Besides focusing on "force feeding" my new Card in order to request a CLI in Jan, and [wishfull me again] push for a second CLI in April, I need to recondition my EQ file.
EQ is my most thin and fragile file, with the lowest scores of all 3B.
October 1 looked like this:
Scores:
EQ 8: 655
EQ 9: 664
Bankcard 8: 672
Bankcard 9: 669
Bankcard 5: 721
Auto 8: 651
Auto 9: 669
Auto 5: 715
Accounts:
• Repo'd vehicle (2014)
• WF Visa - 2 missed pymts (2015/2016)
• QS (AU) - 1 missed pymt
• Amex Gold (AU) - no baddies
• Amex BCP (AU) - no baddies
EQ Resilience Index: 51
- 2 Red Flags
• 1 for non IL activity
• 1 for "High % of AU accts"
In October I opened a NFCU SSL. And, on that same week I was also approved for 2 CC (Disco and Card), but denied on an Amex BCE. [11/17/2020 EDIT 1: It was the Cash Magnet, not the BCE. // EDIT 2: I had sent AMEX a recon letter via USPS, and I just got an email with the approval!!] And, today I dropped from 2 [out of the 3] cards I was AU on:
• The first one was a QS, established in June 2014, with $1k CL, but with a missed pymt from 2015.
• The second one was an Amex Gold, established in April 2018, with NPSL, no baddies, but I can no longer justify its AF. I suggested DW to close it, but I think DW is emotionally attached to that card. Today, I showed her by example that I have no interest in keeping it alive.
• I stayed AU on the Amex BCP, established in July 2017, with $18k CL, and no baddies.
However, the 3 new accts (Disco, Card, and NFCU SSL) have showed up in TU and/or EX, but not on EQ.
And, out of the 5 accts showing up in EQ, I just closed 2:
RIP:
• QS (AU) - 1 missed pymt
• Amex Gold (AU) - no baddies
Leaving behind 3 accts; 2 have baddies, and I am an AU on the remaining one:
• Repo'd vehicle (2014)
• WF Visa - 2 missed pymts (2015/2016)
• Amex BCP (AU) - no baddies
One good thing, though, is that EQ is not showing the HP for those apps either.
In November 2021, the failed auto loan will be 7 y/o. Will I see the auto loan disappear from my EQ file for Dec 2021/Jan 2022, or will it stay longer than 7 yrs?
In April 2023, the missed pymt on the WF VISA would also be 7 y/o, and I expect it to disappear from the acct history.
When [and how] should I beggin to recondition my EQ file?
- Wait 12 months until Nov 2021, to see if the failed auto loan has dropped?
- Wait to see if the RIP QS brings down the missed pymt history with it, hopefully raising the score?
- App for an Amex secured, and or a Cap1 secured card(s); that do report to EQ?
- [insert your suggestion here]
TIA for reading, and for your accustomed guidance!
AU:
News Flash!!!
Amex just approved me for the Cash Magnet after the recon letter I sent them via certified mail!!!! $1k SL
@Anonymous wrote:@CreditBones Congrats on your recent approvals!
I have an SSL with Navy and can confirm it will appear on your Equifax report eventually. I also have a secured Disco and it appears on all three reports.
>>> That is great news!! Thx!
1. You can pull all three of your credit reports from Annualcreditreport.com for free till 4/2021. I suggest pulling your Equifax report and confirming the falloff date.
>>> Awesome! I'll check that out!
Equifax allows a 1 month early exclusion from the listed date, but it can be a ymmv situation in regards to how easy it is to process.
>>> I Didn't knew that. I'll research that too!
2. It's not a bad idea to remove yourself from an au account that has lates. The late will be removed as well so you "may" see score improvement there.
>>> Great! Let's cross fingers!
3. Tbh, I don't think you need to apply for any more credit. I think you should just let time do its thing. Depending on how old your lates are and how severe they are (30 vs 60 day lates), you should see improvement as time passes (in fact if they were 30 day lates they might have already lost some of their sting).
Also don't let the resiliency score freak you out.
>>> LOL. Ok. Back to gardening! Hahaha... But yeah, with the [recon] approval of the Cash Magnet I am concluding my 2020 spree.
Good luck!
Now knowing that SSL, Disco, and AMEX CM should report to EQ, and the RIP QS late will be removed, I can have peace of mind that my EQ file will thicken, and the score will improve! All of my aacts are on AutoPay, so the rest is about the waiting time until the auto loan drops in Dec 2021.
Thank you very much for your input. It helps a lot, and it's greatly appreciated!