@Anonymous wrote:Hi all.
Although I was born in the US I spent most of my life outside the US. Only got my SSN for the first time 4 years ago (I'm 47).
I've been trying to build my credit history. I've been using Credit Karma and Experian's free scores to check.
CK's scores are not FICO scores, and are irrelevant. They are Vantage scores, with a totally different algorithm.
I am self employed and have my own S Corp. I earn well when I work, 250K turnover annually but it's fickle and COVID put a big dent in my 2020. (less than half the turnover).
I should add, I travel a lot. I live mostly in corperate housing which I pay for myself but it makes it REALLY hard to keep a regular address, because I move every 8 months with work. Last few years I've lived in Atlanta, Chicago, LA, Vancover, Toronto and London. I am technically homeless ! I have no permamanent address, which I'm sure also doesn't help.
I currently have an Amex Platinum charge card (my oldest at 4 years) and it regularly cycles through 30K per month. Mostly business expenses. This doesn't seem to meaningfully contribute to my score in terms of it's balance ?
It's not counted in utilization. The Amex charge cards do not count for percentage utilization, only for the 'number of accounts with a balance' metric.
I have a Delta Reserve Amex with a 25K limit. (2K balance)
Good
I have an Apple Card with a 15K limit (5K balance)
You should make sure it reports at 28% ($4200) or less.
I have a Bank Of America Visa with a 7K limit. (zero balance)
OK
I have a personal loan with amex. 25K, current balance is 5K.
OK
I did have a Lucky store card that just got cancelled as the decided to end them. It was 700 bucks nothing owed.
I recently stupdidly got a credit one card, and they gave me a $300 limit. I cancelled it after one month. What was I thinking.
I have never missed a payment.
Average age is now 2 years and one hard check.
I did have to live on my credit cards a bit for the last half of 2020 and that took my utlisation to 70%+.
I've been steadily paying that back
Congratulations
and the above balances reflect my current staus, though really frustratingly, the credit reports all still seem to reflect a balance from more than a month ago and show as $45K total utilisation (not including the amex platinum).
Don't worry, it will catch up.
I presume they'll update eventually, but funny how two days afer your credit goes above 30% you get dinged on the score but it seems to take a lot longer for the balance to affect the score the other way.
My current score is 690 ish, and I was hoping to get above 700 soon and then apply for another card to try and get a higher utilisation overhead.
You'll be over 700 shortly, not to worry.
I was considering one of the chase cards perhaps ? Or just a credit limit increase on the apple card ?
Would love some thoughts and advice.
My goal is to have a good stable higher than 700 score and use that to help me apply for my first home loan.
Best thing for your mortgage scores is to not apply for any new credit until after you close on the loan.
As a new-to-living in the US person, there is a certain amount of time this will take to get my accounts to age, which is very frustrating. Any other ideas would be really appreciated.
Thanks !
