Ask Hegemony: Am I Diversified?

[CoderBlix]

Thx Hegemony!!!!!!! If I close the subprimes wont I hurt my AAOA since they are so old? Would you reccomend that I ask them to move me to better cards or just close them out. My oldest account is 18 years and my average is just over 10. Thx again!!!!!!

 

if they will waive any AF (or if there is no AF) then keeping them open is fine. remember that closed accounts still contribute toward AAOA (AAOA comes in many forms, such as "all open accounts" and "all accounts" )

 

both of these issuers are not know to convert subprime to prime, but it would be worth asking them. maybe there are mid-prime products they can convert the cards into.

 

 

Hahahaha....I just called Cap One and HSBC. $59 AF on both and neither would convert this card to another but both suggested I apply for a new card with them as a better one will likely be approved.... I might just close both and focus on other lenders...

[Repairerer]

Here we go.

 

JC Penney $2,400

Local CU $6,000

Amazon Store $1,500

Navy Federal $15,000

Target Red $1,000

PSECU combination Visa/LOC $20,000

Citi HHonors $3,900

Discover More $4,000

Walmart Store $1,000

Amex Blue Preferred $10,600

Penfed Home Equity $45,000

 

Early next year I want to apply for Amex HHonors and then try and product change the Citi to something else. I am also hoping that my new HEL might open some doors for Penfed offers.

 

Excellent diversity, but what a huge range in your limits! CITI and discover are not giving you the respect you've earned. I think the plan to apply for another amex is cogent. You should also consider some more CUs since they clearly have been your friend; maybe Alliant. Is there some reason you don't have chase or barclays? They should be on your radar. If you bifurcated your cards into Amex + CUs you'd have a solid A-. But discover and citi drag on your grade, resulting in a B+ with one bronze star and one palladium star.

Thanks Hege!

 

If I want to apply for The Negotiator, do you think I have to season my HEL for six months, or will installments not matter?

 

I don't recall hearing that barclays is sensitive to recent installment accounts. I think the worse off you'd been is an auto denial but having the opportunity to explain to an analyst the smart financial reasons for the HEL during recon.

 

ETA: is the HEL reporting already? I thought it was rather new?

It's not reporting yet, but I am also scared to freak out Amex. I only passed the FR last month.

[patz2009]

Mostly copy/paste from my signature, plus adding a couple items:

 

Direct Student Loans, approx $4000 outstanding balance (08/2009)

 

VISIONS FCU VISA CLASSIC [secured] (02/2011) - $2000

CAPITAL ONE JOURNEY STUDENT REWARDS (07/2011) - $750

HOUSEHOLD BANK PLATINUM REWARDS (07/2011) - $500

CHASE FREEDOM (11/2011) - $3000

CITI FORWARD (03/2012) - $4000

GEMB WALMART DISCOVER (03/2012) - $600

AMERICAN EXPRESS BLUE SKY (04/2012) - $4000

 

VISIONS FCU Readi-Reserve LOC (03/2012) - $500 [reports as installment loan]

 

Any recommendations or criticism?

 

Not a bad core portfolio but you have much room for improvement. You have a lot of young accounts so, as I am sure you know already, you need to set a 24 month course on where to take your portfolio. If the Household card has an AF I would kill it the month before the AF comes due. If not, continue to keep an eye on it because in the next 12-24 months it will be the ugly duckling in your growing list of fine cards.

 

Given your fortune with Chase, I am a little shocked to see you then applied for the GEMB Walmart Discover. That $600 limit is a real set-back. But that is in the past so let's look at where you are going.

 

With the TU score and only 3 inquires, you should consider applying with barclays once all your current accounts are 6 months or older. You could also consider an oddball like SFB which often pulls TU. You have recently joined two CUs so approaching them for cards seems in order. Around the turn of the year, consider trying for another amex issued card. Alliant and DCU also are worthy of your consideration. In sum, given the short time-frame for your extant accounts, you have done very well. To move up in the class, however, the next 24 months are crucial. You need to add more CUs and consider other large issuers while also keeping in mind the role oddballs can play. Grade: B- with one palladium star and three cookies.

Thanks for the feedback. Luckily enough, my HSBC card doesn't have a fee so they're a line I can keep open as long as Capital One doesn't try to nuke my free 2% cash back card, which I'm sure they will at some point. I'm mostly waiting on them to see what they'll do when they get to the point of deciding what they'll do with those accounts.

 

I mostly got the Wal-Mart card for the free FICO like most people here do. I was also hoping they'd pull TU like a lot of the other GEMB cards, but they got me on EQ instead. Grrr.

