help with my profile?

[periferel]

here are my datapoints:

experian (discover 7/6) - 650

all my vantage scores (from chase, ck, cap1) - around 675 but they have updated more recently and my statements post from the 12-19th every month. my experian is usually higher or lower than my vantage scores by up to 10 points when the 6th rolls around.

my credit cards (no installments):

cap1 (they just switched my platinum to quicksilver): *opened - 7/2017 *balance - just paid down to zero first time in several months 0/1000

discover (after cap1 email about upgrade i tried disc love got 300 more) * opened 6/2019 *balance 0/1100

chase sapphire preferred *opened = 5/2019 *balance 6700/7900

derogs: amazon store card, first premiere, both around $700-$900. had tried getting pay for deletion a couple times a few years ago and they didn't budge. just checked annual credit report, which is free for weekly reports through april, and on transunion it stated that one will be deleted in december and one in january. thheyy are both nearing 7 years.

my income is just under $60k.

so that's it for the data points, heres what i'm looking for:

i am paying down my CSP but would like to transfer it to an 0% apr that would give a high enough limit to take most if not all of my CSP balance. i would also like to generally just improve my credit availability which is currently exactly at $10k between the 3 cards. i am worried to pay too quickly bc of the recent news that they are cutting credit limits and i feel if i pay a few thousand at a time they might start chasing my credit limit down. i need my utilization to go down as i found with credit simulators my vantage should go to a bit over 750, but when my chase balance is at $4,400 (and other two reporting zero) my score apparently hits around 730 at least. according to the myfico simlator it ends up around the same score.

chase isn't offering anything at the moment that doesn't show an apr range. i got the csp bc the apr was a fixed amount which i discovered after reading here that is a good indicator you are approved, thanks for that info guys!

also ot seeing anything preapproved from amex, or any other online prequals i tried. not surprised due to my utilization.

---do you guys think my score will go up significantly come dec/jan when my only two degors go away? will it affect my pre-quals/ pre-approvals much? any other general info or direction you can point me in other than paying down my card? i'm going to get it to that magic $4k range at least in the next month or so, so i can get the nice score bump.

[Anonymous]

Rule one stop paying attention to Vantage scores.

Yes when those derogatories age off if they are your only derogatories, you should see a nice boost, so you should preferably wait until then.

Rule number two do not rely on simulators.

Yes the utilisation on the CSP is killing you as well.

Pay that down and wait till the derogatories drop off, you’ll be in good shape.

[periferel]

just one more thing i forgot to mention. my derogs are chargeoffs. i don't have collections. will it still give a nice boost or since they are old already will it not make much of a difference?

also how important is an installment loan to my score, and if it is important what is the cheapest most effective installment loan i should get for the best boost?

thanks in advance.

[Anonymous]

Yes when they fall off it will make a nice difference whether charge off or collection.

Yes you need one instalment loan with a B/L 9% or less and you need it from an institution that will not advance the maturity date when you make advance payments. Read threads on SSLT and FIs that work are Navy alliant SSFCU (I think) and US bank.

Read the Scoring Primer linked at the top of my signature and read thread on SSLT. Then come back when you got questions!

[OmarGB9]

Yes you should see a nice score bump once the derogs age off. Doesn't matter if they're COs or collections. Getting a 0% APR card may or may not be feasible for you at this point, but even if you did get approved for one, it may not have a high enough limit. As for paying off your card too quickly and being balance chased, I mean if Chase wants to lower your CL as you pay it down, they're going to do it regardless, whether you pay slowly or quickly. Not saying that that's what's gonna happen, just saying it could happen.

Yes getting utilization down will help your scores, but please please ignore the simulators and also vantage scores. This is because 1) simulators only take into account one factor at a time, maybe two, but it fails to account for aging of credit files, removed derogs, etc. It's an educational tool at best to study trends, but by no means gospel. 2) Vantage scores like CK are pretty much useless because no major lenders (except maybe Synchrony) actually use that score. FICO 8 is the most commonly used scoring model.

Once the derogs age off, prequals should improve if coupled with lowered utilization. But they may take a while to catch up on their SPs to reflect the improved CR.

[periferel]

thanks for all the help guys. tiger, i read the link you provided and a few follow up threads on ssl loans. just a few questions i'm left with.

i dont need a ssl loan for more than 3 years as i plan to buy a house during that time and that is really the main focus i have for optimizing my scores while i can and not at the last minute.

-will it make a difference to my score if i take out an ssl loan for $1k vs $3.1k? again i dont need it for more than 3 years, all i need is a score bump for the next 3 years.

- a little confused on what happens to the money i use to secure the loan. i read that you get it back in full once you have payed it below 8.9% of the principal? or do you get it back once you pay it back in full and loan is over.

ex: i deposit $1k (a bit over $1k to make sure it goes smoothly). they take my $1k and give me $1k. i still have $1k. i pay them $911 leaving 8.9% of the loan. i get back my $1k security deposit and have a while until my next payment??

-also i am not military. first generation and my two siblings aren't military either. you mentioned us bank?

[Anonymous]

@periferel The amount doesn’t matter unless the institution requires a certain amount for the term.

What happens to the money depends on the institution, some hold the entire amount, some credit you back as you pay like navy.

If you have grandparents or children that are military I believe that’s fine as well. Alliant Works, SSFCU Works, you have to do personal loans at U.S. Bank and maybe even at alliant but any type of loan works. Other institutions work as well no doubt. You just have to make sure that when you make a payment they don’t advance the maturity date.

Some credit unions have credit builder or share secure loans but a personal loan will work as well. But you have to qualify for those which make it more difficult.

[periferel]

thanks birdman, i will be getting in touch with some of these banks and unions this week. that pretty much covered everything i needed to know. kudos!

yeah unfortunately as i said i am 1st gen and don't have family here apart from siblings and our kids who only halfway to being old enough for the mlitary, lol. that's a bummer bc i see that nfcu seems to be the best solution for a lot of situations in this forum. usaa seems to get a lot of credit (pun intended) as well.

[Anonymous]

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@periferel wrote:

thanks birdman, i will be getting in touch with some of these banks and unions this week. that pretty much covered everything i needed to know. kudos!

yeah unfortunately as i said i am 1st gen and don't have family here apart from siblings and our kids who only halfway to being old enough for the mlitary, lol. that's a bummer bc i see that nfcu seems to be the best solution for a lot of situations in this forum. usaa seems to get a lot of credit (pun intended) as well.

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@periferel oh I misunderstood. Well you still have the other credit union options as well, but yeah there's nothing like navy. Good luck to you report back with your results if you don't mind!