Opening new credit cards to improve credit score

[Anonymous]

Sounds good to me.

[Anonymous]

I have heard of some FIs where they would only allow a certain number of payments to be pre-paid. So it would be good to confirm that you can pay as many as you like ahead.

[tparvaiz]

Here is the feedback that I got from Aliant

If you were to make three payments at once, than the due date will be moved three months forward. However if you do not make a payment for three months, than you will not be paying off the loan sooner. You will want to continue to make a payment every month, regardless of the system saying it is not due until 3 months later, so that you can pay off your loan sooner.

Please advise & thanks

[Anonymous]

@tparvaiz You’re good to go! Fire!!!!!!!!!

you found a winner!!!

[Anonymous]

Sign that joker up pronto!

@SouthJamaica was right, it’s on time!!

[Anonymous]

Now the only question is is there a minimum amount to get a term of at least 60 months?

You want to get the longest term you can, so you don’t have to repeat this process often, unless you’re just doing it for a one-time score boost.

[tparvaiz]

Question... Should I transfer the money first to the Alliant savings account (already opened) before applyting for the loan... the only option is unsecured loan

Thanks

[Anonymous]

@tparvaiz You could. I don’t think it really matters either way, as long as you can qualify for it. I think I would let it report for at least a month before I pay it down though. 

Forgive me, but this thread has gotten so long and I read so many, but what are your scores and what do they need to be to be approved? Do we know what bureau and version they use?

[tparvaiz]

I have attached my scores (pulled on July 1st) with this thread. 

My Objective is to increase scores to get better rates on mortgage and car loans in the next two months (or less). If somehow, I can improve my middle Experian score, then it will give me a good financial boost. (Experian and Transunion have one reported medical collections account which is causing issues, I have requested CA to provide documentation which they did. I have also offered CA to pay the full amount for delete, which they have rejected... This account will turn two years old in Oct 2020).

So far, I have successfully applied to 2 new secured CCs' (Discover, OpenSky) with 200 limits. I have not enabled them, yet.

I also have an existing CC with BofA with 500 limits.

The next step is to apply for Alliant loan and pay it down to about 9% within a month.

Please let me know your thoughts & THANKS AGAIN for all your assistance.

[Anonymous]

Hope they pull Equifax let me check real quick: