Long time lurker here, clocked hundreds of hours geeking out on myfico over the past 6-7 yrs, thus my mandatory 'thank you' goes out to all the mods& contributors that made it possible. Have pages of noted collected over the years figure I might as well post here over the next few days so I can give back as well.
After much success taking family members close to me far down the road in building out a thick report etc, I find myself as of the past few months in a position to finally do so myself as of recent, as many old derogs of my younger foolish years have recently fallen off.
Scores have gone up 100+ points quickly on most scoring models after derogs fall offs plus adding a few AUs (listed below)& I'm looking to get set up to grow my profile quickly. Wondering what any experienced members might advise regarding my intial plan below to do such.. sry in advance this post is lengthy& maybe an overshare info wise, but here it goes:
CURRENT BEST SCORES / DPs
TRANSUNION
777 TU VANTAGE 3.0
730 TU4
640 TU8
^not all AU accnts are reporting to TU :/
EXPERIAN
712 EX8
724 EX2
767 EX VANTAGE 3.0
EQUIFAX
705 EQ8
715 EQ5
713 EQ9
AAOA: 21 YEARS
UTILIZATION: 5% ON $45.000 *ALL AUs*
INCOME: $110.000
INQ: 0 EQ, 2 TU, 2 EX
CURRENT ACCNTS
CHASE (AU)
$0 / 5000
AA: 19 YEARS
NORDSTROM / TDBANK REVOLVER(AU)
$0 / 8200
AA:17 YEARS
MACYS CITI (AU)
$600 / 12.500
AA: 19 YEARS
US BANK (AU)
$200 / 21.000
28 YEARS
PORTFOLIO RECOVERY (CO)
$500 / 500
7 YEARS OLD
Been torn wether to PFD this or not, as it'll be hitting the 7 year mark any month now, albeit since they're offering me 40% settlement offer on a PFD& I'm in a rush here.. will likely settle this accnt this week, hoping to at least a 20-30 point jump within 30 days thereafter (pls god).
ACCNTS PENDING TO POST / IMMEDIATE NEXT STEPS
RENTAL KHARMA
$0 / 850
AA: 10 YEARS
'INSTALLMENT LOAN OTHER'
As I'm aware, this is the only primary backdateable of 2+ yrs tradeline available& I currently have one set to report to CRAs this week. Since I'm not finding many DPs regarding forumed, here's what I know so far: will report as 'other loan,' backdatedable past 2 yrs, reports to EQ/TU, reports monthly as $0 / rentamount.
Added this to add a primary account with age& to also to add my first installment loan (>8.9%). But, considering this will be reported as $0 / 850 each month, will this accnt have the same effect utilization wise as say a SSL reporting 8% balance monthly?
INTRIGUE JEWELERS
$700 / 10.000
AA: 0 MONTH
This is a 'myjewelryclub' type vendor, to my knowledge the only one available that is successful in its reporting with recent DPs.
Yes, I am aware of all the pitfalls& general advice to ignore. Albeit, with much success in the past helping family by adding a five digit CL as such via other similar vendors, my general inclincation is to use this as a 'poor mans' way of adding a large primary tradeline -- solely for the purposes that I can obtain comparable SLs from my initial apps in the near future as I do not want to place $5-10K of liquidity onto a secured card elsewise.
To give my own DPs, using this route took a family members thin profile from very low limit SL approvals, to several $10-15K SLs almost immediately& did not feel coincidental but obv ymmv. Other than wasting my $$, the likely possibility fico will scrub their reporting within a years time, etc.. any other advise regarding this tradeline relevant to its status as being counted as one of my first 4-5 primary tradelines or etc?
NFCU SSL
$2700 / 3000
AA: 0 MONTHS
Considering doing an SSL from NFCU this upcoming week. But wondering; since rental kharma is set to report as an 'installment - other,' I suppose I will not get the score boost from a 'first installment loan opened' & could even disadvantage myself regarding my revolving to installment ratio opening a second installment? Again, my above inquiry stands, will rental kharma reporting a monthly $0 / 800 count as a (>8%) boost or no? Regardless, I'd still like to raise my internal score w nfcu as well, so maybe it makes sense, but I'm also taking into consideration my AAOA dropping as I move forward here opening new accnts.. thoughts?
CAP ONE MENARDS (AU)
$0 / 7000
AA: 28 YEARS
Reports as a 'charge card,' not a revolving, assume there's no such thing as a 'retail charge accnt' thus is reporting as a true charge.. or no? Will report this week.
NOTES TO CONSIDER
Within reason, long term gardening does not fit my overall plan of obtaining neccessary access to leverage& have put much thought into stacking my apps as such, the path of @Mahraja (and other degens/legends) is my desire here. Esp since I think macro market conditions call for a credit market freeze comparable or greater to 2008 etc as the financial market is "reset" (but what do ik).
