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Lengthy Introduction!!

tag
willmsbrg
Regular Contributor

Lengthy Introduction!!

Good evening,
My first post here though I’ve been doing a good bit of reading and it’s a really good place for learning. Too bad I didn’t know about this place years ago… Anyhow, this will be a rather longer post as I want to include as much as possible and hopefully get some good insight into my progress and longer term goals.

I’ll start with my current fico scores (pulled from credit.com last night)
Transunion
Bankcard 8: 669
Bankcard 9: 699
Fico Score 8: 673
Fico Score 9: 689

Equifax
Bankcard 8: 641
Bankcard 9: 712
Fico Score 8: 652
Fico Score 9: 710

Experian
Bankcard 8: 678
Bankcard 9: 681
Fico Score 8: 683
Fico Score 9: 670
I’ve made strides to get this where it is today versus say in 2017 when it was likely in the mid 500’s across the board… I feel I’ve come a long way but there still a price I am paying for neglecting it.


As for anything bad, there is a repo on my account that is scheduled to drop off (according to annual credit reports) pulled last night in February of 2024 and a late payment from an installment loan from 2017 which should also drop off I think in 2024.
As for inquiries, I have some from car shopping in 2021 that will be dropping off this year around May/June. Granted there will still be several across my reports sticking around for roughly 6 months to a year longer.

 

Now as to current accounts.


Car payment 500.00 per month and while the interest rate is a bit higher than I would like, I’m able to deal with that as is at least till the repo drops off then maybe I will look at a refinance.
Student loan which is on hold currently and there the total is less than 7000.00 so that is also not a problem for repayment.

 

Credit cards and here is where I could use some advice about keeping/closing…


Truist Future Card just approved 4500.00 (new) No balance
Well Fargo Autograph card 5500.00 (new) this is also my bank. No balance
Apple card 2000.00 (new) No balance

 

Builder cards


Avant Card 1500.00 No balance and no annual fee
Mercury Oculus 1550.00 balance 22.00 no annual fee
Merrick bank 1400.00 balance 123.00 3.00 monthly fee, but no other fees
Credit One 600.00 no balance and no annual fee
Prosper card 700.00 39.00 balance as the annual fee is due.
Capital One Quicksilver One 800.00 60.00 balance 39.00 fee  Probably a bucket card
Capital One Platinum 500.00 no balance and no annual fee.   Probably a bucket card


My overall utilization is less than 5 percent and generally never carry a balance as all set to pay in full on due date. Though some do show a balance on the reports but, as you can see it’s really nothing.


As for closing any of the builder cards any thoughts? Also, anything here hurting score increases more than others? I know the two bad items and the extra inquiries certainly are and once those die off I’m thinking I should hopefully see a bump upward.


I won’t be adding to accounts for this year, as I want to just wait till the bad items vanish then go from there.
Wow, sorry for the lengthy post but wanted to get it out so folks have a full picture. Thanks in advance…

Message 1 of 18
17 REPLIES 17
GZG
Valued Contributor

Re: Lengthy Introduction!!


@willmsbrg wrote:

Credit cards and here is where I could use some advice about keeping/closing…


Truist Future Card just approved 4500.00 (new) No balance
Well Fargo Autograph card 5500.00 (new) this is also my bank. No balance
Apple card 2000.00 (new) No balance

 

Builder cards 

Feel free to close anything from here once you get your other cards, definitely starting by closing anything with an annual fee.

You can honestly close everything from here, but if you want to keep the Avant and Mercury and Cap1, feel free, but there's no reason everything here or most everything here can't be closed.


Avant Card 1500.00 No balance and no annual fee
Mercury Oculus 1550.00 balance 22.00 no annual fee
Merrick bank 1400.00 balance 123.00 3.00 monthly fee, but no other fees
Credit One 600.00 no balance and no annual fee
Prosper card 700.00 39.00 balance as the annual fee is due.

