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CH7 Discharged 6/2016.
Besides CH7 I have 5 negatives that were IIB (only 4 on Experian) The one that fell off Experian and 1 other will age off all reports within 9 months - maybe I will see a couple of points from that.
Current FICO's 687,686,676 and my middle mortage score is 690
I'm doing great for the most part:
But I have lots of inquiries:
<6 Months 3/3/0
<1 Year 11/5/11
These are not that bad in that I have 15 that age > 1 year within 60 days and within 5 months I will have just 4/3/0 Inquiries that are less than 1 year old. I can garden for 5 months no problem.
But I have way too many new accounts:
Including car loans, Affirm accounts (which only show on Experian for some reason) and closed accounts I have 29 accounts that are less than 2 years old YIKES
Including the Affirm loans on Experian it will take me until 7/18/2020 to have just 5 accounts less than 2 years old.
My AAoA is 2.8 Years and will reach 3 years on 5/29/2019.
I am not applying for anything new until after June when my DCU Visa will be > 1 year old. Underwritting said I should be able to get a healthy increase then and that's worth the hard inquiry as my highest limit is $2,500 on Discover. $11,000 with care credit but that doesn't help with everyday purchases.
I will continue to ask for CLI's on my Synchrony accounts as those are generous and soft pulls.
So I am not so much worried about scores but my new accounts as it's going to take me until 7/18/2020 for the number of accounts less than 2 years old to be 5.
I think I did a good job with my rebuilding and new accounts were necessary to replace the bad (First Premier and other garbage cards) with better cards Discover, Cap1, Barclays but I don't want to be stuck for a year and a half.
Goals:
I know I said a mouthful but does anyone have any words of wisdom, advice, criticism, insults or anything else to add?
Also do feel free to punch me in the arm if you see me add a new account other than a possible mortgage before 7/18/2020.
Honestly, the only advice you need to take is "don't app and let everything age."
The upside to having so many accounts opened in a short span is that there will be less of an impact in the (hopefully far) future when you do open another account.
I didn't have any credit accounts a year ago. I now have 4 (+1 loan), so my AAoA is super low as well, but I chose to open several at once and let them age to have more weight later (I was also very picky about which accounts I chose - the only one I will be closing is Opensky, which I needed to get the ball rolling).
Don't beat yourself up, you're learning and you'll make smarter/better decisions moving forward now that you know. Sit, let your accounts age and just be strategic.
Whatever is done, it's done. Dont apply for any more credit, mortgage is a big step. You want your scores to be as high as possible.
Other than that, relax. Congrats on your rebuild so far
Can I jump on your bandwagon and have someone punch me if I open another account as well? I've had such crappy credit my whole life and only now have I started actually caring and nurturing it. When I got that first approval, I was stoked! Then the approvals kept coming and I couldn't stop myself! Now I'm just trying to get those sweet sweet CLI's. I swear, I have a real addiction to credit. Better this than drugs, I suppose? Also, I live in a tiny one bedroom apartment with my fiance and our 5 year old, so we're just saving saving saving until we're ready to buy a house; hopefully early next year!
Just stay away from the pre-approval sites for now, throw away any mailers you get, and maybe unsubsribe from any/all of that stuff. That way, you're not tempted! Good luck with your house buying adventure!
Well I had to do one more.
DCU already had an inquiry for the Visa/Personal Line of Credit so I had them use that Inquiry to refinance my Daughters VW I pay.
Savings is significant >5% drop in inerest and $50 a month savings so I had to do it even though it's yet another inquiry.
Now I'm not in the garden I'm in the jungle never to be seen from again for 2 years.
Yes, you need to go "Jumanji" mode & let your accounts age! LOL
Ugh, stay away from those Affirm loans! They code as consumer finance accounts which wreck your score. Especially your auto scores.
I am sorry that is not correct info about Affirm.
They report as Installment loans not consumer finance accounts and do not wreck your score.
Additionally it only reports on Experian nothing shows on TU or EQ.
@Anonymous wrote:I am sorry that is not correct info about Affirm.
They report as Installment loans not consumer finance accounts and do not wreck your score.
Additionally it only reports on Experian nothing shows on TU or EQ.
My report says I have a Consumer Finance Account as one of the reasons why my score is lower, but NONE of my accounts say Consumer Finance Account. So it very well could be, but it's just not showing as one. I seriously have no idea which one of my accounts could be a CFA and it drives me crazy.
@Anonymous wrote:I am sorry that is not correct info about Affirm.
They report as Installment loans not consumer finance accounts and do not wreck your score.
Additionally it only reports on Experian nothing shows on TU or EQ.
It’s not incorrect, look up Affirm CFA myfico on Google.
There is NOTHING on the reports that says they are CFA, it’s an internal coding that shows up on your mortgage and auto scores.