Next Steps Suggestions

[Anonymous]

I recently applied for 3 cards, AMEX PRG, Chase Freedom & Capital One Venture. I was approved for all 3 in a span of 1-2 days. 

I would like opinions regarding what to do next to boost my FICO scores:

Pre App FICO Scores:

1. Experian: 712, 1 inq.

2. Transunion:  726, 0 inq.

3. Equifax:  731, 0 inq.

All scores in Pre App above reflect 1 secured BOA, 1 30-day late 6yrs old

Post App FICO Scores

1. Experian: 676,  4 inq 

2. Transunion:  726,  2 inq,

3. Equifax:  731,  1 inq

All scores in Post App above reflect 1 secured BOA, 1 30-day late 6yrs old.  They do not reflect new AMEX, Chase & Cap 1 as of yet.  I assume they will appear in the next few weeks.  As you can see, my Experian took the biggest hit.  I had 3 inq hit in addition to 2 very old positive installment loans fell off my credit reports during the same week of the inqs.  Interesting how Eq & Trans were not affected at all.  Doesn't really make sense and fair.  I could understand if the old credit information was no longer being used to calculate FICO scores.  Evidently, they still are considering the steep drop in my Experian.  Unless the 3 additional inqs caused it.  I really don't know.

Questions:

A.  Will my FICO scores increase when the AMEX, Chase & Cap 1 hit the CRA'S? 

B.  What are my next steps to increase my FICO score to high 700's to low 800's?  Keep util under 10% etc etc?  On time payments?

Any suggestions would be appreciated.

Cheers,

Mohawk

[jamie123]

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@Anonymous wrote:

I recently applied for 3 cards, AMEX PRG, Chase Freedom & Capital One Venture. I was approved for all 3 in a span of 1-2 days. 

I would like opinions regarding what to do next to boost my FICO scores:

Pre App FICO Scores:

1. Experian: 712, 1 inq.

2. Transunion:  726, 0 inq.

3. Equifax:  731, 0 inq.

All scores in Pre App above reflect 1 secured BOA, 1 30-day late 6yrs old

Post App FICO Scores

1. Experian: 676,  4 inq 

2. Transunion:  726,  2 inq,

3. Equifax:  731,  1 inq

All scores in Post App above reflect 1 secured BOA, 1 30-day late 6yrs old.  They do not reflect new AMEX, Chase & Cap 1 as of yet.  I assume they will appear in the next few weeks.  As you can see, my Experian took the biggest hit.  I had 3 inq hit in addition to 2 very old positive installment loans fell off my credit reports during the same week of the inqs.  Interesting how Eq & Trans were not affected at all.  Doesn't really make sense and fair.  I could understand if the old credit information was no longer being used to calculate FICO scores.  Evidently, they still are considering the steep drop in my Experian.  Unless the 3 additional inqs caused it.  I really don't know.

Questions:

A.  Will my FICO scores increase when the AMEX, Chase & Cap 1 hit the CRA'S? It depends...Scores will usually drop when new credit is added but if you have a thin file they may rise slightly. Six months from now you scores should be higher than from where you started.

B.  What are my next steps to increase my FICO score to high 700's to low 800's?  Keep util under 10% etc etc?  On time payments?

1. Keep utilization under 10% of available credit.

2.Make ALL payments on time! Set up auto pay on each credit card for the minimum payment in case you ever forget to make the monthly payment. 1 late payment will cost you dearly and set you back years from being able to hit 800.

3. Depending on how rushed you are to build credit....App for 2 more cards in 6 months to a year. If you app in 6 months you might get low starting credit lines. You eventually want to end up with 5 to 8 quality CCs that you can keep open for the rest of your life. Credit cards are the foundation to rock solid and high scores in the future.

4. You should join a credit union like Alliant Federal Credit Union or SDFCU (State Department Federal Credit Union) open a savings account and apply for a 4 or 5 year $500 share secured loan if you currently don't have an open installment loan on your reports.

Any suggestions would be appreciated.

Cheers,

Mohawk

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I answered your questions in red above.