I'm also going next week to trade my current car in.. Hopefully, the inquiries won't come become an issue... 
To limit the damage of inquiries for an auto loan you might try arranging you loan ahead of time either through your credit union if available or some other source, here is a helpful thread about the car buying process. http://ficoforums.myfico.com/t5/Auto-Loans/How-to-buy-a-car-for-the-first-time-buyer/td-p/1923289
@jujubeans1 wrote:I'm also going next week to trade my current car in.. Hopefully, the inquiries won't come become an issue...
@Anonymous wrote:To limit the damage of inquiries for an auto loan you might try arranging you loan ahead of time either through your credit union if available or some other source, here is a helpful thread about the car buying process. http://ficoforums.myfico.com/t5/Auto-Loans/How-to-buy-a-car-for-the-first-time-buyer/td-p/1923289
@jujubeans1 wrote:I'm also going next week to trade my current car in.. Hopefully, the inquiries won't come become an issue...
Do you think opening 2 new CC accounts and 3 additional inquiries will affect my chances?
It's a lease that is up in September. The salesperson told me that since I laready leased from MB, it should not be a problem.
They are pretty reputable but i still don't trust car sales people.
My advice is to step into the garden and don't do any HPs until all your current HPs fall off and you are ready to apply for the mortgage. In the mean time garden your cards and request CLI on them. Call the cc company and ask if they do a SP or HP and only request for the ones that do a SP. Hope this helps.
No real input but I just became a huge fan of my chase freedom when I saw how quick 5% cash back accumulates.
Starting TU: 536
If possible, I wouldn't add any HP's at this point before the getting the car.
@jujubeans1 wrote:
@Anonymous wrote:For the purposes of maximizing ones credit scores you should have at least three credit cards allowing only one of them to report a balance (you want less than half of your cards reporting a balance) of less than 10% of its limit and an installment loan. With your American Express cards and student loans you already have those accounts.
@jujubeans1 wrote:
@Anonymous wrote:You can not dispute a judgement it's put on your credit report through the CRA's search of public records so it is not reported to them by a creditor. You would need to have the judgement vacated in order to get it off your record I would suggest talking to an attorney in your area about this. If your American Express accounts are still open then there is no need for additional credit cards for scoring purposes just get your utility down allow only one card to report a balance of less than 10% of its limit. As far as the student loans are concerned the lates will fall off after 7 years from the date they occurred. Depending on the status of the student loans you may be able to rehab them or if they are paid off you can try and get the lates removed through good will letters.
@jujubeans1 wrote:Hi Tel,
Thank you for taking a look!!
My Utilization on Revolvings is about: 49%, down from 88% (still working on it).
About 5 Student Loans were JAN 2011
Another 5 were JULY 2011
JUDGEMENT has not been satisfied.
The judgement shows up on my credit report, but I am not the DEBTOR, according to the document.
It was from property damage from an uninsured vehicle for the amount of $10,500
Do you know if I can dispute the Judgement and have it removed?
I did dispute it anyhow, just to see what it will yield.
Any kind of suggestion will greatly help right now.
Hi Tel,
Before anything, thank you for taking the time to share.
Now, I just got approved for Chase and CapOne.
Not really sure what you meant by not needing more credit cards for scoring purposes.
Yes, I do have 3 AMEX cards and all in good standing for the last 16 yrs.
I am working to get to the bottom of the student loans status'.
The judgement has been handed to an attorney for legal handling as of yesterday... he is in process of digging it up and will see what are my options, etc.
But, back to my question...
Do I not need more credit history if I wanted to apply for a mortgage in say 3 years time??
Understanding that I ONLY had 3 AMEX cards, up until now.
As of today, I will be welcoming Chase Freedom Unlimited and Capital One QS w/AF.
I'm all ears Smiley SurprisedOk, got it.
Well, I must also add that I have been needing another card other than an AMEX.
I just activated the Chase card and it's a Visa.
CapOne is on its way, I suppose.
As for CU being under 10%: I'm currently working on it by paying 5-7 times minimum every month.
So... if only 3 credit cards are only needed to build a good history, then why do a lot of members on here have a whole collection they pride on????
