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@Anonymous wrote:
Would it be of any value to my credit profile down the road. In say 3-4 years. I have no other credit plans until then.
No, because in 3-4 years you'll presumably still have the same mortgage in place.
@Anonymous wrote:
Ok. I’m about 820 on my FICO scores on all three bureaus. I guess all I can do to get higher is wait. Wait for my age of accounts to get older.
Is that all I can do?
Are you at AZEO on your revolvers? How many accounts with a reported non-zero balance out of your 8 total? Do you have any scoreable inquiries (last 365 days) on your CR? Which CRAs? Age of accounts wise you're already in a great place. Can you confirm exactly what your AoYA is in months? For example, if your last opened account was in July 2018, it reached 12 months of age a few weeks back on July 1, 2019. If you last opened an account in August, you'd be at 11 months AoYA right now. This is a crucial factor, as I mentioned in a previous post you would likely get 15-25 points once AoYA reaches 12 months. If you last opened an account in August, your scores could all jump into the 840's next Thursday on August 1.
@Anonymous wrote:
Ok. I’m about 820 on my FICO scores on all three bureaus. I guess all I can do to get higher is wait. Wait for my age of accounts to get older.
Is that all I can do?
Waiting would increase your score, but it's not the only thing you can do.
There's room for you to lower your revolving utilization; the lower the better, and the more zero balances the better... except that you should always let one account report a small balance.
And the more you pay your mortgage down, the better.
But adding accounts won't help you at all.
@SouthJamaica wrote:
@Anonymous wrote:
I have 8 total accounts (7 CC and 1 mortgage). No hard inquires. Utilization under 10%. No derogatory marks. 10 years average age of accounts. Oldest is 30 years and youngest is 1 year.
I was thinking I’d benefit from another account. This would be a motorcycle loan (auto I think).
I don’t really have a set score goal. I’m just trying to see how high I can get my score safely without much effort.This loan will accomplish absolutely nothing for you, except REDUCE your score. You already have a mortgage. You gain nothing from another installment loan.
But you will lose points from it.
Nailed it with this post! Went into my favorite local bank of fourteen years and requested a personal loan of $10K+ for home improvements. The bank asked me why? Said I wanted to enhance my credit profile. They did a complete loan workup plus credit pull and said, the only thing the loan would do is lower my credit score as my profile was a thick one and would NOT benefit from having the personal loan. They could certainly further process my application and I said no, and used cash. So much for NOT enhancing my credit profile.
@Anonymous wrote:
Went into my favorite local bank of fourteen years and requested a personal loan of $10K+ for home improvements. The bank asked me why? Said I wanted to enhance my credit profile. They did a complete loan workup plus credit pull and said, the only thing the loan would do is lower my credit score as my profile was a thick one and would NOT benefit from having the personal loan. They could certainly further process my application and I said no, and used cash. So much for NOT enhancing my credit profile.
That bank is a keeper. Usually bank employees (even the "smart" ones) that I've run into don't understand credit at even 25% the level of a well-versed member of this forum and give all kinds of bogus advice... usually that benefits them, like opening a CC, taking out a loan, etc. The fact that they lost money with their advice for you to not open a loan as it wouldn't benefit you in my view is really impressive.