Getting over the 700 hump

[Anonymous]

Okay guys, my TU is 680, and I paid most balances down last month to get those huge jumps you see in my sig. I still have some cards with balances again, (purposely done) but they haven't reported this month. Last month they reported utilizations under 10% apiece. Then I used them, and want to pay them off BEFORE they report. Should I expect gains, or will I simply stand pat on the Fico 8's when each one reports? I also gained $16K store credit last week that is now on my profile also. And I promptly used them too. Lowes $6K - used $200, Amazon $4K - used $1000, Walmart $4K - used $1000...

They report on the 20th and will be paid to $100 apiece to show a balance. I hope I'm doing this right. 20 points away from my very first 700 credit score! I want to make sure I got this whole gardening thing down, because I really don't know if the way I'm planning to do this is the right way to go about it. 

[SouthJamaica]

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@Anonymous wrote:

Okay guys, my TU is 680, and I paid most balances down last month to get those huge jumps you see in my sig. I still have some cards with balances again, (purposely done) but they haven't reported this month. Last month they reported utilizations under 10% apiece. Then I used them, and want to pay them off BEFORE they report. Should I expect gains, or will I simply stand pat on the Fico 8's when each one reports? I also gained $16K store credit last week that is now on my profile also. And I promptly used them too. Lowes $6K - used $200, Amazon $4K - used $1000, Walmart $4K - used $1000...

They report on the 20th and will be paid to $100 apiece to show a balance. I hope I'm doing this right. 20 points away from my very first 700 credit score! I want to make sure I got this whole gardening thing down, because I really don't know if the way I'm planning to do this is the right way to go about it. 

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Pay more than half down to zero before statement cuts.

I.e. if you have 5 cards, make sure 3 or 4 are at zero. Make sure at least one reports a sub 9% balance.

[Anonymous]

Okay thanks. Wanted to make sure I'm still gaining points. Sounds good. 

[Grafton88]

If you just added three cards you may hurt your AAoA.  What was your AAoA when you scored 680?

[Anonymous]

3 1/2 years.  That'll work itself out in the end. When building a profile I wouldn't let the AAoA stop me. I'm sure I'll receive offers down the road at some point regardless. I'm more worried about the scores continuing to rise since I got most of my large boosts out of the way last month. The only other large boost I expect is when this last collection falls off this year. 

[Grafton88]

With a 3.5 year AAoA these new cards shouldn't hurt you that much.  I think you are right to do your rebuild and not be that concerned with your AAoA.  You have to get the credit lines that you need.  Then going into the garden will see your age go up.

I am still hurting from a mini-spree in December where my AAoA went from .8 years to .2.  I only started to rebuild last March with 1 card.  Even in this short time I can see things getting better month by month.

[Anonymous]

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@Anonymous wrote:

3 1/2 years.  That'll work itself out in the end. When building a profile I wouldn't let the AAoA stop me. I'm sure I'll receive offers down the road at some point regardless. I'm more worried about the scores continuing to rise since I got most of my large boosts out of the way last month. The only other large boost I expect is when this last collection falls off this year. 

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You seem to be saying two different things. Both are valid in themselves, but they seem to contradict each other. Unless I'm not understanding what you're saying.

You say you won't let AAoA stop you, that it'll work itself out in the end. Nothing wrong with that. You're in it for the long haul. But it is going to cause some pain to your score in the short term. As long as you are ready to see your scores drop next month (and AAoA is just one element of adding three new cards that will contribute to that), then that's a completely reasonable approach.

But then you say you're worried about seeing the scores continue to rise. It sounds like you mean over then next few months. And that's a completely reasonable goal, too. It just doesn't really mesh with opening three new cards and saying it will work itself out "in the end." Unless you mean you want to see the scores go up again after the drop that appears to be coming next month.

[Anonymous]

Plip you misunderstood me. I'm not "worried" that they will rise. I'm saying that my concern is me doing the gardening thing right since I won't be applying for anymore cards. I think you took me saying as if I'll continue app'ing for more cards since I'm not worried about the AAoA. No, what I meant was my AAoA isn't an issue as far as I'm concerned. It's not the greatest, but it's not an issue that I feel the need to maintain for years on end or lose sleep over. As long as I use the cards, pay the amount in full I need to, and get some points here and there, I'm good with that. I've never had a 700, so getting this close is more excitement from me and just wanting to do what I have to do to get in the 700 club.

[BallBounces]

DPS .... please remember FICO scores have no memory.  

Just pay all your cards off.  Leave one with a small balance.  All the intervening steps are noise, and not relevant to the ultimate score of a sub 9% single card utility. 

The notion of "gardening" should simply be: not applying for credit, and paying off what you charge as a responsible credit user would.

[Anonymous]

Ballbounces, okay gotcha!  Looks like I'm on the right track!