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How many accounts enough to build credit?

MarkyB
Regular Contributor

Re: How many accounts enough to build credit?

@RobynJ look at you! That's awesome!  Keep up the great work!

What service are you using to monitor your scores?

 

Message 41 of 245
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?

Here's the screenshots of my experian and transunion reports with the collection account listed. You can see they state it will be removed on 04/2023 (EX) and 06/2023 (TU). Just curious how accurate these dates really are?

This collection account is from a capital one checking bank account that my first cousin opened in my name when he first arrived in America years ago on a visa. If it wasn't for that, I would've had a clean slate right now.

 

BB46BEA0-0984-4AC9-AAF1-5DE0969AF4A4.jpeg

 

FD82AFEA-497E-4EF7-BA2B-2FFA4222F347.jpeg

 

Message 42 of 245
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?

Quick question regarding credit card bill payments. Let's say I make a payment on my discover card the day before the statement cycle end date, will the statement reflect that payment made or will it still show the original balance since it takes a couple days for the bank to transfer the funds?

Message 43 of 245
OmarGB9
Community Leader
Super Contributor

Re: How many accounts enough to build credit?


@MarkyB wrote:

Quick question regarding credit card bill payments. Let's say I make a payment on my discover card the day before the statement cycle end date, will the statement reflect that payment made or will it still show the original balance since it takes a couple days for the bank to transfer the funds?


It depends on when they credit your payment. 


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 44 of 245
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?


@OmarGB9 wrote:

@MarkyB wrote:

Quick question regarding credit card bill payments. Let's say I make a payment on my discover card the day before the statement cycle end date, will the statement reflect that payment made or will it still show the original balance since it takes a couple days for the bank to transfer the funds?


It depends on when they credit your payment. 


Discover claims they post payments the same day if made before 5pm. I wonder if that means the statement balance will reflect this payment made or it won't because the funds haven't technically cleared. I'm not sure why discover doesn't allow instant debit card payments but they make us wait on bank transfers. 

Message 45 of 245
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?

I got confirmation from discover that payments do reflect on your statement even if they are made on the same day of your statement end date so long as it's paid by 5pm eastern. I assumed that was the case but I wanted to be absolutely certain. However, your available credit on the card may not reflect right away until the following day or two. Also, if your statement end date lands on a weekend (like mine) then it automatically gets pushed until the following business day.

 

Oh and they don't accept debit card payments because of the fees associated with cards. Why am I not surprised? Lol

Message 46 of 245
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?

I got a notification from the experian app today saying changes were made to my report. They added my self credit builder account. But they also removed my collection account too. Is this normal? Is it possible they just simply forgot to update the account and it will pop back up next month? I don't know how to feel right now...

CAAE38BF-07DC-4A85-836B-D8EC11F90EAC.jpeg

 

Message 47 of 245
donkort
Valued Contributor

Re: How many accounts enough to build credit?

I hope this stays this way.

 

This will certainly increase your score.

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 48 of 245
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?


@donkort wrote:

I hope this stays this way.

 

This will certainly increase your score.


My experian report as I posted the screenshot of a few comments above stated the account would be removed April 2023. You think they're giving people one year early exclusion? Maybe for the pandemic like they offered free weekly reports. Maybe this is another thing they decided to do to help Americans during these times get approved for credit?

 

I don't know how collection reporting works. Does the CA have to manually submit the account monthly to report it or is it automatically added to your report monthly for 7 years? I find this so strange and I feel it will come back. I hope I'm wrong tho.

Message 49 of 245
RSX
Valued Contributor

Re: How many accounts enough to build credit?

i think it is good news that it is a Porfolio Recovery Associates owned account - they Pay For Delete

 

call them and see if they will accept 40-50% of that outstanding balance (make sure you dont call until you have the money to pay on the spot)

 

this is potentially very good news for you

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Dec 29/2021 EX. 734 EQ. 739 TU 746
Dec 29/2022 EX. 708 EQ. 665 TU 706
Inq. EX 0 EQ 4 TU 4 - - CC 2x24, 1x12
Amex BCP $32k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $25.5k - PFCP - $13k - PayBoo - $11.6k - Penfed Gold - $12.5k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $8k
Message 50 of 245
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