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sangha44

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  1. Thank you once again. I value you your advice. I suspected it wasn't very important. I think it might be my Dell line of credit. I have a $3000 CL with them and currently owe just over $700 (no interest). So maybe that's what concerns them. When I actually speak with lenders they provide me with great rates and reassure me that my credit is fine. I was more curious than anything. Thank you again, Hegemony, about this and about the AMEX advice you gave me a few weeks ago. You are very helpful.
  2. This is not about a mortgage question per se but something that did come up from a mortgage pre-approval. I received the credit report from my CU after asking for a pre-approval for a mortgage. Overall, my three scores are all at 700 so that's okay but looking at the comments from each of the credit agencies there are two that really stand out and I am curious as to their overall impact on the FICO score. Hoping someone can enlighten me. 1. TransUnion and Equifax state that I have too many consumer finance accounts. Really?? I have a car loan ($15,000), a line of credit with Dell ($778), and five credit cards with a utilization rate consistently at 1%. Does that sound like too many open accounts for a mortgage application? Seems to fly in the face of much of what I have read. 2. Experian - They say I have had too many inquires in the last 12 months (two!) and that the proportion of loan balances to loan amounts is too high. I can only think they are referring to the car loan as my other balances are pretty damn minimal. I filed a Chap 7 which was back in Dec 2014 so I know that is a major factor. Since then I have been studious about slowly building credit including one car loan that was completely paid off this past spring. No negatives since the BK filing in 2014. I am not really upset but am curious as to the effect of each of these comments have on my overall score? Would appreciate any insights. Thanks
  3. Gentlemen, So thanks to Hegemony's reminder I lifted the freezes on my credit reports and today I decided "what the hell, probably way too early but lets check to see if AMEX has any offers for me". Long and behold, there was an offer for the BCP! I applied and was accepted with a $13,500 CL which is just fine for me. So MANY thanks to both of you!!
  4. Thanks! The gas for me would be very significant. At some point, post-Covid, I will be back to driving 40K annually. My expenses are completely reimbursed but the gas has to be paid my own means at the pump. So it could add up quickly. My grocery bill wouldn't yield a lot and like you, I only use Netflix at $9/monthly. But with the gas, it would be worth the $95 annual fee. Now I have a question for both you and Hegemony. I have read both you state that hard inquiries don't affect one's score which completely contradicts everything I have read as have so many others. I don't doubt either of you but would like to understand why? I have seen when a hard inquiry drops off my report my score gets a little bounce although I must say it goes up and down for so many other reasons. In an effort to try to improve my FICO I have been very diligent about trying to "properly" manage all the different aspects that are always touted as important (Timely payments, credit utilizations, etc. including limiting hard inquires). I'm especially cautious about applying for credit right now out of fear that I will be seen as being in financial trouble and a high risk. I am VERY interested in understanding why hard inquiries are not an issue and why would all the advice about minimalizing them is given if they don't have an impact? Thanks!
  5. The gas for me would be very significant. At some point, post-Covid, I will be back to driving 40K annually. My expenses are completely reimbursed but the gas has to be paid my own means at the pump. So it could add up quickly. My grocery bill wouldn't yield a lot and like you, I only use Netflix at $9/monthly. But with the gas, it would be worth the $95 annual fee. Now I have a question for both you and Hegemony. I have read both you state that hard inquiries don't affect one's score which completely contradicts everything I have read as have so many others. I don't doubt either of you but would like to understand why? I have seen when a hard inquiry drops off my report my score gets a little bounce although I must say it goes up and down for so many other reasons. In an effort to try to improve my FICO I have been very diligent about trying to "properly" manage all the different aspects that are always touted as important (Timely payments, credit utilizations, etc. including limiting hard inquires). I'm especially cautious about applying for credit right now out of fear that I will be seen as being in financial trouble and a high risk. I am VERY interested in understanding why hard inquiries are not an issue and why would all the advice about minimalizing them is given if they don't have an impact? Thanks!
