Help me keep the forward movement going...

[Anonymous]

I just checked my FICO scores at CCT, you can see my scores below and how they've changed . CCT says things that are hurting my score are:

To few accounts-you can see the cards I have below, most are reporting correctly, with the exceptions of Barclay still says 1.5K ($15 balance). I'm an AU on a Chase Disney that's still reporting a high UTI $1920/$2000 (balance will change when they update to $920/$2000). Kohl's hasn't showed up yet.

No Installment loans-is it worth getting a small loan so I can have a diverse file? Is there such a thing as a low income personal loan? I only make around $9K a year but I can handle say a $2k loan.

[Appleman]

Your stated income of $9,000 makes your debt to income ratio something that you will need to watch closely. I am not sure the banks would approve you for a $2,000 loan with that income.

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Others will have more knowledge but it sounds like you may want to look into a shares secured loan. Basically you deposit $500 and use that as collateral for a $500 loan. Depending on the repayment terms, pay down the loan quickly (but not paid off) leaving only a small balance reporting. This will be the most cost effective way to have another tradeline without putting yourself into debt. 

Is there other income that you have access to for meeting your expenses? The reason I ask is that my wife can utilize our household income as money she reasonably has access to for expenses. With her income of less than $10,000 a year, credit options are a bit limited, by using household income she has gotten some decent credit lines. She is great abour paying in full and we only use cash back cards, actually making money for using credit.

Hopefully this information helps.

[Anonymous]

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@Appleman wrote:

Your stated income of $9,000 makes your debt to income ratio something that you will need to watch closely. I am not sure the banks would approve you for a $2,000 loan with that income.

.

Others will have more knowledge but it sounds like you may want to look into a shares secured loan. Basically you deposit $500 and use that as collateral for a $500 loan. Depending on the repayment terms, pay down the loan quickly (but not paid off) leaving only a small balance reporting. This will be the most cost effective way to have another tradeline without putting yourself into debt. 

Is there other income that you have access to for meeting your expenses? The reason I ask is that my wife can utilize our household income as money she reasonably has access to for expenses. With her income of less than $10,000 a year, credit options are a bit limited, by using household income she has gotten some decent credit lines. She is great abour paying in full and we only use cash back cards, actually making money for using credit.

Hopefully this information helps.

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Yes I have access to my SO's income, that's why I have some decent credit cards. I use our annual yearly income when I open any new CC's or ask for CLI's. Our AYI is $61,000. We live together and I'm also AU on some of his cards. But I was under the assumption that with a personal loan, it was only my actual income that was considered.

[takeshi74]

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@Anonymous wrote:

CCT says things that are hurting my score are:

Don't just take the reasons as is.  Even those with high scores can have reasons cited.

Are your credit cards the only credit accounts that you have?

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@Anonymous wrote:

No Installment loans-is it worth getting a small loan so I can have a diverse file? Is there such a thing as a low income personal loan? I only make around $9K a year but I can handle say a $2k loan. 

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They seem to be popular but I'd advise against getting a loan just for scoring purposes.  Add one as your financial needs dictate.

Keep in mind the typical relative weights of the factors:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Your FICO 8's (always keep the specific scoring model in mind when referencing any score) aren't that far off from the 740-760 range where best terms are generally offered so I don't recommend sweating too much over it.  Getting revolving utilization down will have a much bigger impact.

[Anonymous]

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@takeshi74 wrote:

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@Anonymous wrote:

CCT says things that are hurting my score are:

Don't just take the reasons as is.  Even those with high scores can have reasons cited.

Are your credit cards the only credit accounts that you have?

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@Anonymous wrote:

No Installment loans-is it worth getting a small loan so I can have a diverse file? Is there such a thing as a low income personal loan? I only make around $9K a year but I can handle say a $2k loan. 

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They seem to be popular but I'd advise against getting a loan just for scoring purposes.  Add one as your financial needs dictate.

Keep in mind the typical relative weights of the factors:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Your FICO 8's (always keep the specific scoring model in mind when referencing any score) aren't that far off from the 740-760 range where best terms are generally offered so I don't recommend sweating too much over it.  Getting revolving utilization down will have a much bigger impact.

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Yes those CC's mentioned are the only active accounts on my CR. I do have an old closed Chase card from 7yrs ago but nothing else. And we're working on getting that Disney Chase paid down.