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JonE

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About JonE

  • Birthday 02/05/1975

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    CO
  1. How can you have fewer than 0? EX has 2 in the last 6 months. TU has something like 8, and EQ has between 6 and 8. I have no reason to freeze any reports of mine, other than apparently somebody on some random message board says I should. Not a very good reason. Sent from my iPhone 6 Plus using Tapatalk
  2. But you aren't. It's not the amount of credit available to you that determines whether or not you are living beyond your means; it's the amount of credit you use that you can't pay back. Underwriters look at history. History, they say, can predict future behavior. They see from your credit reports how much of the credit available to you is used and how it is paid back -- and often when it is used and when paid back. They have statistics that quantify your risk ... and the potential profit you represent and then make a decision based on their risk appetite. Maybe what you are getting at is the risk of bust-out fraud where folks go for inflated lines of credit with the intent to take the money and run. However, with that there are other things that they look for and not just the amount of credit you have available. The odds of someone with a looooong and generally favorable credit history building up their credit limits so they can take you for a pair of socks are indeed slim. And if you are worried about losing that pair of socks, you shouldn't be in the lending business to begin with. What I'm really getting at is the idea that if, for instance I have 20 credit cards open and I have no time to monitor all those cards, and I miss a payment on one or miss an unauthorized charge on another. I either in the first case, wind up getting collection calls for something I forgot about, or I wind up with a lot of questionable charges on a card I sockdrawered sometime ago. Sent from my iPhone 6 Plus using Tapatalk
  3. I'm not sure I should bother with my low scores. Better off canceling the Wal-mazon cards and sticking with Care Credit (my second highest TL behind Chase) then building up for some new bank cards down the road (and a car). Sent from my iPhone 6 Plus using Tapatalk
  4. I shouldn't say I hit the No thanks button immediately. I had to quit laughing first. This month it's PIF and Close. Same with Walmart and Amazon (although I'm wavering on that last one, I could always use the Freedom for 1% outside the 5% period, which is better than I get with the store card).
  5. Lowe's would probably be on the list if I decided to get a house in the future, that's the only reason I'd use it. I'm mulling over keeping the Amazon card around since I use Amazon a lot, and don't have any other alternatives until I decide on a Sallie Mae or something. Except when Chase Freedom is in 5% on Amazon months (4th Qtr of the year). Amazon would be worth it to me. I break out in a rash every time I step inside Walmart.
  6. If that's the case, what's the point since EX probably has the least amount of inquiries of any of them? It's my lowest score and has my biggest baddie, but it's so old nobody cares by now (not to mention it's medical).
  7. Couldn't hurt, although waiting until after the 4th statement cuts is usually the protocol. Depends on your credit rating.
  8. I would REALLY like to see an 800 FICO report with NO revolving accounts. I'm trustworthy, can you send me a copy of those reports and scores? Unfortunately, I'm not big on stealing identity so that'd be kind of difficult.
  9. I understand and respect your opinion as well. But to me it sounds like most (not necessarily you) are advocating a one-size-fits-all mentality where someone with a mid-600 credit score with a lower income (albeit enough to live off of and still be able to afford a line of credit or two) like me is going to have the same success with 20 credit cards, no matter what they are (first premier, credit one) as someone who has mid-700 scores and makes $100k a year. I see people on other boards (that shall remain nameless) who make $30k a year, have 20 cards, and the list you see includes such 'reputable' names as First premier, Fingerhut, Credit One, First Progress and about 15 other store cards that have a little lax lending policy than would Chase or AMEX, and they call that successful. In that particular instance, I'm of the belief that I'd rather have 3-5 cards at the most, with reputable lenders (Chase, AMEX, BofA and a few others) than 20 cards that are with sub-prime lenders, or with comenity-type store cards that anyone with a pulse could apply for and get. If I'm an UW and someone is looking for a mortgage and they have 20 cards (even all paid in full) I'm wondering why they need all that credit, and where there's going to be room for them to pay me, I know that's the prevailing wisdom among most of the ones I've talked to, certainly not all, but I certainly wouldn't trust anyone who lets someone have that much in the way of available credit, especially if their income doesn't match. The cards I'm targeting match my needs. Chase Freedom (5% categories including gas, groceries and Amazon in some quarters), Barclay Sallie Mae (5% on Gas, Groceries and Amazon), Chase Sapphire Preferred (2x points on Dining and Travel, and it's another Chase card to go with my Freedom and my Checking/Savings). And Amex BCP (High percentages on Groceries and Gas, and I'd be in with AMEX). My family, unfortunately, is not one of those that's responsible with their money, and always wind up broke, part of the reason is too much credit card debt, though that's not all. I swore to the moon and stars that I would not wind up like them, and that I would have a reasonable amount of revolving credit that I could handle, one or two installment loans, like the student loan that's coming due in June, and the car I'll be getting soon, than have 20 cards that I'd have to monitor, watch the payment dates, make sure it goes through, make sure there's no fraud on the account or I haven't somehow lost the card, make sure the money is in my account to cover 20 credit card payments. I frankly don't have that kind of time. I look at people like that on MyFico and other places that have those kind of accounts, and I just shake my head. That gives me more incentive to do it my way with limited, albeit sufficient, revolving credit, a few installments, and some money in the bank. Only go for the CSP if you intend to use UR points to travel. It's a horrible cash back card but a great travel card. That's pretty much what I want to use it for. Plus transferring UR points from Freedom to CSP to go for the big travel rewards.
  10. I just hit 619 on TU, so I'm closer to where I was in the mid-600's. Hopefully shooting for 660 or higher by the end of the year.
  11. JonE