 

I've gotten into PenFed and DCU lately. I tried getting a PenFed card with my opening pull but they denied me due to AAOA, but what is a 21 year old supposed to do? I'm hoping I might get some preapprovals from them at some point, or applying in the future when the report is a bit more aged. As far as the next step, I had totally forgotten that Barclays is a TU puller. I'll check the pulls database and look for some more TU pullers as well.

 

Thanks for the great feedback.

[rohan]

Need your thoughts on my portfolio and what do you think my plan should be going forward.

 

 

Barclays - $3,800 (0412)

 

PNC Bank - $17,500 (04/12)

 

Amex Optima - $1300 (03/99)

 

Orchard MC - $900 (10/07) (secured)

 

Affinity Plus CU - $10,000 (08/11)

 

Macys Store - $2,500 (09/11)

 

Wellsfargo Visa (AU) - $4,000 (02/06) (authorized user)

 

 

AFCU Auto Loan - 36k (29k balance)

USBank Student Loan - 16k (10k balance)

 

 

Recently closed

Plains Commerce secured - 300 (03/12)

PNC Secured - 300 (04/12)

 

 

Score- Tu-726,Ex-717,EQ-657

INQ - TU-5, Ex-5, EQ-10

 

 

Paid off each month before the cutoff days for last one and half years on all cards. All has 0 or close to zero balance atm. Plan on getting a home loan in February 2013.

[cfuser]

Graduated from college this past May and am now working. Will probably work for another year before heading to graduate school (and probably some graduate student loans). I'd love to hear your thoughts and what you think I should focus on going forward!

Citi mtvU Forward - 07/08 $11,500

Discover Open Road - 08/08 - $4000

Ameriprise MasterCard - 09/08 - $2,500

Alliant Platinum Rewards - 06/09 - $2,500

Amex Costco TrueEarnings - 10/11 - $11,500

[SDCAinDC]

Take a shot at this one Hege...

 

HSBC - BestBuy RewardZone - $2700

Citi - Diamond Preferred - $3200

Alliant CU - Rewards - $2500

Chase - Slate - $1200

Discover - Open Road - $3500

Cap 1 - Platinum - $2500

Penfed - Platinum Rewards - $3000

Chase - Amazon - $2000

Chase - Freedom - $2000

BOA - BankAmericard - $5000

Citi - AAdvantage - $7000

 

I do have an auto loan and various student loans as well.

[EvoX]

UPDATE: DISREGARD PREVIOUS POST

Fidelity Rewards AMEX w/ 2% Cashback $15k

Chase Marriott Rewards Premier Visa Signature $16.9k [Got it because of the signup bonus]

Chase Southwest Visa Signature $7.5k [Got it because of the signup bonus]

Discover More $8.1k [Really old card, plus I like ShopDiscover]

Citi Platinum $7.5k [0% for 21 mo]

Citi Forward $7k

PenFed Rewards $7.5k [Got it for the 5% on gas, the $250 bonus is nice too]

HSBC Saks Platinum $2k [i wanted the World Elite with no AF, but they gave me the Platinum ]

HSBC Platinum $1450 [Oldest card, wouldn't give me a CLI because of lack of usage]

 

BillMeLater $3500 [Doesn't show on credit reports]

Chase Business $5k [Doesn't show on credit reports]

 

FICO is 730-760

AAOA is 4 years

 

My future goals include getting rid of the pathetic HSBC card, and upgrading my Saks to World Elite.

I'd also like to get rid of the Southwest card since it has an annual fee and I don't like flying Southwest.

I might get an AMEX SPG or Gold. I used to have a Blue when I was in college. Hopefully I can backdate to 2001!

I also have my eye on USAA & San Francisco Fire Credit Union. I have savings accounts at both, but I'm waiting...

 

You are aiming for the right goals, but you need to execute better. If you really want World Elite there are other very good options (e.g., Ameriprise) but AFAIK, the Saks is the only one without an annual fee. I have a WEMC and the benefits are not all that special.

 

I don't see the point of the BML tradelines unless you need to for paying overtime promos.

 

To move up in class rank, you should consider combining the CITI and Chase cards (unless you really benefit from the rewards of the individual cards). I concur with your assessment of your hsbc card. recall that closed accounts still contribute toward AAOA. Adding a card or two issued by amex would really help if the backdate works in your favor.

 

Beyond this, adding USAA and more CU tradelines is the way to go. I would also consider a couple oddballs, such as the JCB 3% card if you qualify for it geographically.

 

In short, keep up the solid work and move toward higher limits, more CUs, and a couple oddballs. Grade: B with one silver star and one gold star

 

Thanks for your help. I've since added an AMEX SPG $15k, an AMEX Platinum and an AMEX Hilton HHonors $2k which are all Member Since 2002. The Hilton has no AF, so I'll keep it for life. The others had nice bonuses and make sense for me in the short run. I also added the San Francisco Fire Credit Union Visa, but they gave me an APR of 8.5% since my score was 718. AMEX said my score was 758 and they both pulled EX, so go figure.

 

I am going to combine the Chase cards. I need to make sure I don't loose any unredeemed points if I close one or product change the other.

 

Saks WE is no longer on my wish list. I think I'll get the Ameriprise soon. I'm doing B* on TU, so by the time I have no new accounts in the last 6 months, I'll have zero INQ and a nice AAOA thanks to AMEX. There's overlap between the AMEX Platinum and the Ameriprise WE, so that might actually wait.

 

I'm a partial member of USAA. I need to get my dad to buy a policy before I can become a full member. Think they offer better limits to full members?

 

BML is pointless, but since it doesn't report there's no reason to close.

[sb913594]

-

Edited April 30, 2012 by sb913594

[sb913594]

TIA

 

Charge Account Wfnnb/Exp 9/2011 0/250

Charge Account Kay 9/2011 0/7500

Charge Account MacYsdsnb 5/2010 0/400

 

Credit Card Barclaysbk 10/2011 0/1500

Credit Card CMCU VISA 11/2011 705/2500

Credit Card Cap One 6/2010 0/600

Credit Card Hsbc Bank 3/2008 0/900

Credit Card Nuvision 8/2010 0/1000

Credit Card NFCU 4/2012 0/17,500

Credit Card Walmart 4/2012 0/1800

 

Installments

Student Loan 4/2003

Lexus Financial 10/2010

 

Closed

Other Hsbc Bank-BestBuy 6/2010 0

Other Sears/Cbna 10/2001 0

Edited April 30, 2012 by sb913594

[rohan]

here is my updated list. its been about 4 years since i started my recovery journey. would love you hear your take...

 

Barkley Rewards - $3,800(4/12)

AMEX Blue Cash Everyday- $9,600(4/12)

AMEX Gold Rewards- No-Set-Limit(4/12)

PNC Rewards Visa - $17,500(4/12)

Chase Freedom - $1,500(4/12)

Sally Mae 5% Gas - $10,000(4/12)

Amex Optima - $1300 (03/99)

Orchard MC - $900 (10/07) (secured)

Affinity Plus CU - $10,000 (08/11)

Macys Store - $2,500 (09/11)

Walmart - $400(4/12)

Wellsfargo Visa (AU) - $4,000 (02/06) (authorized user)

 

AFCU Auto Loan - 36k (29k balance)

USBank Student Loan - 16k (10k balance)

 

Recently closed

Plains Commerce secured - 300 (03/12)

PNC Secured - 300 (04/12)

[CoderBlix]

Thx Hegemony!!!!!!! If I close the subprimes wont I hurt my AAOA since they are so old? Would you reccomend that I ask them to move me to better cards or just close them out. My oldest account is 18 years and my average is just over 10. Thx again!!!!!!

 

if they will waive any AF (or if there is no AF) then keeping them open is fine. remember that closed accounts still contribute toward AAOA (AAOA comes in many forms, such as "all open accounts" and "all accounts" )

 

both of these issuers are not know to convert subprime to prime, but it would be worth asking them. maybe there are mid-prime products they can convert the cards into.

 

 

Hahahaha....I just called Cap One and HSBC. $59 AF on both and neither would convert this card to another but both suggested I apply for a new card with them as a better one will likely be approved.... I might just close both and focus on other lenders...

 

 

Hedge...added one more card to the fold. Added JP Morgan Select with 10K limit (wanted a non reporting card to add my spouse to). I am done apping for a long time...now back to focusing on growing my cash reserves and investment accounts. I am still worried about closing my old Cap1 and HSBC cards tho...you really think it is for the best? I really dont care about the annual fees...more worried about the stuff I see concerning behavioral modeling....

[gbar]

Fresh off a refi and looking to add a new card, but only if the rewards are going to beat what I have now.

 

Here's what I have now, sorted by age, oldest first.

