Need 12 points to enter next bracket of Excellent category!! Need Data points please.

[Anonymous]

Hello, here is little about current statements generated (June/July),

Chase Reported -  54 (paid in full) June Statement 

BoA Reported - 0 July Statement  

Citi Reported - 5.39/200 July Statement

Cap1Reported - 4.42/500 July Statement

Discover Reported - 10/200 June Statement 

Amex Reported - 86.74/1000 July Statement

*Amex was opened recently, the first statement generated 2 days back, however, it has not updated on Credit Report yet, many mentioned it will be reported little after the second statement.

*Discover gave 1800 Auto CLI and unsecured not reported.

*Cap1 gave 300 Auto CLI and not reported. 

Tried AZEO last month it gave 10 point increase, not sure if it will work again! hence decided to report balances <9% on few cards to try AZEO again following month.

Fico estimators have always been funny with their estimates whenever I tried. (Maybe it's me not them!)

Please feel free to give suggestions, opinions, and comments!

[Gmood1]

Time... that's all you need. As long as you have no derogs holding down your scores. 12 points should be easy to obtain in 3 to 6 months with no additional new accounts.
As time goes on, you'll learn the scores aren't the only factor in determining whether you are denied or approved. Or whether you'll receive the best rate.

[Kforce]

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@Gmood1 wrote:
Time... that's all you need. As long as you have no derogs holding down your scores. 12 points should be easy to obtain in 3 to 6 months with no additional new accounts.
As time goes on, you'll learn the scores aren't the only factor in determining whether you are denied or approved. Or whether you'll receive the best rate.

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+1,  "Time is all you need".

Sounds like a song, but is the correct answer for your profile.

[Anonymous]

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@Anonymous wrote:

Hello, here is little about current statements generated (June/July),

Chase Reported -  54 (paid in full) June Statement 

BoA Reported - 0 July Statement  

Citi Reported - 5.39/200 July Statement

Cap1Reported - 4.42/500 July Statement

Discover Reported - 10/200 June Statement 

Amex Reported - 86.74/1000 July Statement

*Amex was opened recently, the first statement generated 2 days back, however, it has not updated on Credit Report yet, many mentioned it will be reported little after the second statement.

*Discover gave 1800 Auto CLI and unsecured not reported.

*Cap1 gave 300 Auto CLI and not reported. 

Tried AZEO last month it gave 10 point increase, not sure if it will work again! hence decided to report balances <9% on few cards to try AZEO again following month.

Fico estimators have always been funny with their estimates whenever I tried. (Maybe it's me not them!)

Please feel free to give suggestions, opinions, and comments!

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OP, I would let your accounts age for another 6 months to 1 year and decrease your utilization to 1% (at least).

[Anonymous]

Do you have any loans or any other installment accounts?  If not, we can suggest an easy way for you to get another 30 points or so.

[Anonymous]

Get a secured installment loan. It will increase your diversity of credit without incurring the risk of a hard-pull-rejection. And since your credit is young, you want to do it sooner than later. Many credit advisors will say that you should only apply for credit when you need it. This is bad advice. If you can withstand the high APR on credit cards, you should get as many (good) accounts, within reason, as you can, early, so that you have credit momentum. If one waits to get loans/etc. later, then the new accoutnts, later, will kill average-age-of-account. Get accounts early protects you from this potential hit, and it also gives you leverage. I have a friend who has only two cards with reasonable credit (710?). She hates one of the banks, but she is stuck, because if she closes the card for that bank, she'll take a hit. If she tries to diversify now, she could, but it will get her AAoA and she will have a new account and she will have a new inquiry. I told her years ago that she should open two more accounts, at least. She didn't listen. Now that it is almost mortgage time, she regrets it.

One should open (good) accounts early, and ride them.

In other words you are already doing it right. 

[Anonymous]

Well, you said you want 12 more points, then said that when you implement AZEO you get 10 points... but aren't implementing AZEO currently.  That being said, it looks like you're looking for 2 points, as you already know how to easily get 10 out of 12 of them.

It's also worth noting that "brackets" are not a hard and fast rule.  "Excellent" depending where you look may be 720+ or 740+ and sometimes even as high as 800+.  It all depends on the source and/or which pretty fluff chart/table you're looking at with red/yellow/green colors on it.  Sometimes you'll even see regular green go to dark green for the top bracket.  My point is that those 2 points (or 12 points) aren't going to make you any more "excellent" relative to "very good" really; you'll more than likely be able to obtain the same products at the same terms with/without that very minor change.

[Anonymous]

The loan idea is part of a broader technique called The Share Secured Loan Technique.  You can read about it here.  It is important that you understand the full technque and discuss it a bit before implementing it.

The best options we have right now for the SSLT are an unsecured loan at Alliant or an SSL at Navy Fed.  Both should work fine.

As far as credit cards go, you have six now so I would not apply for any more.  (Six open cards is fine and far more than most Americans have.  And there is no scoring advantage to having more than six cards, though there is a significant scoring advantage to having six cards over say two.) 

It also looks like some of the CC issuers are nervous about you opening so many cards and are granting you only tiny limits, so that is another reason for giving it a rest for a year.

PS.  Getting CLIs is fine, if you feel like it, but just so you know bigger CLs won't in themselves help your score.

[Anonymous]

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@Anonymous wrote:

Do you have any loans or any other installment accounts?  If not, we can suggest an easy way for you to get another 30 points or so.

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Nope, no student/auto/home loans yet.

[Anonymous]

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@Anonymous wrote:

The loan idea is part of a broader technique called The Share Secured Loan Technique.  You can read about it here.  It is important that you understand the full technque and discuss it a bit before implementing it.

The best options we have right now for the SSLT are an unsecured loan at Alliant or an SSL at Navy Fed.  Both should work fine.

As far as credit cards go, you have six now so I would not apply for any more.  (Six open cards is fine and far more than most Americans have.  And there is no scoring advantage to having more than six cards, though there is a significant scoring advantage to having six cards over say two.) 

It also looks like some of the CC issuers are nervous about you opening so many cards and are granting you only tiny limits, so that is another reason for giving it a rest for a year.

PS.  Getting CLIs is fine, if you feel like it, but just so you know bigger CLs won't in themselves help your score.

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Thanks for this thread. It was well articulated. I do have NFCU savings and checking, I will check with them if they do HP or not based on that I might take a decision.