 

Go to each account on Desktop type "/productupgrade" at the end of the link and see if there are product change offers to the Quicksilver or Savor One or Venture One. Take them if they are.
Capital One Quicksilver One 800.00 60.00 balance 39.00 fee  Probably a bucket card
Capital One Platinum 500.00 no balance and no annual fee.   Probably a bucket card


As for closing any of the builder cards any thoughts? Also, anything here hurting score increases more than others? I know the two bad items and the extra inquiries certainly are and once those die off I’m thinking I should hopefully see a bump upward.




 

Starting FICO 8:

Current FICO 8:

3/6, 5/12, 14/24

Message 2 of 18
willmsbrg
Regular Contributor

Re: Lengthy Introduction!!

On my Capital one app there's an upgrade to change the Platinum card to a straight quicksilver card with the same CL and no annual fee... 

I'm guessing the Quicksilver card is better (longterm) than the Quicksilver one card at least based on my research...

I went for that upgrade since there's no impact to my score and no annual fee...

 

I suppose I will close the Quicksilver One card (800.00 CL) with the annual fee and just keep one Cap card....

 

Go to each account on Desktop type "/productupgrade" at the end of the link and see if there are product change offers to the Quicksilver or Savor One or Venture One. Take them if they are.


Capital One Quicksilver One 800.00 60.00 balance 39.00 fee Probably a bucket card
Capital One Platinum 500.00 no balance and no annual fee. Probably a bucket card

Message 3 of 18
sznthescore
Established Contributor

Re: Lengthy Introduction!!

Welcome! @willmsbrg & Good job on the upgrade. At least you went for a rewards cards with some type of benefit.

 

Yup, I would close the QS1... no need for a duplicate card especially if it has an annual fee.

 

I would close Merrick Bank & Prosper as well. No need for the $3/mo. or $39 annual fee either at this point in your awesome progress thus far. 

 

In regards to the remaining rebuilders... which card is your oldest account? Outside of that, I'd keep (SD) the others for aging purposes even though they'll continue to be factored into your AAoA for up to 10 years if you decide to close any others. (Stagger the closings). They've done their job.

 

Just my opinion... I'm no expert.

REBUILDER CARDS




Goal: FICO 700+
Message 4 of 18
805orbust
Valued Contributor

Re: Lengthy Introduction!!

@willmsbrg  welcome and good job thus far my friend. Reiterating what these guys said I scream from the rooftops of MyFico to CHOP anything with an annual fee that is a rebuilder. If no fee, then I wouldn't sweat it, except for simplicity. 

 

A good system for monitoring/paying balances throughout the month is also advisable. You've got this.



Message 5 of 18
SouthJamaica
Mega Contributor

Re: Lengthy Introduction!!


@willmsbrg wrote:

Good evening,
My first post here though I’ve been doing a good bit of reading and it’s a really good place for learning. Too bad I didn’t know about this place years ago… Anyhow, this will be a rather longer post as I want to include as much as possible and hopefully get some good insight into my progress and longer term goals.

I’ll start with my current fico scores (pulled from credit.com last night)
Transunion
Bankcard 8: 669
Bankcard 9: 699
Fico Score 8: 673
Fico Score 9: 689

Equifax
Bankcard 8: 641
Bankcard 9: 712
Fico Score 8: 652
Fico Score 9: 710

Experian
Bankcard 8: 678
Bankcard 9: 681
Fico Score 8: 683
Fico Score 9: 670
I’ve made strides to get this where it is today versus say in 2017 when it was likely in the mid 500’s across the board… I feel I’ve come a long way but there still a price I am paying for neglecting it.


As for anything bad, there is a repo on my account that is scheduled to drop off (according to annual credit reports) pulled last night in February of 2024 and a late payment from an installment loan from 2017 which should also drop off I think in 2024.
As for inquiries, I have some from car shopping in 2021 that will be dropping off this year around May/June. Granted there will still be several across my reports sticking around for roughly 6 months to a year longer.

 

Now as to current accounts.


