When should I..

[GabLuc]

I have a limited credit file, no collections, no student loans, no car loans.

8 credit cards, which all carry zero balance.

I have:

Cap 1 QS1 $500- Cap 1- Plat $500 -Cap 1 Wal $300

Discover $1500

Citi Secured $200

Store Cards:

Kays $4000

Target $300

Ann Taylor $1,100

1 mortgage. 

Income is at 100k

Inquiries: 8 (4 mortgage)

My FICO 8 scores are EQX 680 Trans 684 Exp 683

I want to apply for Amex Plat or Delta Skymiles. Or I will take suggestions for the next best card for travel.

[Remedios]

I don't know what you mean by "limited". 

It's not necessary to have auto loan or student loan. Might help with credit mix only. 

If you have no negatives, what is keeping your scores supressed, other than all cards reporting $0.00 balance (you lose around 20-25 points if no revolving accounts reports balance)?

Even if we add those points, you'd be at 700, and that's low for clean profile. 

The only reason I'm asking is because Amex is fairly score driven, and while you might snag an approval, it may not be under best terms. 

[GabLuc]

I always use cash, and always made decent money to pay everything in cash. I have 2 years of credit history, which I what I mean by limited, and nothing to add to the mix in credit. 

I also wanted no debt to qualify for the mortgage, which is new, 1 month.

I have no clue what's keeping my scores so low! 

[Remedios]

Well, letting one card report a balance then paying it after statement cuts would increase them significantly. 

I wouldn't be applying for anything until that happens. 

Amex has pretty reliable prequal page, have you tried it yet? 

[Mr_Mojo_Risin]

You said you don't have any collections accounts, Do you have any lates reporting that would suppress your scores some?

You can be approved with an EX 683 it might be a borderline approval though.

[GabLuc]

No I haven't, I will look into it today.

So I should let, one card report a balance, and pay it off after the statement cuts, I will try it.

I usually do the opposite, use and pay it off before the statement cuts. 

I plan on applying, in June for holiday travel this year.

[GabLuc]

No, no late payments, I only used Discover to pay for $750 the home appraisal, and paid it off before the statement cut.

I need ideas to trigger my score to increase. 

[Remedios]

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@GabLuc wrote:

No I haven't, I will look into it today.

So I should let, one card report a balance, and pay it off after the statement cuts, I will try it.

I usually do the opposite, use and pay it off before the statement cuts. 

I plan on applying, in June for holiday travel this year.

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Yes, let one card report a small balance. That should give you about 20 points. 

[GabLuc]

Oh my goodness! Thank you. Will do that for February. 

[credit8502020]

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@GabLuc wrote:

Oh my goodness! Thank you. Will do that for February. 

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@GabLuc This is called AZEO if you're interested in learning more about it. Please make sure the one card you're letting report a small balance is not a store card, but rather a card from a national bank. I personally suggest only letting 2-3% of the card limit report. However, my suggestions depend on the overall client's plan, etc. Please update us about your progress after using AZEO.