Building credit from scratch; my plan & progress

[Anonymous]

It took a while, but the car loan finally reported, so I now have accurate scores!

Nothing has changed (as far as reports go) beyond the car loan reporting.

Fico8: 710-715
Vantage3: 675

I did also hit the CLI button on both Amex and Disc, now that my report is up to date, and got mixed results. Amex, which I use for a couple hundred in groceries/mo gave me the x3 CLI, but Disc, which I use for EVERY dollar I spend outside of Rent, groceries and stores that don’t take Disc, denied. It’s certainly because my previous CLI was recent, but good lord, I pay that card in full every 2 weeks (mostly to keep my reported util low, so I can have a consistent idea of my credit scores). Can’t wait until I can let the card post my actual spending without negatively distorting my credit score.

I’ll update next month when my amex cli reports.

[marty56]

IMHO in the long run #2 there is no such thing unless you can PIF forever.

I recommend that people never ask for a CLI unless you really need it.  If the CCC doesn't give you one in a year, look elsewhere.  You can build a great credit profile on a few CCs with low CLs.

AAoA/new credit matter since new credit can lead to AA from other CCCs.

[Anonymous]

It’s now clear I picked the wrong sub forum for this thread, as it now includes my car loan and my scoring data points. I don’t see a way to move it, but, if a mod stops by, I believe this thread is no longer appropriate here.

[Anonymous]

Marty, I have a couple quick Qs based on your post. As aside, I do plan to PIF all my CCs forever. I’m very careful with my finances such that, if I’m about to outspend my income & savings at any point, I’ll know far enough in advance to apply for a personal loan with a significantly lower interest rate. Paying 20%+ on any debt is insane.

1) You mentioned you recommend against the CLI button. Can you explain why? Does it have some negative impact I should know about? I’m aware that at VERY high credit limits, you can have an issue getting a mortgage without closing some CCs, and that if high util accompanies high limits that you’re going to (rightly) set off lots of algorithmic alarms, but I’m not aware of any negative impacts related to my situation (short history, low limits, low reported util, low # of accounts)

2) Also, silly question but what does AA stand for? I’m assuming it’s a synonym for a CLD but I just can’t figure out what words the As stand for.

[ChessChik47]

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@Anonymous wrote:
Marty, I have a couple quick Qs based on your post. As aside, I do plan to PIF all my CCs forever. I’m very careful with my finances such that, if I’m about to outspend my income & savings at any point, I’ll know far enough in advance to apply for a personal loan with a significantly lower interest rate. Paying 20%+ on any debt is insane.

1) You mentioned you recommend against the CLI button. Can you explain why? Does it have some negative impact I should know about? I’m aware that at VERY high credit limits, you can have an issue getting a mortgage without closing some CCs, and that if high util accompanies high limits that you’re going to (rightly) set off lots of algorithmic alarms, but I’m not aware of any negative impacts related to my situation (short history, low limits, low reported util, low # of accounts)

2) Also, silly question but what does AA stand for? I’m assuming it’s a synonym for a CLD but I just can’t figure out what words the As stand for.

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Adverse Action...you shouldn't have to worry about that given what you've stated.