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Overview of my current credit profile and goals

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CreditSage
Regular Contributor

Overview of my current credit profile and goals

Hello fellow forum users,

 

Below is an overview of my current credit profile and goals. I would like direction on whether I am thinking about the right things, if there are other goals I should be considering, how I can potentially improve my score or any other valuable information.  I will likely leave out details on accident. If I do and someone makes a recomendation that I am already doing I will update this post to include it.

 

Note: NOT A CURRENT MYFICO PRODUCT HOLDER (considering changing that). Only have access to Credit Karma (which I know is crap), Experian free app (also crap; generally speaking), and Navy Federal Credit Union FICO 9 (based on Equifax data) which is offered complimentary as a NFCU credit card holder. 

 

Final Heads-Up: I had two credit cards at 18 years old that I screwed up. Most of what you see below is the "redo" button in past 24 months.

 

Here goes nothing:

 

Credit Cards:

Open/Good Standing:

Capital One Platinum Secured Card - $700 CL, 1 Year 8 months

Capital One Quicksilver One Card - $1,200 CL, 1 Year 2 months

Navy Federal Credit Union More Rewards Amex - $4,300 CL, 5 months

Closed/Charged Off "Legally settled in Full for Less Than Full Balance":

Bank of America Credit Card - $1,000 CL, Falls of 2022

Wells Fargo Credit Card - $3,000 CL, Falls of 2022

 

Installment Accounts:

Open Good Standing:

Navy Federal Credit Union shared secure loan - $3,000 60mo, 1 month old

Closed Good Standing

America Honda Finance - $15,600, 1 Year 9 months on time payments (closed a few months ago/paid in full)

 

Note:

  • I always pay off the entire credit card balance prior to due date/reporting date except for $1-$3.
  • Shared secure loan has <8.9% utilization
  • Average age of accounts is 10 months (just opened a SSL which dropped it down)
  • FICO 9 (based on Equifax data) 710
  • 5 new accounts in past 24 months 
  • Hard Inquiries past 24 months TU 5, EQ 14, EX 10
    • 7-10 of these Hard Inquiries on EQ & EX are from car dealership shopping my credit around for the car loan (will fall off in July)

Current Goals/Desires:

  • Travel Credit Card - CSP, CSR, or Amex Platinum
    • Spend a lot of money on flights, hotels, uber, restuarants etc. 
    • I have done a lot of research into these three cards, don't need too much info here other than ability to aquire and if I should wait for Hard Inquirries to fall off in July
  • High limit low interest rate credit card - Navy Federal Credit Union Platinum 
    • In case of emergency or to finance larger purchases 
    • Continually following up with Navy Federal to see if I can switch my Amex to this card (NFCU Amex rewards rate is not great). Not available to do so yet.
  • Really good credit score
    • Not sure how to quantify this...maybe FICO8 800? I want to be able to get a car loan, mortgage, or credit card at anytime and have respectable scores to earn quality loans with low interest rates. I also do not plan to churn credit cards for bonuses; simply set myself up with the right cards and hold for the long term.
    • I know my two charged off/paid in full for less than full balance accounts are really hurting me. Goodwill Letters do not seem to be posible with these two lenders.
      • FICO 9 was not around when I settled these otherwise I would have likely paid off the full balance.

 

If you've made it this far I want to THANK YOU. What am I missing? What am I not thinking about? What could I be doing to increase my score? Are there other ways to utilize credit that I am not aware of? How does this tie into personal finance; should I be leveraging credit to build wealth? How about business credit; should I start hacking that? Any and all feedback is warmly welcomed. 

 

Best,

CreditSage

 

 

 

 

 

 

 

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)
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