800 With Only CCs

[SouthJamaica]

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@Varsity_Lu wrote:

@SouthJamaica 

So, leave one account unpaid until I get the "Your Statement is Ready" email from them. Then pay it? Honestly, I don't even know when my account statements happen because my account are at zero 99% of the time.

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No. You don't have to leave the whole balance unpaid. You only have to let a $10 or $20 balance report before you pay it. I don't wait for emails, I keep track of what my likely statement date is, and check the site the day after. Sometimes I can tell when I'm in a new cycle even before the statement has actually been printed.

As to not knowing when your statements happen... that is a bad practice in my book. You should make sure you do know, to avoid surprises.

[SouthJamaica]

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@Varsity_Lu wrote:

Regarding the SSL:

1. I give the $500

2. I then borrow $500

3. I then pay back $450

4. I wait 4.5 years and pay the last $50

Is that about right?

Oh, the $500 I gave them at the beginning is just sitting there unavailable for 5 years? I get that back when this all over, right? With interest I hope?

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Not exactly.

1. The amount should be $3100 or so, so you can get the 60 month payout. $500 will only get you a 12 month payout.

2. You don't 'give' it, you deposit it in your savings account, then take out the loan.

3. You pay back MORE than 90% so your balance will be LESS than 10% of the loan amount.

4.  Your repayment schedule is up to you. Most of us do a little bit each month.

Frankly, in your situation I think taking out an SSL would be dumb. If you just stay on course you'll be over 800 in a couple of months, without going through these contortions. There is NOTHING holding you back from that. In fact, eliminating the all zero penalty may well -- in and of itself -- get you over 800.

[Varsity_Lu]

@SouthJamaica 

Probably won't do the SSL. But it's nice to better understand it. Thanks.

I've read a few things about the Upgrade card. It's not a credit card, so my question is would this possibly add a better mix to my credit profile or does it also report as a revolving account?

[FicoMike0]

I seem to be behind. Azeo is all zero except one. Aze3, is except 3. The idea is to not have more than half of your accounts report non zero. Also, don't want all to report zero. Makes no sense, but the wizards here have figured out that's the way it works.

 Fico gives you points for having an installment loan. You get even more points if it's paid  down to 9%. Pretty much anything called 'loan' qualifies. Now, if you have a car or student loan, forget the ssl.

So, score wise, you'd like a loan paid to 9%, for a long time. You'd also prefer it doesn't require a hard inquiry to get. Financially, you'd like low interest and a low balance, no origination fee or prepay penalty.

The ssl, share secured loan, is sort of a fake loan that does all these things. The trick to it is to use a fi who wont shorten the length of the loan when you prepay. Almost all do. The two I know of who don't are penfed and navy, who is really famous for this. 

I did the penfed, who will do the deal for less money, $25 X loan term in months. I now have a loan with a $185 balance,that will report 9% every month for the next 80 some months. I'm presently no money out of pocket on the deal. If you want to do this deal, I can give you a step by step. You need the total loan balance in hand to start, you get it back in 30 days.

[SouthJamaica]

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@Varsity_Lu wrote:

@SouthJamaica 

Probably won't do the SSL. But it's nice to better understand it. Thanks.

I've read a few things about the Upgrade card. It's not a credit card, so my question is would this possibly add a better mix to my credit profile or does it also report as a revolving account?

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I don't know but from what I've read I would stay away from it. And I don't know why you would be adding anything now, since you say you're interested in increasing your scores.

[FicoMike0]

The numbers @SouthJamaica gave you are for navy. If you want 5 years, pen will do it for $1500. You deposit $1500, then borrow $1500 back, you have all your money. Then you prepay $1365. In a day or two, the $1365 is available from the savings account, take it out, you have all your money again. In the end, you'll have paid $10-15 in interest.

Navy has a great reputation, no complaints at all. I would have gone navy, but it took me a while to scare up docs to qualify. I went pen, I have no real complaints. Others have complaints with pen, but not really about the ssl. If you go navy, there are write ups everywhere. If you go pen, let me know, I'll tell you the tricks with them

I only did it because I expect a drop in a year or so. I think if your score is 770 or so, that's good enough anyway. At least one of my fico9s has reached 850. There's no prize, you just win.

[Varsity_Lu]

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@FicoMike0 wrote:

 prize, you just win.

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And there it is. I don't plan to take out any loans for anything in the future. I don't need an 800+ score for any reason other than my  older brother has one and I want to one up him. Seriously. It's just a game to me with zero consequences.

I'll probably just use the cards I have and give it time. At some point I'll get there with what I have. I don't feel like jumping through a bunch of hoops just for 20 points.

Plan of attack to reach 800: keep paying in full (well, mostly) and sit on the cards I have. Sounds easy.

Thanks everyone. I learned a lot this afternoon.

[Thomas_Thumb]

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@Varsity_Lu wrote:

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I'll probably just use the cards I have and give it time. At some point I'll get there with what I have. I don't feel like jumping through a bunch of hoops just for 20 points.

Plan of attack to reach 800: keep paying in full (well, mostly) and sit on the cards I have. Sounds easy.

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PIF always, not mostly. There is no benefit in carrying a balance. Just allow a small balance to report on 1 or 2 card statements and then PIF the statement balance before due date.

You can contact your card issuers to find out your statement dates. You can even request an alternate statement close date.

[Varsity_Lu]

@Thomas_Thumb 

Yes, PIF. My parenthetical phrase was referring to not literally PIF the same day like I have been doing.

I think I may see if I can get all of my wife and my accounts to post the same time-ish of the month. That'd be helpful in implementing the none-zero-but-also-not-all-used approach that seems to boost scores.

[Zoostation1]

@Thomas_ThumbThere's a DP posted on another site where a single revolver profile got to 795 on EX8 at 3yrs AoOA, with TU8.  They started tracking TU8 at 6 months and later started tracking EX8 with no new accounts added.