So, I've gotten my 'inquiry sensitive CUs' out of the way the best I could. I am curious to anyones thoughts regarding what lenders I should be prioritizing where I stand now or in the future after ruining the 'credit seeking' portion of my reports in moving to non sensitive banks/CUs.
Currently have; 3 CHEX INQ & 2 EWS INQUIRIES. All past 30 days.
Currently a member with: PENFED(EQ9), NFCU(EQ9), NFCU BIZ(EX9), WINGS(EX3.0), BCU(TU3.0)
AMEX personal savings / TDBANK BROKERAGE relationship.
AU relationship with: USBANK, CHASE, TDBANK (NORDSTROM), CITI (MACYS&MENARDS).
Have access to adding myself as AU to the following accnts as well:
BOA (28 YRS AGE $7000 / 21.000)
UMB (24 YRS AGE $1000 / 9000)
BARCLAYS (22 YEARS $0 / 1000)
CITI (3 MONTHS $0 / 10.000)
CITI (2 MONTHS $0 / 8000)
DISCOVER (3 MONTHS $0 / 5000)
Figure I will add myself on to a few more of the above AUs while adding new primary accnts to balance AAOA ofc my concern is effecting my utilization in doing so. Only two FICO 9 models do not seem to be factoring my AUs into scoring, as I've seen 50+ point increases on all other models when adding myself to current AUs the past few months. Obv I know scores are only a sliver of the consideration of getting primary approvals& thus being creative on adding as many smart primary tradelines to add primary history before an initial app spree.
Having said that, I watched my 22 yr old fiance obtain $70k+ in best rate revolver approvals (no POI) across 5 applications with zero primary tradeline history reporting whatsoever with 720-740 scores all built from AU history alone. Just saying, think AUs have much more impact to primary approvals than some of you are willing to admit, but that's just imo ofc. Granted, this was in a 2017 underwriting climate in a very high income household/zip code, but something to consider.
NEXT MOVES
I really don't want to waste any apps with any low SL approvals& would like to optimize my report as much as immediately possible prior to my first app spree.
Thus, after my above INTRIGUEJEWELRY/RENTAL KHARMA/NFCU SSL accnts report & my PORTFOLIO CO is removed, I see these as the primary immediate flaws in my report for my initial apps:
ONLY TWO PRIMARY REVOLVERS
1:1 REVOLVER TO INSTALLMENT RATIO
LIMITED PRIMARY HISTORY (or no considering rentalkharma is backdated 10+ yrs?)
What do you guys think? Any other glaring immediate flaws?
Also, is it worth it add a secured card here solely to get to '3+ primary revolvers' prior to first app spree? Really dont want to set a large amount of liquidity aside for secured cc. If I were truly starting from scratch here, I'd understand doing such, but from my current position I assume it'd be generally unwise with my specific goals to open any low limit ($200-500) secured cc.. correct? Or rather, would my high limit AUs& rentalkharma/intrigue accounts take more precedant over any new low SLs reporting etc as such when getting comparable SLs in the near future? Ideally looking to keep all limits reporting at >$2500.
NEXT APP DOCKET
CURRENT RELATIONSHIP CUs:
PENFED CC(EQ9), NFCU CC(EQ9), WINGS CC+LOC(EX3.0), BCU CC+LOC(TU3.0)
NEW CUs: SSFCU(TU3.0), VERIDIAN(TU3.0), UNIFY(EX2), DCU(EQ5), GREENSTATE(TU8)
BANKS: BARCLAYS, CITI, TRUIST CC (PERSONAL+BIZ), ELAN (PERSONAL+BIZ), CAP ONE (PERSONAL+BIZ), SYNCH PERSONAL, DISCOVER, SAMS CLUB BIZ (PG), WEBBANK, COMMENITY MAJORS
RANDOM: BOA BIZ AUTO (PG), APPLE FINANCING BIZ (PG)
CAP ONE preapproval showing all cards with set APR. No preapprovals on DISCOVER as of yet with current profile. Nothing on CITI. AMEX preapproval resulted in 4506 letter (lol RIP).
BCU preapproval shows lowest rates on all products. Couldnt get through underwriting upon accepting SP offer though. Underwriter wants CO gone first. Will reapply when thats removed. Thinking will have similar results with WINGS. NFCU showing secured only& will set up direct dep, SSL& let CO removal report before.
Obv wanted to get into chase prior to 5/24, issues getting app in for biz checking tho, shows owed amount on 10 yr old checking (not reporting to EWS)? Will likely settle asap as a chase biz seems necessary in my journey.
Also, have a properly structured LLC fully built out professionally as possible with paydex/eq/ex all reporting etc as well, thus any biz product suggestions from this position appreciated.
Thought on above? Anything to add? Who to consider after those? Assume it makes sense to wait on all apps until current CO is reported as removed or any DPs on above lenders that'll overlook a 6.75 YR old CO as such?
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Not sure if anyone will reply to this, imo its an interesting somewhat unique position I'm in, not your sterotypical thin profile/scores I've seen in a 'what should I do next' post lol.
Thx in advance.
-BARRY
