I am preparing to apply for credit in either Aug or Sept. most likely targeting 2 CCs (PenFed and Savor1).
I have been with PenFed for about a year and half now, and have both checking and savings with them with close to $20k sitting on the checking. I have been tracking my Fico 9 score through PenFed and it has barely moved since I started my rebuild.
I want a clear shot at PenFed PCR, but the difference between EQ 8 (676) and EQ 9 (625) is really making me question if I should proceed to apply come August.
How can I improve my EQ9?
Profile:
BK7 discharged March 2021
3 late payments
EQ 2 inquiries (set to fall off AUG 2022)
7 AUs and 2 CCs: Cap1 QS $5.5k and Venture1 3k (upgraded from platinum)
1 Auto Lease & 1 Student Loan
Total Credit: 77k
Usage: 2%
Average Age: 4yrs 1 months
Oldest acct: 10yrs 4 months
Income: $129k
@LuckyB338 wrote:I am preparing to apply for credit in either Aug or Sept. most likely targeting 2 CCs (PenFed and Savor1).
I have been with PenFed for about a year and half now, and have both checking and savings with them with close to $20k sitting on the checking. I have been tracking my Fico 9 score through PenFed and it has barely moved since I started my rebuild.
I want a clear shot at PenFed PCR, but the difference between EQ 8 (676) and EQ 9 (625) is really making me question if I should proceed to apply come August.
How can I improve my EQ9?
Profile:
BK7 discharged March 2021
3 late payments
EQ 2 inquiries (set to fall off AUG 2022)
7 AUs and 2 CCs: Cap1 QS $5.5k and Venture1 3k (upgraded from platinum)
1 Auto Lease & 1 Student Loan
Total Credit: 77kUsage: 2%
Average Age: 4yrs 1 months
Oldest acct: 10yrs 4 months
Income: $129k
Really dont need 7 AU cards. 1 could help. 7? Too many. Yes it helps a score with FICO in a way. Though 7 accounts added to your file? Might be holding you back from hitting your file. When it comes to applying can be a different story. Many overlook AU accounts. They wont be calculated in. But your 2 cards will. Having more AU cards than your own as a primary doesnt prove how your rebuild history is going. I'd drop 6 accounts so it doesnt look as riding the coat tails. Get a 3rd card on your own. Go from there.
@LuckyB338 wrote:After filing CH7, I wanted to "puff up" my profile. That's really the only reason they are there. Any card my wife would get I just added myself on as an AU, which may have not been the best idea in hindsight.
I've been wanting to remove the AUs, so no problem there. My only question is which one do I keep? There are some recent (ex: PenFed, Wells Fargo) with high CLs and some really old that would add to my AAoA (ex: Disco, BoA) with sub 2.5k CLs.
Should I keep one of the newer, specially PenFed since I plan to apply or one of the older cards to add to my AAoA?
I would keep an older one that has little balance to help you out. You really need to get your own 3rd card and not rely on AUs to fill that spot, some creditors request that AUs be excluded from calculations when apping for credit.
@LuckyB338 wrote:I've removed myself as the authorized user on all except penfed which I plan to apply for and discover which is 10yrs old.
Since the AAoA is likely to remain the same or even improve, what kind of score change is to be expected here?
I don't know that there'd be much of a score change from simple AAoA changes. We're those late payments before or after BK?
Honestly, what you really need is time. Applying for those 2 cards you want in 3/4- months may not be the best idea - your BK is quite recent.
@LuckyB338 wrote:Late payments were prior to the BK.
I know I would need a bit more time, when do you suppose I would be eligible?
March 2023?
March 2023 would be good, yes, cause then your BK would be at least 2 years old.