Car payment 500.00 per month and while the interest rate is a bit higher than I would like, I’m able to deal with that as is at least till the repo drops off then maybe I will look at a refinance.
Student loan which is on hold currently and there the total is less than 7000.00 so that is also not a problem for repayment.

 

Credit cards and here is where I could use some advice about keeping/closing…


Truist Future Card just approved 4500.00 (new) No balance
Well Fargo Autograph card 5500.00 (new) this is also my bank. No balance
Apple card 2000.00 (new) No balance

 

Builder cards


Avant Card 1500.00 No balance and no annual fee
Mercury Oculus 1550.00 balance 22.00 no annual fee
Merrick bank 1400.00 balance 123.00 3.00 monthly fee, but no other fees
Credit One 600.00 no balance and no annual fee
Prosper card 700.00 39.00 balance as the annual fee is due.
Capital One Quicksilver One 800.00 60.00 balance 39.00 fee  Probably a bucket card
Capital One Platinum 500.00 no balance and no annual fee.   Probably a bucket card


My overall utilization is less than 5 percent and generally never carry a balance as all set to pay in full on due date. Though some do show a balance on the reports but, as you can see it’s really nothing.


As for closing any of the builder cards any thoughts? Also, anything here hurting score increases more than others? I know the two bad items and the extra inquiries certainly are and once those die off I’m thinking I should hopefully see a bump upward.


I won’t be adding to accounts for this year, as I want to just wait till the bad items vanish then go from there.
Wow, sorry for the lengthy post but wanted to get it out so folks have a full picture. Thanks in advance…


1. I would drop the Merrick and Prosper cards and the Quicksilver One.

2. I would make sure that most of the open revolving accounts report zero balances; i.e. pay off before statement cuts.


Total revolving limits 710800 (590300 reporting) FICO 8: EQ 712 TU 710 EX 710

Message 6 of 18
willmsbrg
Regular Contributor

Re: Lengthy Introduction!!


@805orbust wrote:

@willmsbrg  welcome and good job thus far my friend. Reiterating what these guys said I scream from the rooftops of MyFico to CHOP anything with an annual fee that is a rebuilder. If no fee, then I wouldn't sweat it, except for simplicity. 

 

A good system for monitoring/paying balances throughout the month is also advisable. You've got this.


Thanks everyone for the advice thus far... 

I will be stager closing the Cap1QuicksilverOne, Prosper and the Merrick bank cards and probably the CreditOne as well....

 

The one I am most concerned about closing correctly is the Merrick as the "annual fee" is staged as 3.00 per month...

My statement is reading billing cycle close date is the 9th of Jan with payment due the 4th Feb.  There is a small balance as well which I can pay in full...

Message 7 of 18
NoMoreE46
Community Leader
Senior Contributor

Re: Lengthy Introduction!!

Welcome @willmsbrg .

 

You got three great new cards with excellent SLs!  I agree you can say bye to any cards that have monthly/annual fees.

 

Is there a reason you want to stagger the closing your identified builder cards?   While your utility is extremely low now, keep in mind you will lose about 32% of padding with the closures.

 

 

 

 

Message 8 of 18
willmsbrg
Regular Contributor

Re: Lengthy Introduction!!

I guess staggering the closures really isn't needed and even loosing the padding on the total credit available really isn't a problem as I don't spend big amounts as it is. I can just pay off the tiny balances, wait for each to show no balances and shut those down...

 

I was surprised the Truist and Wells Fargo were soft pulls only.... 

Message 9 of 18
mgood
Valued Contributor

Re: Lengthy Introduction!!


@805orbust wrote:

 . . . I scream from the rooftops of MyFico to CHOP anything with an annual fee that is a rebuilder. If no fee, then I wouldn't sweat it, except for simplicity. 


^This^



EQ8 809, TU8 790, EX8 797 as of May 21
AZE4 - 2% Utl - New Accts: 3/6, 3/12, 7/24
Message 10 of 18
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