cancel
Showing results for 
Search instead for 
Did you mean: 

How to grow my credit portfolio...

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

Re: How to grow my credit portfolio...


@NewtoFico1 wrote:
1) I want to build my credit to have lower utilization on my current cc debt. However, this may not be possible with the high inquiries due to trying to qualify for an auto loan. 7/8 due to the auto loan... within the last two to three months.

Take note of this: Credit Checks and Inquiries

 

Read the part about Rate Shopping. Use this knowledge in the future so you can strategize when you apply for auto loan. I would think that for 2 to 3 months, you'd only have 2 to 3 inquiries based on loan application.




Message 11 of 21
Valued Contributor

Re: How to grow my credit portfolio...

OP, I wonder if there is anything you can do about trying Goodwill letters to get the old paid hospital bills deleted from your profiles?

As mentioned in the above post, the inquiries should be a bit less due to the scoring calculating it differently, knowing you were rate shopping for a vehicle.
                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 12 of 21
Community Leader
Senior Contributor

Re: How to grow my credit portfolio...


@NewtoFico1 wrote:
Okay,

1) My oldest credit card in good standing. 11 yrs..2000 sl 1411 used more than 50% utilization 22.99 purchase apr.
2) kohl in store card 5 years in good standing 300 sl 79 used my utilization is fine.
3) Tires plus in store card 5 years in good standing. 1200 sl o% utilization used.
4) Best Buy newest account opened March of this year. 2000 sl 693 used. Taking advantage of 0% financing for 12 months.
All four of my paid collections were hospitals Bills. They started around 2013 to 2015. My last two that I did not know about were paid Sept/Oct 2018.

Your new account situation is good. And I don't think the auto inquiries will be a roadblock as long as they're coded as "auto." What's going to stand in your way is your current utilization.

 

My suggestion would be to pay off the $1411 balance, get the Kohl's card to report zero, and to bring the Best Buy card's utilization to 28.9% or below. After doing those things, you should be in good shape to apply for something new.

Message 13 of 21
Member

Re: How to grow my credit portfolio...

Well, I want to THANK everyone who responded to my post. My plan will be to pay those balances down. Next question should I even push the cli on their website now?? Or will lenders view me a better light after I pay down the balances and garden for a while??
Message 14 of 21
Community Leader
Senior Contributor

Re: How to grow my credit portfolio...

Pay down your balances first. Which bank is your oldest card with?

Message 15 of 21
Frequent Contributor

Re: How to grow my credit portfolio...

OP, I would at the very least see if Kohl's is offering a cli. That will help some. Then work on paying down balances, but to be completely honest, I got an Amex ED card with a NFCU credit card having a close to $3000 balance transfer showing and still got $3000 sl and also got a $3000 Chase freedom.That was in 2015 so take that as you will. 😉
BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa ($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000) Jan. 2019
Target RedCard ($500) April 2019
Venus Comenity ($500) May 2019 no HP


FICO 8 SCORES: 06-02-2019616 TU613 EX638 EQ
Message 16 of 21
Member

Re: How to grow my credit portfolio...

Hi RonM21,
Do you think it will help to send a GW to the collection agencies?? Even if I already paid... if yes, or unsure.. how would I proceed because I never ever sent a GW letter.
Please advise... thanks in advance.
Message 17 of 21
Member

Re: How to grow my credit portfolio...

Us Bank is my oldest.
Message 18 of 21
Established Member

Re: How to grow my credit portfolio...

For a bit of perspective, how old is this card?
Message 19 of 21
Member

Re: How to grow my credit portfolio...

I believe 2007..
Message 20 of 21
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.