Experian FICO8 dropped 20 pts after Utilization went 2% to 0%

[nyuphoto]

Thanks @Anonymous ! Hey, my next

goal card is the Amex BBP. I'm not pre-approved for that or any other card at this time. Should I just garden and check for pre-approval every 30 days? If so, what would be your guess in time that I might see a "You're ore-approved. Get a Decision in less than 30 seconds" after hitting "Apply" for a personal card or "Accept this offer" for business card?

[Anonymous]

I think you need to give yourself at least six months maybe a year to garden.

[Anonymous]

You’ve done real well, now sit a little bit in the garden.

There is a point where you have diminishing returns and you just had a good run. I would definitely sit back and give it a little time you should be proud. Don’t push it and overdo it, you did just right it seems. What are your total stats now?

[Anonymous]

@nyuphoto Actually two things. 

First if you don't have any instalment loans you should add a SSL. You can do that now. 

Second, can you please provide your data points to help the community and how many points did you get when the 1st 2 CCs reported?

[nyuphoto]

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@Anonymous wrote:
You’ve done real well, now sit a little bit in the garden.

There is a point where you have diminishing returns and you just had a good run. I would definitely sit back and give it a little time you should be proud. Don’t push it and overdo it, you did just right it seems. What are your total stats now?

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Thanks @Anonymous ,

Honestly I started this journey last December because I was stressed out thinking I was going to be the reason my wife and I might get denied a mortgage. Scores in the mid 500's, mid mortgage score 619. Since then, because of the knowledge gained from this forum, we not only got the mortgage but my score has seen a maximum jump of 143 points in 8 months. I never even thought I'd have the revolvers that I currently have now. I even thought I was going to start with a secured card and an SSL loan. I'm grateful for the knowledge I've gained from the forum thanks to members like yourself. Here's some stats:

AoOA 5yr 3mo

AAoA Likely 1yr 6mo now

AoYA 1mo

Total Inquires=12/12

Experian Inquiries=5

I'm up for 91/3 on NFCU on 7/12, I will pull the CLI trigger and then garden until I see a pre-approval for the Amex BBP card. 

[nyuphoto]

Here are my score changes since last December. My signature has the dates and limits of cards opened. I do have 2 installments with a mortgage and auto loan. 

12.13.19

FICO 8: 592, 578, 543

FICO 9: 561, 556, 542

Mortgage: 644, 578, 619

01.12.20

FICO 8: 618, 599, 589

Mortgage: 678, 629, 656

2.12.20

FICO 8: 612, 600, 589

Mortgage: 675, 644, 651

3.12.20

FICO 8: 615, 599, 616

Mortgage: 675, 631, 670

4.12.20

FICO 8: 753, 633, 640

FICO 9: 738, 743, 740

Mortgage: 779, 710, 678

FICO Bank (5, 4, 2): 786, 712, 714

5.12.20

FICO 8: 734, 660, 656

FICO 9: 768, 764, 762

Mortgage: 747, 696, 661

FICO Bank(5,4,2): 767, 673, 683

6.12.20

FICO 8: 735, 675, 676

FICO 9: 778, 773, 757

Mortgage: 750, 702, 672

FICO Bank(5,4,2): 775, 676, 697

[nyuphoto]

Of note, in April my student loan collections dropped, hence the bump in scores. That's when I started with apps for NFCU MR Amex and Chase Amazon Prime. In May I opened a Chase checking, savings, and IRA account. At the time no pre-approvals for Amex or Discover. I did make a mistake and app'd for Freedom Unlimited seconds after Amazon approval. Instant denial and also recon denied, waste of a 2nd HP. In June, I finally saw pre-approvals on Discover and Amex, hence the Amex Gold, I also app'd for the Freedom at same time with instant approval. Hope that helps someone in similar situation. 

[Anonymous]

You did excellent. wait until the youngest one turns 12 months, so you get your segmentation points and the inquiries become unscoreable.

12 month cycles. But that’s IF you need anything else, it looks like you’re set and since you already have loans you definitely do not need an SSL. But if you want BPP or whatever else, 12 month cycles, IMHO. 

Congratulations! Be proud and enjoy it. You have came along way! Do you have any derogatories? Utilization?

[nyuphoto]

Thank you. I have 1 collection paid off with ERC reported to TU and Experian.  This is scheduled to drop off in 2023.  I requested a debt validation 45 days ago and ERC replied by email they would seek validation from OC. Have not heard from them since. Otherwise no other baddies. Thank you so much. I am very grateful and happy with where my credit is today, I never thought I'd see the light and day. I have never had a credit score in 700's until April this year. I had very bad habits and never understood what goes into repairing credit the scientific way.  I also have to give credit to Dave Ramsey, Chris Hogan, and The Money Guy show, this forum along with their podcast shows have reshaped my credit and financial life from the bottom up. God is good. 

I do have these goal cards in this order:

1. Amex BBP (Will pair with Amex Gold to maximize MR system)

2. Chase Ink cash (Completes Chase Quadfecta my CF with DW:CSP, CFU)

3. Verizon Card (2% Verizon bill/autopay discount)

4. Discover It Cash (5% category)

5. PayPal MC (2% Everything)

6. Planning mortgage in Beginning 2022

[Anonymous]

The common wisdom is you need at least one year without inquiries or new accounts prior to acquiring a mortgage. Many people are still able to acquire one, but that is the best practices recommendation.