 

Discover Open Road $10,000.00

Capital One Visa Platinum $4,000.00

Citi Dividend World Mastercard $18,050.00

American Express Blue Cash Preferred $25,000.00

Chase Amazon Visa Signature $10,000.00

Chase Freedom Mastercard $5,500.00

US Bank Linux Fund Visa Signature $9,000.00

Bank of America World Mastercard $10,000.00

Citi Thank You Mastercard $1,200.00

Chase Southwest.com Rapid Rewards Visa Signature $7,200.00

 

Will be closing the Southwest card before the AF is due in November. Might close the Thank You card as well because of the limit. Would be nice if they'd let me merge it into the Dividend WMC.

[fixit502]

ok, please be gentle:

 

usaa mc $3000

 

nfcu nrewards visa $12,500

 

usaa amex $7,500

 

macy's no limit reported

 

bloomie's no limit limit reported

 

pottery barn $750

 

ann taylor $250

 

vs $250

 

crap one (first card with building credit) $200 I will have it a year come 08/2012

 

Edit to add: I am wanting to purchase a new car end of 2012 - spring 2013 so I would appreciate any thoughts you have!!!!!

Edited May 2, 2012 by fixit502

[road2freedom]

Doing this for my wife. I've been so focused on rebuilding my post-BK credit I haven't done anything to encourage her good credit. Once her utilization is down we will work on adding new accounts.

 

Here's what she has...

Citi Platinum 25K

Discover More 5K

Lowes/GEMB 10K

Ashley/GEMB 6.5K

NFCU Platinum 13K

 

That's it. She has perfect history. Scores are 720+ with high utilization reporting. I should have her below 10% by November.

 

She get's constant offers for Citi Thank You Preferred so we will probably add that. What else? Amex, DCU, Penfed, Chase, BofA, Sallie Mae 5%, and Walmart Discover?

 

Thanks Hegemony.

[cj123]

How my diversity?

 

 

hooters-5/2009

 

cap1-04/2008

 

hsbc discover-06/2008

 

Citi-4/12

 

citi ty-4/12

 

bill me later credit-05/2011

 

walmart-4/12

 

jcpenney-05/2011

 

BOA-04/2008

 

amex zync- 4/12

 

just opened 4 new accounts! do i have room to apply for more?

just applied for alliant credit union savings

Edited May 6, 2012 by cj123

[cj123]

b

[sb913594]

+1

[fixit502]

Helllllloooooooooooooo? ;-)

 

 

Sent from my iPhone using Tapatalk

[hegemony]

believe it or not providing this feedback does take some thought. I will try to block out some time late today to get caught up. I usually read a post and write-up a response in word and then paste it. I know, who would have thunk it that hegemony put work into something

[fixit502]

believe it or not providing this feedback does take some thought. I will try to block out some time late today to get caught up. I usually read a post and write-up a response in word and then paste it. I know, who would have thunk it that hegemony put work into something

 

Thank you for the work you have put into this! I just wanted to make sure the thread was still going! ;-)

 

 

Sent from my iPhone using Tapatalk

[Michael _S]

Hegemony, Am I Diversified?

 

Chapter 7 BK Discharged 06/2011 (very large amount/medical related) - (no other Public Records)

 

25-30 trade lines reporting (varies on TU, EX, and EQ)

 

Oldest Account - Amex, opened in College- 1981

(IIB, however, paid off the small balance of $1,400 (3 cards) post BK and the contact I have at the Executive Office in Florida is in the process of issuing me a card soon (not sure which one), but the backdating

(as you know) will have a major impact on my Average Age of "open" accounts)

 

Current AAOA "open" - less than 1 year

Current AAOA "total" - 4 years and change

 

Utilization varies between 1-7%. (never over 10)

 

(I am B literate, so zero inquiries on TU & EQ, (3 on Ex, due to fall off in the next few months)

 

Accounts opened post BK: (perfect history post BK)

 

1. Apple FCU (TU Puller) (07/2011) unsecured CC-$5,000.00

2. Apple FCU (03/2012) - unsecured installment loan-$2,000.00

3. Apple FCU (05/2012 - PLOC-$2,500.00

 

4. LAFCU (TU Puller) (09/2011) unsecured CC-$5,000.00

 

5. Congressional FCU (01/2012 (EQ puller, formerly TU) unsecured CC-$10,000.00

 

6. Credit Union of Southern California (Ex puller) (08/2011) unsecured CC-$1,500.00

 

7. Kay Jewelers (TU & EQ puller) (10/2011)-$6,000.00 (opened for utilization purposes only, purchase a gift card every 3 months so it remains active)

 

8. Firestone (TU puller) (07/2011)-$2,400.00 (opened as part of rebuilding process - oil change as needed

 

 

Curerent FICO Scores:

 

TU98 - 675 (05/2012) Apple FCU (believe it or not) still uses TU98

TU04 - 701 (04/2012) LC (they switched to TU08 in the last 2-3 weeks)

TU08 -637 (today) LC (not sure why it's so low)???

