Help to get to 800 club

[Anonymous]

Thank you all for the input including the blueprint.
With my payment plan the visa should be PIF in 4 months then the LOC then the loan.

I just needed to put the goal out there and hopefully end as close as possible. Not to mention pick up tips and pearls from my credit friends as I go along. 🙂

Thx mod for the move.

Should I apply for another card?

[RonM21]

Lots of data to compare here. Like anyone I'm wanting to be in that range and this info is useful. Thanks

[surferchris]

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@SpiceIslander wrote:

As others have said, you'll need to get rid of the negatives to make real progress. However, your scores are quite good, all thngs considered.

One of the things I think might be hindering you is the ratio of balance to credit limit. I'm not referring to overall utilization but an individual one.

Amex - NPSL (not clear how this relates to utilization) 1200 owed - Does not count in utilization.

Chase-  Amt  owed 0 limit 7500

Cap1QS - 0 owed limit 6600

Banana Rep - 0 owed 5000 limit

Simplicity - 5900 owed limit 10k - @Amount owed is much too high @ 59%. Try reducing to at least 20 - 30%. Of course, lower is always better.

LOC 6200 owed credit 1600 -

I know the (rule-of-thumb) advice here is to have only one card reporting a balance and that balance should be <10%. While that is sound advice, it's not necessary when it comes to obtaining a score of 800+. I'm putting my info below ONLY to make that point:

I have 131,000.00 worth of credit lmits with less than 5% utilization. However, that utilization is spread among 3 dufferent accounts. When I went from the 790s to 806 FICO, I had 5 cards with balances that amounted to 13% overall utilization.If it matters, my AoA is 8 years, 9 months.

I have gained an incredible amount of invaluable information from this forum which has helped me tremendously. I'll always be grateful for that. Try to read the board frequently. Be wise when applying for credit. Apply for cards from issuers that would use a "soft pull" for CLIs, as well as those that are known for auto CLIs.

Best of luck!

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Thanks for the info.

[Imhotrodcrazy]

For my 800+ scores I have,

No lates,  ever

No derogs

Oldest account now is 10 yrs 5 months.  I had a 23 yr old mortgage that fell off after being closed for 10 yrs.

I only have 5 cc accounts

I have 1 loc

I have 1 mortgage

My aaoa is 5 yrs

I allow only 1 cc to report and its always less than 1%

And,  I don't apply for credit,  I have more than what I need. 

[Revelate]

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@dragontears wrote:

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@SpiceIslander wrote:

As others have said, you'll need to get rid of the negatives to make real progress. However, your scores are quite good, all thngs considered.

One of the things I think might be hindering you is the ratio of balance to credit limit. I'm not referring to overall utilization but an individual one.

Amex - NPSL (not clear how this relates to utilization) 1200 owed - Does not count in utilization.

Chase-  Amt  owed 0 limit 7500

Cap1QS - 0 owed limit 6600

Banana Rep - 0 owed 5000 limit

Simplicity - 5900 owed limit 10k - @Amount owed is much too high @ 59%. Try reducing to at least 20 - 30%. Of course, lower is always better.

LOC 6200 owed credit 1600 -

I know the (rule-of-thumb) advice here is to have only one card reporting a balance and that balance should be <10%. While that is sound advice, it's not necessary when it comes to obtaining a score of 800+. I'm putting my info below ONLY to make that point:

I have 131,000.00 worth of credit lmits with less than 5% utilization. However, that utilization is spread among 3 dufferent accounts. When I went from the 790s to 806 FICO, I had 5 cards with balances that amounted to 13% overall utilization.If it matters, my AoA is 8 years, 9 months.

I have gained an incredible amount of invaluable information from this forum which has helped me tremendously. I'll always be grateful for that. Try to read the board frequently. Be wise when applying for credit. Apply for cards from issuers that would use a "soft pull" for CLIs, as well as those that are known for auto CLIs.

Best of luck!

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So very true, for me the is no change in score if I have 1, 2 or 3 cards reporting a balance (generally my utilization is less than 4% per card); haven't tried letting 4 or more cards report

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Late reply, but it depends on the number of revolving tradelines you have; the first breakpoint for Equifax FICO 8 at any rate is at 33%, if you're at or above this (revolvers with balance vs. total revolver count) you take a ding.  TU and EX appear to be more forgiving on that front.

The reason we state 1 credit card with a balance (or one revolver if one has LOC's or similar as well) is that holds true for everyone (since in your case, 1 = 2 = 3 for example probably with 15ish cards), and doesn't require any napkin math.  Good advice is accurate, better advice is simple as well.  The one card revolver w/balance meets both criteria.

[Tricky3]

Here's my story - Post BK that fell off May 2016.

Equifax data as of 6/15/2017 843

Transunion data as of 6/15/2017 841

Experian data as of 6/15/2017 834

32 Accounts (1 Morgage, 2 Cars, 2 personal loans, rest are CC).  The Cars and Personal loans do not show up accross all Bureaus.

Adv Age of Credit 5 years.  Oldest card is Amex 22 years (back dated post BK - don't think they do that anymore).

I am @ 5% usages.  two CC are right at 30% which are long term 0% (which I always pay off before they expired).  All other CC are paid off nearly to 0 before statement closing.

Aviable credit nearly 100k.  I have 4 cards that have 10K and two that are 20k.  I have this high limits for when I do carry a high balance (travel work) I am nearly aways able to keep my overall usage under 10% and those cards under 30%.

No Lates - ever

No Hard pulls in 1 year+
Newest account 6 months (Amex 25k Personal loan that did not result in a Hard Credit Pull - which was really cool and wierd at the same time).

[DollyLama]

I'm not in the 800 club, but reflected in my siggy- when you obtain your 4 month goal you spoke of, maintain savings, for down payment, closing costs, and once those statements hit after the 4 month goal- in the 5th month. I'd recommend pulling a 3B report here to obtain your mortgage scores, which can vary by many points compared to the FICO 8 scores. The higher the middle score of a tri-merge the better the rates.