Re: Credit Score Standstill

Anonymous · ‎12-07-2014

Hey everyone! hoping someone might have some insight on the following:

I am only 19 so my credit is fairly new. I have 21 accounts in total (1 Student Loan, 1 Auto Loan) 19 Credit cards(store and revolving)

I pay all cards on time and have not been carrying a balance. It seems to me that my credit is "stuck' at about 700-715 all 3 bureaus. I know aging will help and not opening new accounts but what will cause a short term increase in credit score? My oldest account is 5 years and my newest is 2 months. I am in the garden now but want to see my scores go up. All I see is them go down when the balance reports and back up to what it was before reporting. I have played around with paying before reporting and it only makes the difference for about 15 days until the banks update with the bureaus.

Any insight is much appreciated!

Ragelog · ‎12-07-2014

Besides time and not opening new accounts as you mentioned the only thing you can control is make sure all but 1 account reports with 0 balances and on the 1 with a balance it is between 1-9% that will give you the best possible score. Unless you have any negatives to attempt having removed this is the only thing you can control beyond just continuing good use while accounts age and inquiries drop off.

EQ04 675, EQ08 676, EX08 719, TU08 703 $12704.75/$123050 Revolving Credit (All 0% or 1.99%) - In Garden Since 5/25/2016

Last negative item should fall off in July 2017.

Anonymous · ‎12-07-2014

@Anonymous wrote:
Hey everyone! hoping someone might have some insight on the following:

I am only 19 so my credit is fairly new. I have 21 accounts in total (1 Student Loan, 1 Auto Loan) 19 Credit cards(store and revolving)

I pay all cards on time and have not been carrying a balance. It seems to me that my credit is "stuck' at about 700-715 all 3 bureaus. I know aging will help and not opening new accounts but what will cause a short term increase in credit score? My oldest account is 5 years and my newest is 2 months. I am in the garden now but want to see my scores go up. All I see is them go down when the balance reports and back up to what it was before reporting. I have played around with paying before reporting and it only makes the difference for about 15 days until the banks update with the bureaus.

Any insight is much appreciated!

Hey I'm in the same position as you. I'm 22 and my credit has slowly risen to around 750-760 levels with all 3 bureaus and were stagnant for a while. However, I applied to a lot more credit cards this year so my score did take a hit. From my experience if you keep doing what you're doing, your credit should go up along with your AAoC. I don't know if you have a lot of hard pulls on your account but your score will go up incrementally as they go away too. Other than that, it seems like your payment strategy is committed. Not much else you can do on your end I don't think.

Anonymous · ‎12-07-2014

I do have quite a few inquiries in which I feel are justified in establishing credit. What is the consensus on requesting SP CLI's? I have about 80k in availible credit with about 10% reported util that is PIF each month

I have no negatives or lates.

Anonymous · ‎12-07-2014

I wouldn't even know how to begin to manage 21 accounts.

lg8302ch · ‎12-07-2014

Remember credit is a marathon not a race...time & patience is required! Also quality over quantity IHO. Hope you have all your accounts set to auto pay so you will not miss a payment as this would be a killer. good luck !

NRB525 · ‎12-08-2014

@Anonymous wrote:
I do have quite a few inquiries in which I feel are justified in establishing credit. What is the consensus on requesting SP CLI's? I have about 80k in availible credit with about 10% reported util that is PIF each month

I have no negatives or lates.

Can you list all your cards, CL, usual utilization, and month/year opened? 2 months ago is going to have an impact, negative. If there are other recent cards, similar drag that only time will take care of.

Also, for the math, you are 19, running $8k through all cards each month and PIF? Did I get that right?

And, FICO takes time. It's not going to jump for anyone, it has a limit how high it can go based on all factors.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎12-08-2014

@Anonymous wrote:
I am only 19 so my credit is fairly new.

I know aging will help and not opening new accounts

Lol, You answered your own question.

You are stuck in "new account" hell right now. There is no way to get out of it until time passes and you stop opening new accounts.

You are likely to get denied for new credit apps now even with a good 720 score due to excessive new accounts.

Sit tight for 6 months and your scores will start going up again.

Some lenders like to see 9 months of history on "new accounts".

Inquries stop hurting your score after a year but will take 2 years for the inquiries to disappear from your credit report. I am guessing you have a ton of inquiries on your credit report.

But with 21 new accounts, you should be good on credit for awhile, use what you have.

joltdude · ‎12-09-2014

Other than the Syncronity cards, Mint can manage most of the other ones.. Or a good spreadsheet.... Good way to handle multiple cards and due dates...

Even if the cards not supported If i remember right you can set mint for reminders as well