rebuild COMPLETE!!

[Anonymous]

The waiting game is over. My final baddie, a settled-for-less vehicle reposession from 2012, fell off my Experian report a few months ago, and this month it's no longer on TransUnion or Equifax!! Nothing but little green checkmarks all over that report of mine.

TU Fico 8 jumped a whopping 60 points (!!), while CK dropped 7. I don't have a way to freely check my EQ Fico 8, and whatever model Citibank uses is behind a few weeks. EX jumped 49 points in April when it fell off.

Now I don't know what the next step is. My limits are ridiculous and I'll never get close to using 10% of that, so I'm thinking about going after interest rates. I'm still locked in to the ridiculous 24%+ interest rates from when my score was in the 620s, what is the best way to get those down, or is it even a feasible option? Should I apply for new cards and close the others? Is there a better "sweet spot" (like over 800) that I should wait to achieve before trying any of that? This is honestly the highest my score's been in my life and I have no context if 779 is "really good" or "good enough".

[Anonymous]

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@Anonymous wrote:

TU Fico 8 jumped a whopping 60 points (!!), while CK dropped 7. I don't have a way to freely check my EQ Fico 8, and whatever model Citibank uses is behind a few weeks. EX jumped 49 points in April when it fell off.  In general when your reports clean up w/ a CO or similar you see a rise of about 50 points.  CK is useless other than watching your accounts or for dramatic changes w/o having to pay for montioring.  Citi will update eventually and it's a Bankcard 08 score which the scale goes up to 900.

Now I don't know what the next step is. My limits are ridiculous and I'll never get close to using 10% of that, Good... that's the idea... once you're in the head space of 10% it's easy to control and they grow like weeds.  Now you'll unlock the door to creep up to the 50K mark depending on your income of course but, clean reports do fun things when it comes to landing those limtis and cards you couldn't before.

so I'm thinking about going after interest rates. I'm still locked in to the ridiculous 24%+ interest rates from when my score was in the 620s, what is the best way to get those down, or is it even a feasible option? It's an option and if you confrimed all 3 reports have updated then go out to each lender and ask for reductions either through Chat, SM, or phone.  It's not going to require a SP/HP or anything to do it.  Usually you can ask every 6 months for reductions.  Citi is the weird one where if you get a reduction and go back a couple of days later you can get another one and repeat until they stop giving them.

Should I apply for new cards and close the others? Is there a better "sweet spot" (like over 800) that I should wait to achieve before trying any of that? There's not a sweet spot beyond 740 at this point.  The door will be open to add just about anything you want.  I would probably focus on the APR/CLI thing first and make sure they report the higher limits before running through the candy store to get some slightly better results on the CL's they hand out at approval.

This is honestly the highest my score's been in my life and I have no context if 779 is "really good" or "good enough". The perks of anything over 740 aren't much... There are some when it comes to mortgages as there are little deductions in the APR they offer and the cost of PMI but, otherwise it's just vanity. 

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[M_Smart007]

on your rebuild

[Anonymous]

Congrats on your rebuild! 

[HeavenOhio]

Congratulations on the rebuild.

As far as a scoring sweet spot, I'd look at 740 on the scores used for mortgages. Oftentimes, those are lower than FICO 8 simply because they're fussier about just about anything that can cause a score decrease.

@Anonymous, when it comes to mortgages, I don't think there's such a thing as a "little" APR decrease. There's generally so much money and time involved that even a wee bit can make a huge difference.

[Aspireto850]

🎉🎉🎉 CONGRATULATIONS 🍾