Are those for other reasons, or goals??
Anyone care to share?
I'm still learning the whole process of the scoring system and bureaus.
For Fico score optimization three credit cards work best, along with an installment loan. Don't base your credit path completely on what you read on these boards.
Some members have different credit philosophies such as rewards, churning, collecting, uti padding etc etc. While there's nothing wrong with most of these philosophies, there NOT for everybody.
Figure out what YOU ULTIMATELY want to accomplish in regards to your credit and go for it. Ask yourself what you want your credit to do for you, and do the research and go for it.
There's an infinite amount of knowledge on these boards, but not all of it applies to everybody. But for score optimizing, your already there. Now go garden and watch your scores rise!
Best credit wishes to you.
@grillandwinemaster wrote:
@jujubeans1 wrote:
@Anonymous wrote:For the purposes of maximizing ones credit scores you should have at least three credit cards allowing only one of them to report a balance (you want less than half of your cards reporting a balance) of less than 10% of its limit and an installment loan. With your American Express cards and student loans you already have those accounts.
@jujubeans1 wrote:
@Anonymous wrote:You can not dispute a judgement it's put on your credit report through the CRA's search of public records so it is not reported to them by a creditor. You would need to have the judgement vacated in order to get it off your record I would suggest talking to an attorney in your area about this. If your American Express accounts are still open then there is no need for additional credit cards for scoring purposes just get your utility down allow only one card to report a balance of less than 10% of its limit. As far as the student loans are concerned the lates will fall off after 7 years from the date they occurred. Depending on the status of the student loans you may be able to rehab them or if they are paid off you can try and get the lates removed through good will letters.
@jujubeans1 wrote:Hi Tel,
Thank you for taking a look!!
My Utilization on Revolvings is about: 49%, down from 88% (still working on it).
About 5 Student Loans were JAN 2011
Another 5 were JULY 2011
JUDGEMENT has not been satisfied.
The judgement shows up on my credit report, but I am not the DEBTOR, according to the document.
It was from property damage from an uninsured vehicle for the amount of $10,500
Do you know if I can dispute the Judgement and have it removed?
I did dispute it anyhow, just to see what it will yield.
Any kind of suggestion will greatly help right now.
Hi Tel,
Before anything, thank you for taking the time to share.
Now, I just got approved for Chase and CapOne.
Not really sure what you meant by not needing more credit cards for scoring purposes.
Yes, I do have 3 AMEX cards and all in good standing for the last 16 yrs.
I am working to get to the bottom of the student loans status'.
The judgement has been handed to an attorney for legal handling as of yesterday... he is in process of digging it up and will see what are my options, etc.
But, back to my question...
Do I not need more credit history if I wanted to apply for a mortgage in say 3 years time??
Understanding that I ONLY had 3 AMEX cards, up until now.
As of today, I will be welcoming Chase Freedom Unlimited and Capital One QS w/AF.
I'm all ears Smiley SurprisedOk, got it.
Well, I must also add that I have been needing another card other than an AMEX.
I just activated the Chase card and it's a Visa.
CapOne is on its way, I suppose.
As for CU being under 10%: I'm currently working on it by paying 5-7 times minimum every month.
So... if only 3 credit cards are only needed to build a good history, then why do a lot of members on here have a whole collection they pride on????
Are those for other reasons, or goals??
Anyone care to share?
I'm still learning the whole process of the scoring system and bureaus.
For Fico score optimization three credit cards work best, along with an installment loan. Don't base your credit path completely on what you read on these boards.
Some members have different credit philosophies such as rewards, churning, collecting, uti padding etc etc. While there's nothing wrong with most of these philosophies, there NOT for everybody.
Figure out what YOU ULTIMATELY want to accomplish in regards to your credit and go for it. Ask yourself what you want your credit to do for you, and do the research and go for it.
There's an infinite amount of knowledge on these boards, but not all of it applies to everybody. But for score optimizing, your already there. Now go garden and watch your scores rise!
Best credit wishes to you.
Thank you Grillwinemaster.
And thank you all for your helpful advice.
I will now go garden and will report in about a few months.
