Re: Thin File, Need Help!

Anonymous · ‎11-11-2017

Hi everyone,

I recently established a credit report. My goal is to get the premium cards (Chase Sapphire, AMEX, etc.) and I'd love your input on how to get there as fast as I can. The problem is that I have a thin file with low limits on my current accounts, so nobody is willing to extend the 5k minimum limit that the World MasterCard and Visa Signature requires even though I have a high score. I have excellent control of my finances, have never kept a balance, and always pay on time. My stats are from Experian.com and Credit Karma.

EQ: 743, TU: 750, EX: 732

3 Open Accounts: Chase Freedom $2500, Discover $2300, TD Bank $1000. The Chase card is a family member's so I'm not sure why it falls on my report. Anyways, not sure what to think of that.

Average Age of Accounts: 11 months

Oldest Account: 14 months

Inquires: EQ: 2 / TU: 1 / EX: 3

Last Inquiry was June 2017.

I'm new here so please take it easy on me Thanks y'all!

Anonymous · ‎11-11-2017

You mention the credit limit for each of the three cards. Can you tell us how the balance reads on your reports for each card?

The Chase Freedom appears on your report because your family member added you as an authorized user. If you are not aware that they did that, you might want to circle back with them and ask them what they know about it. I'm also curious how the Date Opened reads for the Chase card.

You mention your three scores. Where are you getting those scores from?

Do you have any open loans of any kind? If not, you should certainly consider implementing the Share Secure Loan Technique. That would give you a (roughly) 30 point boost to your scores and might help with obtaining the cards you want. The first 2-3 posts on this thread will tell you all you need to know about it:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

For the next few months at least do not apply for any more cards.

Anonymous · ‎11-11-2017

Sorry, I forgot to mention a few things. I pay off the majority of the balance before the statement even issues my credit utilization is roughly 1%. That is probably not the issue. My brother got his Chase card last year (~12 months), so that's where I got backdated as well. No open loans.

I've looked at Alliant SSLs, but reports are that the process is more complicated than before, and the loan terms aren't as favorable. Are there any other financial institutions that I should be looking at?

Anonymous · ‎11-11-2017

I'd go with Alliant. The folks who have been posting in the SSL thread in the last two months seem to describe the process as a nobrainer (and that thread offers a step-by-step guidance to make it even easier).

When you say that "reports are that the process is more complicated than before", where are you hearing that? Just curious.

By loan terms being less favorable, do you mean that the interest rates at Alliant are higher than they were a year ago? That strikes me as likely, but then again the Fed has raised interest rates so I'd expect that. The SSL technique, which involves paying off most of the loan in the first few weeks, makes the interest rate itself matter very little. Whether the rate is 3% or 5% doesn't really matter, since you are paying that rate on very little principal.

Anonymous · ‎11-11-2017

Get Alliant SSL, kill the AU card if it ever reports a balance and replace it with a prime card of your own then garden for 12-24 months and you’ll get everything you want.

Won’t happen overnight.

Anonymous · ‎11-11-2017

I started the Alliant SSL a few weeks ago. Painless process and handled completely through email. Still recommended as there isn't an easier way to get a 60 month installment loan at a cheaper cost.

Anonymous · ‎11-11-2017

Interesting, I'll try it. I had read that they shortened the length of loan available to 12-36 months.

Anonymous · ‎11-12-2017

@Anonymous wrote:
Interesting, I'll try it. I had read that they shortened the length of loan available to 12-36 months.

I'm still curious about the source of your information. Where are you reading this?

None of the people who have posted on the SSL thread in the last few months have mentioned Alliant cutting the loan term from 60 months to 36 or 12.

In my first response I also asked where you were getting your scores from. Is it myFICO? Karma? CCT? Somewhere else?

Anonymous · ‎11-12-2017

Probably somewhere on the interwebs months ago. So I'll trust that you're right. As mentioned in my first post, my TU and EQ scores are from Credit Karma, my EX is from experian.com.

SouthJamaica · ‎11-15-2017

@Anonymous wrote:
Hi everyone,

I recently established a credit report. My goal is to get the premium cards (Chase Sapphire, AMEX, etc.) and I'd love your input on how to get there as fast as I can. The problem is that I have a thin file with low limits on my current accounts, so nobody is willing to extend the 5k minimum limit that the World MasterCard and Visa Signature requires even though I have a high score. I have excellent control of my finances, have never kept a balance, and always pay on time. My stats are from Experian.com and Credit Karma.

EQ: 743, TU: 750, EX: 732
3 Open Accounts: Chase Freedom $2500, Discover $2300, TD Bank $1000. The Chase card is a family member's so I'm not sure why it falls on my report. Anyways, not sure what to think of that.
Average Age of Accounts: 11 months
Oldest Account: 14 months
Inquires: EQ: 2 / TU: 1 / EX: 3
Last Inquiry was June 2017.

I'm new here so please take it easy on me Thanks y'all!

Your Vantage scores from Credit Karma are meaningless, so disregard. The only thing that counts is your FICO scores.

If you do nothing but the following, you should be in good shape for your goal cards:

-maintain 2 of the 3 cards reporting a zero balance at time of statement cut

-have the other card report a small balance (9% of limit or less)

-do nothing to generate a hard pull

-once your history is 13 months old, apply for a Chase card

Although a share secured loan, managed correctly, will get you some points, you don't need them to get a Chase card

If you're not empowered to use the authorized user card in the manner I"ve outlined above, just take yourself off the account, and manage the 2 remaining accounts with 1 reporting a small balance and the other reporting a zero balance.

If you're really sure the lack of a large credit limit is why you can't get one of your goal cards, apply for a Cap One Venture card, which usually has a high starting limit, or apply for a Synchrony Marvel card (and then recon for a higher starting credit limit). Either that, or keep applying for soft pull CLI's with Discover, which is generous to some folks (and stingy with other folks including myself).