 

EX - 671 (04/2012) CUSC (they soft pull in October and April for preapprovals, so I called them, and they verbally told me my score.

 

EQ - 650 (05/2012) - MyFico.com

 

Note: I am reviewing DCU (EQ) (I've read all of your favorable comments) and Grow Financial (unfortunately an EX puller, but BK Friendly).

 

Unfortunately I IIB'd Barclays, so I don't believe I would be approved, or if approved, the credit limit would more than likely be a small limit, which I do not want.

 

 

Thank you, Hegemony, for all your many contributions to CreditBoards, you have helped more people than you can imagine, and I appreciate that.

 

I, for one, have learned a tremendous amount from your experiences. (as well as many others, which would be to long to list, but I will say, Mr. Wang has played a HUGE role in my rebuilding process)

[BigDaddyof8]

Well here goes,

 

JC Penny / GEMB $2800.00 4/2004

 

Citgo / Citibank $600.00 12/2003

 

Target / Tagget Bank $1000.00 11/2010

 

Bust Buy / Capital One $1505.00 11/2006

 

Meijers / GEMB $2500.00 11/2006

 

Toys r Us / Chase $850.00 11/2006

 

Abc Warehouse / GECRB $2500.00 11/2010

 

Car Care One / GECRB $800.00 11/2010

 

Master Card / Capital One $700.00 8/2003

 

Kohls / Capital One $600.00 11/2010

 

Wlamart / GECRB $1800.00 11/2006

 

Macys / Macys $2500.00 11/2010

 

Home Depot / Citibank $3000.00 11/2006

 

Master Card / Capital One $500.00 03/2002

 

Exxon/Mobile / Citibank $600.00 11/2010

 

Lowes / GEMB $3200.00 03/2004

 

Firestone / CFNA $2200.00 11/2010

 

Art Van Furniture / GECRB $3800.00 09/2011

 

Garndner White Furniture / WFCB $5500.00 09/2011

 

Value City Furniture / WFNNB $2450.00 09/2011

 

Kay Jewelers / Sterling Bank $1000.00 10/2011

 

Victoria Secrets / WFNNB $350.00 10/2011

 

Justice / WFNNB $350.00 12/2011

 

Speed Way / WFNNB $600.00 01/2012

 

Marathon / WFNNB $200.00 01/2012

 

Motif Jewelers / GECRB $1500.00 11/2011

 

Old Navy / GEMB $200.00 11/2011

 

GAP / GEMB $200.00 11/2011

 

These are all my open C.C. and looking too improve, My Walmart FICO is 670 if that helps and I have a personal loan that reoccurs when i need more tools but is listed as a loan and has a start date of 7/1993 and a Mortgage that is on my report from 2004, No lates on any of these open accounts and these are allof my open accounts. If you need more info let me know,and thanks ahead of time.

[hegemony]

believe it or not providing this feedback does take some thought. I will try to block out some time late today to get caught up. I usually read a post and write-up a response in word and then paste it. I know, who would have thunk it that hegemony put work into something

 

Thank you for the work you have put into this! I just wanted to make sure the thread was still going! ;-)

 

 

Sent from my iPhone using Tapatalk

okay...I just put this in my calendar for this week. someone take away my gold star if I fail to follow up.

[rohan]

believe it or not providing this feedback does take some thought. I will try to block out some time late today to get caught up. I usually read a post and write-up a response in word and then paste it. I know, who would have thunk it that hegemony put work into something

 

Thank you for the work you have put into this! I just wanted to make sure the thread was still going! ;-)

 

 

Sent from my iPhone using Tapatalk

okay...I just put this in my calendar for this week. someone take away my gold star if I fail to follow up.

 

 

:clapping:

[agp]

Hegemony - am I diversified? And if no, what should I get?

 

1. No loans in the past or present

2. Citi Dividend since Sept 2004

3. Chase Freedom since Nov 2011

4. Amex BCE since Apr 2012

5. Penfed Platinum Cash Rewards since May 2012

 

Thinking of getting the JPM Select, but was wondering if the points earned is transferable to my Chase Freedom?

Any other cards with (preferably no annual fee, but will pay up to $100) good cash back or benefits, and looks good? I have military affiliation so will qualify for military Credit Unions. Always have paid my balance in full each month, so APR is not a concern.

When should I get my next card?

Edited June 2, 2012 by agp