My goal is to get the CSP and AMEX SPG. Putting aside the other qualifications needed to get approved for these cards how long do I need to let my newest accounts age?
I have several new accounts that I opened from 2/2013 through 4/2013 so they are all 4 to 6 months old now.
My plan, if I can get my score high enough and Util down to 5% by March of next year to apply then. By that time all my accounts wil be atleast 1 year old except for a wells card that would be 6 months. By March I will have 4 inquiries in the last year. Is that still too many for these cards? If that's the case I would have to wait until June to get it down to 2. I know FICO only counts inquiries in the last year but what about creditors? Do they look at the older inquiries that will still show on my report?
I have several new accounts that I opened from 2/2013 through 4/2013 so they are all 4 to 6 months old now.
My plan, if I can get my score high enough and Util down to 5% by March of next year to apply then. By that time all my accounts wil be atleast 1 year old except for a wells card that would be 6 months. By March I will have 4 inquiries in the last year. Is that still too many for these cards? If that's the case I would have to wait until June to get it down to 2. I know FICO only counts inquiries in the last year but what about creditors? Do they look at the older inquiries that will still show on my report?
What are the new accounts and what are their limits?
My current AAoA is 3 years, so by March if next year it will be 3.5 years.
From Feb to April I added:
Lowes- now at $8500 limit
Amazon - $1400 limit
US Bank Platinum $3000
Macys- $2600
Wells Home Projects Visa - $9500
I have 3 secured cards with limits of 5000 5000 and 3500 from 2005
My plan is to get Util down to 5% by March, I'm at 38% now. I think that with Util at 5% plus 6 moths more age I should get close to or over 700.
If I am able to get CSP and or SPG at that time, I'll close my secured cards so I can get the 13k on deposit back.
Ofcourse, I'll wait and see where my scores are at that time, just trying to set a goal in terms of getting Util down and maximizing my scores.
I have 2 paid charge offs from first premier that will hit the 6 year mark in March as well, my only baddies.
From Feb to April I added:
Lowes- now at $8500 limit
Amazon - $1400 limit
US Bank Platinum $3000
Macys- $2600
Wells Home Projects Visa - $9500
I have 3 secured cards with limits of 5000 5000 and 3500 from 2005
My plan is to get Util down to 5% by March, I'm at 38% now. I think that with Util at 5% plus 6 moths more age I should get close to or over 700.
If I am able to get CSP and or SPG at that time, I'll close my secured cards so I can get the 13k on deposit back.
Ofcourse, I'll wait and see where my scores are at that time, just trying to set a goal in terms of getting Util down and maximizing my scores.
I have 2 paid charge offs from first premier that will hit the 6 year mark in March as well, my only baddies.
$13,500 tied up in secured credit cards since 2005?!? They still haven't graduated those? If they still don't trust you, I would minimize them to say $250 each and use the rest of the money to bring your util down.
@IWOL wrote:
My current AAoA is 3 years, so by March if next year it will be 3.5 years.
From Feb to April I added:
Lowes- now at $8500 limit
Amazon - $1400 limit
US Bank Platinum $3000
Macys- $2600
Wells Home Projects Visa - $9500
I have 3 secured cards with limits of 5000 5000 and 3500 from 2005
My plan is to get Util down to 5% by March, I'm at 38% now. I think that with Util at 5% plus 6 moths more age I should get close to or over 700.
If I am able to get CSP and or SPG at that time, I'll close my secured cards so I can get the 13k on deposit back.
Ofcourse, I'll wait and see where my scores are at that time, just trying to set a goal in terms of getting Util down and maximizing my scores.
I have 2 paid charge offs from first premier that will hit the 6 year mark in March as well, my only baddies.
Have you tried getting the baddies removed? Goodwill?
Have you been using and PIF the US Bank card? You should also include in your plan calling to see about getting it CLI'd and PC'd to Cash+ or Flexperks.
Looks like you have a solid plan. Once that utilization is paid down you should be golden, but ideally it would be great to get those baddies off.
@benandjerry wrote:$13,500 tied up in secured credit cards since 2005?!? They still haven't graduated those? If they still don't trust you, I would minimize them to say $250 each and use the rest of the money to bring your util down.
+1
I hope they are paying interest.
Thank you for the valuable input. The 3 secured cards can't be graduated. They started at $300 and I have continuously added deposits to them over the years. They are earning interest but it's a pretty pathetic rate.
Befor I joined these boards several months ago I was under the assumption that having higher limits affected your FICO score. I was planning to keep the limits high so that when I app for CSP and SPG they will see that I have been able to manage high limit cards for several years. That's really the only reason I have kept the limits where they are.
As far as the US bank, that was my plan, to PC to Flexperks after having the card for 6 months.
Befor I joined these boards several months ago I was under the assumption that having higher limits affected your FICO score. I was planning to keep the limits high so that when I app for CSP and SPG they will see that I have been able to manage high limit cards for several years. That's really the only reason I have kept the limits where they are.
As far as the US bank, that was my plan, to PC to Flexperks after having the card for 6 months.
Forgot to mention the 2 baddies. I have tried everything under the sun to get these removed with no luck. I just paid off the second charge off so that it stops affecting my Util. It wasn't affecting my overall Util much with a balance of $400 but I think I was getting dinged pretty hard for having a card with 130% Util .
It should report paid this month so well see if I get a bump from that.
It should report paid this month so well see if I get a bump from that.
That's a lot of money to be tied up in secured cards for this long. I would definitely look into moving those funds -tbh your cr seems fine without them. If you are unsure and want to keep those high lines, put them in a BoA or CU. At least the BoA graduates.
