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Tileguy61

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Posts posted by Tileguy61

    Americans borrow record amounts for auto loans even as interest rates rise

    in Credit Forum

    Posted

    I did finance the most recent purchase, but it was basically free money (and more than $30K off sticker, with the dealer trailering it to me from several hours away). I have it at 60 months, but I doubt the note will still be alive at that juncture since I am pushing ~$1500 a month at it. All four of the others are owned free and clear.

     

    And for those that know me and might be wondering...yes, it DOES have three pedals. If not for that, I would never have considered adding it to the stable.

    if you are going to have a toy... 3 pedals is a must... what the hell are you supposed to do with your left foot and right hand when driving?

    Master 2018 Approvals and CLIs Thread

    in Credit Forum

    Posted

     

    Is NFCU a hard pull for cli currently my highest limit at 20k would like to ask for 50k and see what happens or should I ask for smaller limit?

     

     

    NFCU was not a hard pull for me. I must have timed it right

     

    According to multiple reps I've talked to at NFCU, they have stated that CLI's are always hard pulls. They may have changed their policy after you requested your last CLI.

     

    I was just told by a CSR at Navy the other day that after account open one year you can request to be automatically reviewed for a soft pull credit increase monthly after each statement cuts.

     

    Supposedly she set my account up that way. Haven't reached a statement cut yet so time will tell. I'm at $22k and haven't asked for an increase in almost 3 years.

     

    Interested to see what happens. Navy is the only balance I carry courtesy of their one year no fee no interest offer on BT.

     

    I love Navy!

    AmexED APR REDUCTION WHY?

    in Credit Forum

    Posted

     

     

    From 16+ to 9.99. Is there a catch? I almost took it. Hit enroll button then backed out. Thought I needed to consult with my fellow CB'ers first. Not concerned about APRs but low APR beats high APR to death. You never know.

    Have you accepted this offer from Amex?

    Is it for a limited time? As in several months before reverting back to the "standard rate?"

    Yes for 12 months.

     

    I've gotten them several times on 3 different Amex cards for 6.99%.

     

    There seems to be a cycle... endless upgrade to Platinum offers, BCP offers, lower interest rate for 12 months offers

    Personal Milestone

    in Credit Forum

    Posted · Edited by Tileguy61

    Reached 830 today on Equifax. It's the first time on any CRA that I've attained that on Fico 8.

     

    Experian lagging behind at 823 and TU at 817.

     

    Thank you Creditboards... wouldn't have reached this without lots of good advice.

     

    Particular thanks to the absent, but ever present in spirit Bob Wang, and Konrad and CV and Mendel. All cut through the BS and tell it the way they see it.

    Bouncing back from bad credit takes time

    in Credit Forum

    Posted

     

     

     

     

     

    I'm lovin the pie chart with only 5 factors in a fico score. If it were only that simple. Utilization and inquires are among the most obvious factors omitted. Fico will never reveal it's complete algorithm. They wouldn't make any more money if they did. Overall half-arsed artlcle.

    Inquiries are part of new credit, and utilization maps to amount owed in that pie chart.

    ok, but just because you receive an inquiry doesn't mean you're getting a new credit account. And you can have 50k in reported revolving debt and only be at 20% utilization if you have 250k in lines. It's too generalized IMO, but I get it. But there needed to be a disclaimer that there are more factors. Theres also other things like number of accounts with a balance, etc.

    Inquiries are as good as meaningless for FICO scoring.

     

    These explanations are always dumbed down for the least sophisticated consumer.

     

    I don't get it...

     

     

    What of the following is easier to explain to your cousin Cooter?

     

    "Amount owed"

     

    or

     

    "Total utilization* across all credit cards, the number of cards at various individual utilization* levels, the number of cards with balances compared to the number of cards without balances. The more cards with balances reporting the lower your score, but if all cards report a zero balance this also lowers your score."

     

    * Utilization is the balance reporting** on a revolving account divided by its credit limit, except in the case of charge cards which have no preset spending limit. Also, cards over $4x,xxx also do not count for utilization calculation for some FICO models.

     

    ** Some cards report balances as of the statement date, others report as of a fixed day of the month (often the last calendar day).

     

    ----

     

    etc."

     

    Cousin Cooter says... "huh"?

    Bouncing back from bad credit takes time

    in Credit Forum

    Posted

     

     

     

    I'm lovin the pie chart with only 5 factors in a fico score. If it were only that simple. Utilization and inquires are among the most obvious factors omitted. Fico will never reveal it's complete algorithm. They wouldn't make any more money if they did. Overall half-arsed artlcle.

    Inquiries are part of new credit, and utilization maps to amount owed in that pie chart.

    ok, but just because you receive an inquiry doesn't mean you're getting a new credit account. And you can have 50k in reported revolving debt and only be at 20% utilization if you have 250k in lines. It's too generalized IMO, but I get it. But there needed to be a disclaimer that there are more factors. Theres also other things like number of accounts with a balance, etc.

    Inquiries are as good as meaningless for FICO scoring.

     

    These explanations are always dumbed down for the least sophisticated consumer.

     

    I don't get it...

    Something To Worry About?

    in Credit Forum

    Posted

     

     

    If someone had my card data wouldnt they have done a test charge instead of a test refund?

     

    It's possible someone thought a test refund would look less suspicious for that very reason...

     

    The risk to you would be, if a fraudulent charge hit and Amex froze your account at an inconvenient time you could miss a recurring payment.

     

    I think you made the right call.

     

     

    Very astute observation. I never thought of that.

     

    Would definitely raise a red flag with me. Of course, I'm a bit of a conspiracy theorist... if we can think it, it's possible.

    Impacts of Balances Reporting Against 850 FICO 08s

    in Credit Forum

    Posted

     

    I have one card reporting 28% util and another reporting 26 % util. Overall 7%. EQ reporting 828 and hasn't budged for a couple months even with a third card reporting < 1% added to the mix. EX reporting 820 & TU the lowest at 812.

     

    I'm going to let another card report at 9% this month and see if that will take me below 800. Overall utility will be at 9%.

     

    TG - do you have a history of large balances reporting? I'm still in PIF-before-the-statement-date mindset, from my rebuilding days. So this was the first time any of these accounts have reported large balances (and especially all at once). I think Konrad was a similar scenario. I recall some people reporting that their FICO's appeared to became less reactive to balances reporting after they had established a history of balances reporting.

     

    I've let balances report as high as $16,000 on a single card. But it was still only 35% util on that card.

     

    The most cards I ever allowed to report a balance at once is 5. I've also never let reporting total util go over 7%.

     

    This will be the first time I've ever had total report at 9% or higher since 2012.

     

    I'm interested to see what happens. Maybe nothing.

     

    If all cards still report at 805 or higher I'm going to app a card and see what that does.

    Impacts of Balances Reporting Against 850 FICO 08s

    in Credit Forum

    Posted

    I have one card reporting 28% util and another reporting 26 % util. Overall 7%. EQ reporting 828 and hasn't budged for a couple months even with a third card reporting < 1% added to the mix. EX reporting 820 & TU the lowest at 812.

     

    I'm going to let another card report at 9% this month and see if that will take me below 800. Overall utility will be at 9%.

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