I just started to build my file again late in life. I started fresh as it's been years since I've had any type of credit. I started with rentreporters.com and that gave me a 3year 8 month aaoa and a 24 month of perfect pay history. I found out that the Fico 8 as of yet (and earlier models) do not count the pay history towards a score but it does account for aaoa. The new models Fico 9,10 and VS 3.0-4.0 do score for the rental agreement. My question is I signed up for 3 secured cards 1-Discover it $300cl 2-Capital One Platnum $301cl and 3-Open Sky CC $$200cl. Discover gave me 2HP on EX and TU, Capital One gave me a HP on all three, and OpenSky only did a soft pull. I did this all within 2 months. Everything but Capital One has been reporting to all 3 and they will hit before the 28th this month. I started with a 0 CS with no derog and no inquiries until what I just stated. My Vantage scores are 672 both TU and EQ and my Fico 9 was a 742 and yet I'm still a 0 on Fico 8. Since the rental agreement does not report to EXP I have a 0 score on all models. What do you think my FICO 8 will be in 6 months of opening accounts and my Utl <9% on all cards. Also should I open a SSL now with my CU and take any hits immediately? Note if I did this I would pay all but 9% of the SSL within 5 days of opening. Opinions, Thoughts, Strategies??
>
>
>
>
>
>
>
>
>
/
@RobynJ wrote:I just started to build my file again late in life. I started fresh as it's been years since I've had any type of credit. I started with rentreporters.com and that gave me a 3year 8 month aaoa and a 24 month of perfect pay history. I found out that the Fico 8 as of yet (and earlier models) do not count the pay history towards a score but it does account for aaoa. The new models Fico 9,10 and VS 3.0-4.0 do score for the rental agreement. My question is I signed up for 3 secured cards 1-Discover it $300cl 2-Capital One Platnum $301cl and 3-Open Sky CC $$200cl. Discover gave me 2HP on EX and TU, Capital One gave me a HP on all three, and OpenSky only did a soft pull. I did this all within 2 months. Everything but Capital One has been reporting to all 3 and they will hit before the 28th this month. I started with a 0 CS with no derog and no inquiries until what I just stated. My VS scores are 672 both TU and EQ and my Fico 9 was a 742. The rent reporters don't report to EXP so I don't have a score yet on it. What do you think my FICO 8 will be in 6 months of opening accounts and my CU <9% on all cards. Also should I open a SSL now with my CU and take any hits immediately? Also if I did I would pay all but 9% of the SSL within 5 days of opening. Opinions, Thoughts, Strategies??
I think you should just wait and see before adding anything to the mix.
Is a secured LOC an option? That would be the one thing over time that could possibly give you the boost and fatten things up a bit over the 6 month haul. I say possibly, because as you know... I'm super new to the game as well. I've got a history, but it's been all bad. Not as bad as I originally had thought, but bad none the less. And an installment loan might be the one thing that your file needs to move forward. Again, I'm looking at a semi long haul for your situation. 6 months to a year.
Definitly wait/check with the greater minds here, but that's what sticks out. I know I've went off the beaten path in relation to your post. But cosidering you've already gotten those 3 cards, I'm just doing a little assumption based commenting here.
Starting Score: 547EX@SouthJamaica Thank you, may I ask how long should I garden for? My goal is in 3 years to buy a house.
@moto4man Yes it may take a little longer but as long as you're heading in the right direction that's what matters. Like I have read in here so many times, slow and steady wins the race. As for the LOC I have never looked into one tbh. How do they work?
@RobynJ wrote:@SouthJamaica Thank you, may I ask how long should I garden for? My goal is in 3 years to buy a house.
@moto4man Yes it may take a little longer but as long as you're heading in the right direction that's what matters. Like I have read in here so many times, slow and steady wins the race.
I wouldn't suggest a specific time period. I think you should just manage your accounts well for the next couple of months, see what your scores are after they report, and play it by ear. Let the Discover card or Capital One card report a very small balance ($20 or so) before paying it off, while the other 2 cards report zero balances.
If your scores are over 700, then I would suggest applying for an unsecured card of your choosing. You may want to come back to the forum, tell us what your scores are then and what you're looking for in a credit card, and you'll get lots of suggestions.
Thank you, I appreciate the advise.
UPDATE: I hated asking a relative at my age to help me out but at this point it was for the best IMHO. I was added to his AMEX Blue with a $30k CL and a $500 balance. He has had it for over 14 years and never runs it up. I made sure the card would go to him and he can hold it. I don't want the actual card just the age of account to help my file out.
@RobynJ wrote:UPDATE: I hated asking a relative at my age to help me out but at this point it was for the best IMHO. I was added to his AMEX Blue with a $30k CL and a $500 balance. He has had it for over 14 years and never runs it up. I made sure the card would go to him and he can hold it. I don't want the actual card just the age of account to help my file out.
Unfortunately, American Express is a credit card issuer which will not grant authorized users the same account opening date as the primary cardholder. The "date opened" will show up on your credit report with the date you were added to the account. You will not benefit from the 14 years of age, though the $30k credit limit may be of some help.
Thank you;
Are there any that do? I've read threads on here before saying that they do but after your post I now see back in 2015 that was changed