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Need tough love - why did I let myself have so many accounts < 2 years old

njcobra10tha
Established Contributor

Need tough love - why did I let myself have so many accounts < 2 years old

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:

  • Decent car loans for me and my daughter
  • minimal utilization on Visa/MC/Discovers
  • Some store card debt
  • Overall utilization under 20%

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:

  • purchase house with wife within 3-9 months.  Should be doable with my scores and income even if it has to be FHA
  • Get a CLI on one of my Visa/MC/Discover to give it a high enough limit so I can use as much as needed for everything each month and PIF.  Thinking at least $5,000 limit.   Again I should be able to do that with DCU late June.  This month they decined my CLI request because card is less than 1 year old and that's a hard policy 1 increase every year max.  They countered with a $5,000 person loan 11.5% for 4 years for debt consolidation and only change besides paying down CC debt from proceeds was the inquiry it added so I am hopeful I can get a good CLI then.

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.

 

 

 

 

Message 1 of 16
15 REPLIES 15
calyx
Super Contributor

Re: Need tough love - why did I let myself have so many accounts < 2 years old

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.


RIP:

F8 EQ: 815 | EX: 801 | TU: 805 | Accounts: 1/6 3/12 7/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 2 of 16
Remedios
Moderator

Re: Need tough love - why did I let myself have so many accounts < 2 years old

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 

Message 3 of 16
Queen_Etherea
Established Contributor

Re: Need tough love - why did I let myself have so many accounts < 2 years old

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!

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 4 of 16
njcobra10tha
Established Contributor

Re: Need tough love - why did I let myself have so many accounts < 2 years old

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.

Message 5 of 16
ScooterMcDoodlebutt
Established Contributor

Re: Need tough love - why did I let myself have so many accounts < 2 years old

Yes, you need to go "Jumanji" mode & let your accounts age! LOL







Message 6 of 16
Saeren
Mega Contributor

Re: Need tough love - why did I let myself have so many accounts < 2 years old

Ugh, stay away from those Affirm loans! They code as consumer finance accounts which wreck your score. Especially your auto scores. 



Message 7 of 16
njcobra10tha
Established Contributor

Re: Need tough love - why did I let myself have so many accounts < 2 years old

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.


affirm.png

Message 8 of 16
Queen_Etherea
Established Contributor

Re: Need tough love - why did I let myself have so many accounts < 2 years old


@njcobra10tha 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.


affirm.png


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.

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 9 of 16
Saeren
Mega Contributor

Re: Need tough love - why did I let myself have so many accounts < 2 years old


@njcobra10tha 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.


affirm.png


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. 



Message 10 of 16
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