cancel
Showing results for 
Search instead for 
Did you mean: 

How to Add More Credit Accounts Wisely

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Super Contributor

Re: How to Add More Credit Accounts Wisely


@BulldogX wrote:

 Worrying about absolute value of any given score isn't worth much: hence the common recommendation to simply create a pretty report, as that will create a pretty score regardless of algorithm selected.


 

Sorry, I can't agree with that.

 

For larger loans such as morgages I am sure that the lender reads and considers the entire credit report. For other purposes only the score matters. To give one example: both of my recent credit card applications were approved online in less then 30 seconds. No one was reading my credit report during that time. Moreover, computers don't have the discretion to approve credit requests that are 'on the border.'  You either meet the pre-determined criteria or you don't. A few points of score could make all the difference.


Which banks did the instapproval? If AMEX gets wind of your existence, there is an indication they will start SP your account both to increase their marketing opportunities, and to be ready should you app for one of their products.

 

Tracking one commonly known score, such as FICO 8, generally can be used as a proxy for other credit scores, and in the act of trying to improve the one score, it is likely that other scores are improved. While a persons Mortgage-type FICO score may be lower than their FICO 8, the point is that the Mortgage-type FICO score is its own bell curve, and so everyone is measured on that particular bell curve, not against what the FICO 8 bell curve is.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 21 of 24
New Contributor

Re: How to Add More Credit Accounts Wisely

 
Message 22 of 24
Valued Member

Re: How to Add More Credit Accounts Wisely

I once made the mistake of giving my contact information to an Amex rep at a trade show and it took almost 6 years before the mail finally stopped. Consequently I avoid anything Amex or remotely related to Amex.

Message 23 of 24
Valued Member

Re: How to Add More Credit Accounts Wisely


@BulldogX wrote:

I once made the mistake of giving my contact information to an Amex rep at a trade show and it took almost 6 years before the mail finally stopped. Consequently I avoid anything Amex or remotely related to Amex.


I am sorry to hear you had bad experience with Amex. Their cards do have some nice perks. I use some of these myself:

 

primary car rental insurance upto 100k and secondary medical insurance on accidents on some of thieir no AF cards

6% CB of grocery spend with BCP

better SCRA benefits if you are in the military

3x CLI

7/1/2017
TU: 772 EQ: 792 EX: 778
Active Accounts: 10
Message 24 of 24
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.