    Next??

    Well that escalated quickly!
  12. I understand and respect your opinion as well. But to me it sounds like most (not necessarily you) are advocating a one-size-fits-all mentality where someone with a mid-600 credit score with a lower income (albeit enough to live off of and still be able to afford a line of credit or two) like me is going to have the same success with 20 credit cards, no matter what they are (first premier, credit one) as someone who has mid-700 scores and makes $100k a year. I see people on other boards (that shall remain nameless) who make $30k a year, have 20 cards, and the list you see includes such 'reputable' names as First premier, Fingerhut, Credit One, First Progress and about 15 other store cards that have a little lax lending policy than would Chase or AMEX, and they call that successful. In that particular instance, I'm of the belief that I'd rather have 3-5 cards at the most, with reputable lenders (Chase, AMEX, BofA and a few others) than 20 cards that are with sub-prime lenders, or with comenity-type store cards that anyone with a pulse could apply for and get. If I'm an UW and someone is looking for a mortgage and they have 20 cards (even all paid in full) I'm wondering why they need all that credit, and where there's going to be room for them to pay me, I know that's the prevailing wisdom among most of the ones I've talked to, certainly not all, but I certainly wouldn't trust anyone who lets someone have that much in the way of available credit, especially if their income doesn't match. The cards I'm targeting match my needs. Chase Freedom (5% categories including gas, groceries and Amazon in some quarters), Barclay Sallie Mae (5% on Gas, Groceries and Amazon), Chase Sapphire Preferred (2x points on Dining and Travel, and it's another Chase card to go with my Freedom and my Checking/Savings). And Amex BCP (High percentages on Groceries and Gas, and I'd be in with AMEX). My family, unfortunately, is not one of those that's responsible with their money, and always wind up broke, part of the reason is too much credit card debt, though that's not all. I swore to the moon and stars that I would not wind up like them, and that I would have a reasonable amount of revolving credit that I could handle, one or two installment loans, like the student loan that's coming due in June, and the car I'll be getting soon, than have 20 cards that I'd have to monitor, watch the payment dates, make sure it goes through, make sure there's no fraud on the account or I haven't somehow lost the card, make sure the money is in my account to cover 20 credit card payments. I frankly don't have that kind of time. I look at people like that on MyFico and other places that have those kind of accounts, and I just shake my head. That gives me more incentive to do it my way with limited, albeit sufficient, revolving credit, a few installments, and some money in the bank.
  13. Correct, but you're talking about closing cards when they turn into a turd and not already having backups in place. 800 is not possible without revolving credit. It is possible because it's happening. 35% of your fico score is Payment History, not necessarily Credit Card payment history. And even so, it's still possible with 3-4 cards with a mix of other credit like installment loans. If you're perfect on your mortgage that's going to open more doors than with 20 or more credit cards, since most creditors would look down anything more than an ideal number of revolvers. Incorrect. You can't hit 800 without CCs. 30% of your score is based on CC utilization. If you honestly believe that it's possible, start a thread about it. The cutoff is in the mid to high 700s. I know I'm correct because I know people on a personal level who have 800 credit scores and no revolving accounts whatsoever. So 30 percent of your score is utilization. That could still be on 3-4 cards with higher limits. I'd rather have that number of cards with 5-digit credit lines that I can easily monitor and schedule payments than 20 that will probably be forgotten. If I'm a creditor looking over someone's profile and I see 20 credit cards, I'm starting to get suspicious that I'm giving my good lending services to someone who lives WAY beyond their means. Especially if their income doesn't justify the available credit lines. Sent from my iPhone 6 Plus using Tapatalk
  14. Correct, but you're talking about closing cards when they turn into a turd and not already having backups in place. 800 is not possible without revolving credit. It is possible because it's happening. 35% of your fico score is Payment History, not necessarily Credit Card payment history. And even so, it's still possible with 3-4 cards with a mix of other credit like installment loans. If you're perfect on your mortgage that's going to open more doors than with 20 or more credit cards, since most creditors would look down anything more than an ideal number of revolvers.

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