  6. I'm actually not going to ask the CU for an advance for exactly the reason you stated. I do have to say I was surprised that they gave me a new car loan a year ago when I still had an older car loan plus the CC with a $25,000 CL. I did consider applying for one of their other CCs that offers 3% on groceries and 1% on all else but doing the math it turned out that it wasn't all that compelling. The main reason why I want the Amex BCP is for the gas points and the groceries. Once Covid starts to go away (if ever) I will be driving a lot across the Northeast and Canada. My company pays my car loan, maintenance and some gas at a fixed rate but I have to use my own means to pay for gas at the pump. I drive around 40K annually so that could mean a substantial amount of points on the card. Then there are groceries although my monthly grocery bill is pretty low. I did do the calculations and I do believe that after the $95 annual fee it would be worth having.
  7. Thank you. I am in the process of doing that and you answered the question in my mind regarding how long it could take.
  8. You know, after I posted this I remembered that I had opted out of all off them. That was a "duh" moment lol.
  9. Cap 1 QS CL$13,500 Barclays Rewards CL$5,000 CU CC CL $25,000 I know many don't like Cap 1 QS or Barclays Rewards but I have been relatively happy with them. Both checked my credit reports in November despite the fact I use them consistently and always pay in full each month. I have had the Barclays since 2016 and have requested an increase in several years. I would like to increase the CL significantly on it but I suspect the timing would be pretty bad right now. I might get an increase but it's likely to be piddley. At least that is my thought but happy to be corrected. I do believe AMEX is a stretch still at this point. I would like the Blue Cash Preferred but I suspect being patient is the better option for now.
  10. thank you both. again, it's not a big deal. more my own impatience.
  11. Yes, I go there periodically and see if I pre-qualify. They were not IIB. A number of posts I have read have indicated that waiting six years after a discharge is a good idea before applying. And my Experian FICO is 728 right now so probably have to get it higher before applying for an AMEX. Not sure how much higher it will go with the BK hanging there.
  12. Unfortunately yes. And I have looked pored through my credit reports using the information from CB to see if there was some way of challenging the reporting of it and alas, all three have it accurately reported. I don't see any way of challenging it.
  13. Not sure if this is the right forum to ask a question which is admittedly stupid and I am 99.9% sure I know the answer but need confirmation. I would assume that this is the worst possible time to ask for a credit limit increase on existing cards as well as for applying for new credit cards especially if there is not immediate and compelling reason to do so? Background is that I filed Chap 7 Oct 2014, discharged in March 2015. I have five credit cards (two are crap credit builder cards) with a total of almost $50,000 in credit limit between them which has held steady for two years. Credit utilization of consistently no more than 3% and combined FICO of around 715. Only negative is the BK. Do have a car loan with a $15k balance. I would like to get an AMEX Everyday card at some point but I know I need to wait several more years before applying. I would also like to increase my overall credit limits on two existing cards but it's certainly not urgent. Feeling impatient to apply but I suspect I should wait and see how things are going in the economy a year from now. Perhaps at that point they will be more amenable to giving more significant credit increases. Thoughts? Thanks in advance.
  14. Interestingly during the financial crisis the numbers of CUs that failed was remarkably and significantly lower than the number of banks that failed even. To me that speaks of far better fiscal management by CUs than by the banking industry which screwed over the entire economy and most of us either directly or indirectly. I would suggest that instead of reining in CUs we need to reign in the banking industry even more and to encourage more cooperative financial models such as credit unions. My credit union is the first place I turn to when it comes to any kind of credit. Cheapest credit around. I do not use it for other interest-bearing accounts because it cannot compete with private banking. Regarding the notion that CUs don't exist in some of the wealthier areas, I can attest that when I lived in Silicon Valley for 20 years there was a plethora of credit unions to choose from extending from San Jose to San Francisco. I couldn't tell you if the uber wealthy were banking at them but they were there and some were relatively large. And there are plenty of CUs in Manhattan as well.

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