having 30 inq is quite a bit, letting some of those fall off would probably also be better, and help raise your score.

 

You said you are "gardening" but with what score?  If you are over 750, and need a mortgage, waiting won't really matter, but if you are under 720, 680, or other benchmarks, then waiting is important for a better interest rate if you can wait for the mortgage.

 

I hope that helps - basically, don't get a loan just to "diversify" and even though gardening is boring, it'll be something you do your whole life, so you might be doing it more than "6 months to 2 years"....get used to it now.

Current Scores: EQ: 740 (2/7/13)


Starting Score: 799
Current Score: 762
Goal Score: 800

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Message 3 of 14
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Re: Gardening Mode made fun


@Peach8321 wrote:

Hi aamex,

 

Here are my thoughts, hopefully someone smarter than me will chime in as well!

 

First, you should never pay interest for a score - if you are only getting a mortage to "diversify" your accounts, that's a bad idea.  Now if you are actually house shopping and want/need a mortgage, that's fine.

 

I like your excel idea, sounds cool and more exciting than nothing!  

 

I don't think that small a difference in AAoA will matter - but waiting for a 3 year+ average might be better, if it doesn't take that long....and also, having 30 inq is quite a bit, letting some of those fall off would probably also be better, and help raise your score.

 

You said you are "gardening" but with what score?  If you are over 750, and need a mortgage, waiting won't really matter, but if you are under 720, 680, or other benchmarks, then waiting is important for a better interest rate if you can wait for the mortgage.

 

I hope that helps - basically, don't get a loan just to "diversify" and even though gardening is boring, it'll be something you do your whole life, so you might be doing it more than "6 months to 2 years"....get used to it now.

 

 

----

 

Thanks so much for responding! Yeah its 30 in total (all bureaus) majority of them fall off next year. I'm gardening at a 702 FAKO. But in that year and a half when all the inquires fall all and I will finally be at an average of 3 years my scores should be at peak, which is why I wanted to shoot for the house. I don't have a real need for it but it is a personal goal.

 

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Message 4 of 14
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Re: Gardening Mode made fun

I'm also gardening.  I've created the excel worksheets that track my util, inquiries (score fall off dates and report fall off dates), and AAoA.  My worksheet has my AAoA at 4.6 and 4.5 for EQ and TU.  However, both my reports say my AAoA is only 4 years, which correlates to what I've heard about the AAoA being rounded down for scoring purposes.  So an AAoA of 2.88 or anything under 3 would still be an AAoA of 2 years.  If I've mistated that, please let me know!!!!  Then once you get to that AAoA of 3 years and you open a new account, you'll be back down to 2 when the new account hits.  So as posted above, if you are just looking to diversify your credit mix, this might not be that beneficial.  Look at your goals and go from there. 


CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16
Message 5 of 14
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Re: Gardening Mode made fun

Are you positive it's diversity which is keeping your scores from changing? What is your utilization..are there any derogs you're unaware of..with a 702 FAKO it's hard to say what's going on without an actual FICO score and credit pull...

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

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Message 6 of 14
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Re: Gardening Mode made fun

 

It's a FAKO, which is controlled by the season on R8!4183U.  You need a degree in Astrophysics and meteorology to predict it.


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 7 of 14
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Re: Gardening Mode made fun


@JonStur wrote:
Are you positive it's diversity which is keeping your scores from changing? What is your utilization..are there any derogs you're unaware of..with a 702 FAKO it's hard to say what's going on without an actual FICO score and credit pull...

I have a 30 day late thats 2-years old, the ton of inquiries, and the age is whats holding me down. But I only have 1 installment and cards so I thought maybe another loan would help improve it in the long term. My car will be paid off in 1.5 years, all of my inquiries would be off in 1.5 years, and my average age of inquiries will be above 3 years in 1.5 years... So that's why I thinking my scores would peak.

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Message 8 of 14
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Re: Gardening Mode made fun


@kjm79 wrote:

I'm also gardening.  I've created the excel worksheets that track my util, inquiries (score fall off dates and report fall off dates), and AAoA.  My worksheet has my AAoA at 4.6 and 4.5 for EQ and TU.  However, both my reports say my AAoA is only 4 years, which correlates to what I've heard about the AAoA being rounded down for scoring purposes.  So an AAoA of 2.88 or anything under 3 would still be an AAoA of 2 years.  If I've mistated that, please let me know!!!!  Then once you get to that AAoA of 3 years and you open a new account, you'll be back down to 2 when the new account hits.  So as posted above, if you are just looking to diversify your credit mix, this might not be that beneficial.  Look at your goals and go from there. 


How'd you track your util in excel?

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Message 9 of 14
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Re: Gardening Mode made fun

I tried pasting a screen shot of my worksheet but it's not cooperating with me at the moment.  Smiley Mad

 

Basically I listed all of my accounts and their respective balances.  I divide the total of my balances by my total available credit to track my total utilization.  I also track the individual util per account.  I track the change in percentage monthly.  It looks kind of like this. (Edited to include actual worksheet shot, finally)

 

Date 3/11/20114/11/20115/17/20116/17/2011 
AccountLimitBalanceBalanceBalanceBalanceUTIL
Dell$5,000.00$2,899.38$2,783.99$2,596.90$2,191.5443.83%
CFNA (t)$2,200.00$1,076.44$1,033.44$983.44$838.4438.11%
CFNA (k)$2,200.00$1,022.99$922.99$863.57$563.0025.59%
JcP$1,800.00$0.00$0.00$0.00$12.690.71%
Juniper$3,500.00$2,021.71$1,615.44$0.00$0.000.00%
BB$500.00$39.90$0.00$0.00$0.000.00%
MilStar$6,850.00$234.00$0.00$0.00$195.002.85%
Target$200.00$22.36$0.00$0.00$0.000.00%
NavyFed$15,000.00$0.00$0.00$3,313.00$2,599.0017.33%
 $37,250.00$7,316.78$6,355.86$7,756.91$6,399.67 
       
       
Closed Accounts      
Tribute$2,250.00$1,743.32$1,691.97$1,640.38$1,488.5866.16%
       
       
Total CL Available/Used$39,500.00$9,060.10$8,047.83$9,397.29$7,888.25 
Total Utilization 22.94%20.37%23.79%19.97% 
Change in UTIL  (2.56%)-3.42%(3.82%) 

 

 


CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16
Message 10 of 14
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