Trying To Get My EQ To 700. Would This Work?...

[jbh]

Hey,

As of now I have a 658 EQ Fico and that's before my $337 cc balance will go to $5 (Sept 1). I only have one baddie ($204 that falls off 2/11) and no problems with my 1 year (almost) First Premier and 3 month Orchard. Paying off half my balance, which lead to $337 remaining, shot me from 638-658 in 2 weeks.

The Dilema...

Since my file is thin, outside of my 8 year positive automotive loan payment, I wonder if I am likely going to "peak" at near 670 when my util goes from 50+ to 10%. So, I wondered if it was wise to maybe secure 2 good accounts (citi card or even BOA Secured) Plus a Jared and just let them grow over the next 6+ months?

Since I only have ONE inquiry in the past year (2 in 2 years) I figure I can take a few inquiry hits AND afford to seed all my ficos at once. Does this sound like a good plan? Or am I hopeless until I age my accounts by another 2 years?

Thanks

PS. Basically my FEAR is that if I open 2/3 accounts around the same time my score will TANK

[Anonymous]

I would get a couple more revolving accounts...yes, you will probably take a hit on average age of accounts, but a thin file is just going to keep biting you on the rear end until you deal with it.

[marty56]

You need to get util to 9% or better (> 0).

[jbh]

Hey,

As of 9/1, my util will be 10. It won't report officially until Orchard Updates end of the month.

I do want to add another line or 2. The question, though, is if a thin 678 (I predict 678 based on a jump when my new util goes from 50+ to 10%) with 1 old paid baddie
will get me anything.

[Anonymous]

Have you checked your FICO score simulator to see what it says about paying down to 10% util?

[Anonymous]

i noticed you keep saying your utility will be down to 10%....why not bring it down to 9%???

[jbh]

Yes. Estimated 678-718

I figure 678 is most likely. I will also have 6 months age on Orchard and 1 year as of 11/08 with only one paid baddie. I figure I'll have 680 shortly so it's just a matter of wanting to find 1/2 tradelines that pull EQ that will not only seed all 3 reports, but will eventually allow me to hit 700

I'm also not worried about re-aging my accounts too much so long as I can secure 2 lines by November/December. I have an 8 year positive account holding the fort til 2012. By then my average will be 4+ years.

[jbh]

Alexandria>>Sorry, I meant 10%. To be honest, it'll be near 1-3% as of 9/1

Bringing it from $574 balance (90+% utility) to $334 (60+) has brought my score up 20+ points. (nothing else on the file changed over these 2 weeks)

So I figure the next payment will knock it to 5% as I will have no more than a $10 balance out of $550 avail credit on my First Premier and Orchard. That's one positive to having 0 tradelines, it's easy to reduce util

[haulingthescoreup]

For anyone else reading, the goal is under 10%. The util tiers seem to be something like 1-9%, 10-19% (or maybe 29%), and so forth.

[jbh]

Has anybody ever noticed a score jump going higher when one goes from 50+ to 10% as opposed to 90+ to 50+ util? Just curious if the pattern is the same or if the score jumps more when certain plateaus are reached. It seems, according to the simulator, that both actions will have = effect.

I guess we'll see in Early Sept. I also get my CJ ($2500) to post so it will be hard to know for sure.

Message Edited by jbh on 08-23-2008 09:19 AM