I just spent some time reading the high achiever (760 plus crowd ) thread. Very interesting and motivating. A ton of the utilization theory . This sounds good but seems tough to apply. Hard work is rewarded..of course. I would like to know how much utilization one can have and still have 750 plus credit.
My problem would be very normal, I imagine. I want to use the card and pay it back as I please.
Also, to leave 1% of total available is .. I don't even want to do the math. BUT I WILL NEED AN ASSET LOAD OF CREDIT !!
Is there a happy median of revolving balance that I can hope to have?
If my AC is 10,000 and If Ieave 2,000 once in awhile, what might I expect ?
I am concerned about having to apply for 100,000 at least.
My scores are just above 700 and 750 would be nice.
I have about 12,000 AV . .2000 balance
Never missed a payment.
Low income.
my low income ( 32,0004/yr) might lead to denials which turn into inqs. (Vicious circle, I know
)
Ideas?...
V
I
@Anonymous wrote:
Is there a happy median of revolving balance that I can hope to have?
If my AC is 10,000 and If Ieave 2,000 once in awhile, what might I expect ?
I am concerned about having to apply for 100,000 at least.
My scores are just above 700 and 750 would be nice.
I have about 12,000 AV . .2000 balance
Never missed a payment.
Low income.
my low income ( 32,0004/yr) might lead to denials which turn into inqs. (Vicious circle, I know
Ideas?...
The key is to have less than 30% of a single card's balance AND overall untilization under 10%. The lower the better but NEVER 0. So a 20% utilization overall is will cost you some points. If you carry a balance of $2000, then you will need one card at $10K (which you have) AND a total credit limit of about $60K. You will not need $100K in available credit if you only carry $2K.
Do you have an installment loan? If not, go get one tomorrow. This is very important to scoring.
Raising the FICO scores is like raising a child. There are going to be a few boo-boos along the way. So dont be afraid of INQs but be mindful. Only apply to those cards that you have a chance to get a high limit. I would stay away from large, big box banks and stick with credit unions. Navy, Penfed, NASA, and many others will give out high limit cards that will grow over time.
You can read about those CU in other threads.
@cem13 wrote:
@Anonymous wrote:
Is there a happy median of revolving balance that I can hope to have?
If my AC is 10,000 and If Ieave 2,000 once in awhile, what might I expect ?
I am concerned about having to apply for 100,000 at least.
My scores are just above 700 and 750 would be nice.
I have about 12,000 AV . .2000 balance
Never missed a payment.
Low income.
my low income ( 32,0004/yr) might lead to denials which turn into inqs. (Vicious circle, I know
Ideas?...
The key is to have less than 30% of a single card's balance AND overall untilization under 10%. The lower the better but NEVER 0. So a 20% utilization overall is will cost you some points. If you carry a balance of $2000, then you will need one card at $10K (which you have) AND a total credit limit of about $60K. You will not need $100K in available credit if you only carry $2K.
Do you have an installment loan? If not, go get one tomorrow. This is very important to scoring.
Raising the FICO scores is like raising a child. There are going to be a few boo-boos along the way. So dont be afraid of INQs but be mindful. Only apply to those cards that you have a chance to get a high limit. I would stay away from large, big box banks and stick with credit unions. Navy, Penfed, NASA, and many others will give out high limit cards that will grow over time.
You can read about those CU in other threads.
Thanks..I have an auto loan half way through..
The credit union is a good idea.
There is just so much to learn...at least the community here is wonderful.
@Anonymous wrote:
@cem13 wrote:
@Anonymous wrote:
Is there a happy median of revolving balance that I can hope to have?
If my AC is 10,000 and If Ieave 2,000 once in awhile, what might I expect ?
I am concerned about having to apply for 100,000 at least.
My scores are just above 700 and 750 would be nice.
I have about 12,000 AV . .2000 balance
Never missed a payment.
Low income.
my low income ( 32,0004/yr) might lead to denials which turn into inqs. (Vicious circle, I know
Ideas?...
The key is to have less than 30% of a single card's balance AND overall untilization under 10%. The lower the better but NEVER 0. So a 20% utilization overall is will cost you some points. If you carry a balance of $2000, then you will need one card at $10K (which you have) AND a total credit limit of about $60K. You will not need $100K in available credit if you only carry $2K.
Do you have an installment loan? If not, go get one tomorrow. This is very important to scoring.
Raising the FICO scores is like raising a child. There are going to be a few boo-boos along the way. So dont be afraid of INQs but be mindful. Only apply to those cards that you have a chance to get a high limit. I would stay away from large, big box banks and stick with credit unions. Navy, Penfed, NASA, and many others will give out high limit cards that will grow over time.
You can read about those CU in other threads.
Thanks..I have an auto loan half way through..
The credit union is a good idea.
There is just so much to learn...at least the community here is wonderful.
P.S.
I have
Citi DC
Chase slate
Another m/c and visa
Is it better to grow these to 60 grand or get more cards.
I HAVE ONLY 12000 ...IN AC
I am in no hurry..I feel good with these four. I have less than a year with the cards..2 years with the car payment
@Anonymous wrote:I just spent some time reading the high achiever (760 plus crowd ) thread. Very interesting and motivating. A ton of the utilization theory . This sounds good but seems tough to apply. Hard work is rewarded..of course. I would like to know how much utilization one can have and still have 750 plus credit.
My problem would be very normal, I imagine. I want to use the card and pay it back as I please.
Also, to leave 1% of total available is .. I don't even want to do the math. BUT I WILL NEED AN ASSET LOAD OF CREDIT !!
Is there a happy median of revolving balance that I can hope to have?
If my AC is 10,000 and If Ieave 2,000 once in awhile, what might I expect ?
I am concerned about having to apply for 100,000 at least.
My scores are just above 700 and 750 would be nice.
I have about 12,000 AV . .2000 balance
Never missed a payment.
Low income.
my low income ( 32,0004/yr) might lead to denials which turn into inqs. (Vicious circle, I know
Ideas?...
How many cards do you have? (3 seems to be a good place to be for scoring)
What is the limit on each (better limits can help utilization)
When was each opened (longer age of accounts helps)
With 3 cards, limits not too much more than you have now, and most important, a long time with the cards and no lates of any kind, 750 is within reach, certainly. The "long time" thing is the most important part. Once you get utilization under control, and stay away from any late payments, time takes over and gets you a better score.
The small installment loan can help, but is not mandatory to get to FICO 8 750. Based on what others posted here, I set one up at my CU with a $500 secured savings, $500 term loan that pays back at $9.02 per month for 5 years, and is just about down to 80% after I helped it along with a $50 first payment.
@Anonymous wrote:What Thread could I use to ask for good credit unions in San Diego County?
I always struggle with where to put my questions.
San Diego County Credit Union is probably the best one down there by a solid margin though you'd have to look up their credit extensions as someone else suggested, but I haven't really done anything with them in the past 12 years so it's possible it might've changed but such things don't turn over quickly.
A bunch of CU's now take nationwide applications for a small donation to a charity (usually $20-25); if I wanted broad access to a solid product lineup I'd probably go Penfed if you didn't need the ability to walk into a branch. Some other lenders do things better (like DCU for home equity loans or HELOCs, I'm sort of in shock at those products, still after having found that 2 weeks ago) but they don't have interesting credit cards TBH where Penfed does plus does well on a bunch of other things like auto loans.
