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Midwestgardener

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About Midwestgardener

  • Birthday 01/01/1960

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    Midwest USA

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  1. Anyone with experience with the X1 card?
  2. Update to my question regarding the score impact of a large purchase: We recently put a $40K purchase (home improvement project) on our $50K CL Citi card. I knew my 810 score would take a hit. I was unsure how much of a score decrease would occur. We wanted to take advantage of the interest free financing for 40 days. (For the record, a $40K CC purchase is a record for us. By a long shot. Also, for the record, I called Citi to let them know of the purchase in advance. The agent with whom I spoke did not break a sweat, FWIW.) The impact: 25 points. That is an ouch, but I fully expect hope that my score returns once we PIF on next cycle.
  3. Citi +10 K CLI. Used it for home improvements. Card usage up to 45K. Total across all cards at 60K. gulp! Actually, had planned to use the card vs cash. Will have all of it paid before next cycle. It will be interesting to see if Citi or anyone else says or responds in any way. I am ready for score to drop. Question is by how much. I will report
  4. 14->50 does indeed sound like a HR. Hope you score! Our (DW) CitiCostco has been stuck at 9K. I have 4 cards >40K CK. CitiCostco is our 2nd lowest CL next to Kohls. I only keep due to it's old account age.
  5. Thanks. I am a fan of triples in baseball, in investment returns, but not of INQs. That said.. I began reading your posts about 2.5 years ago once I found this board. I recall chuckling when reading your remarks that INQs did not matter. At the time, your advice sounded contrary to my understanding. I had an irrational fear of taking INQs. Upon researching the matter further, I have indeed found that while INQs do count, in the larger scope of FICO scoring, INQs matter little. I now have little concern about taking INQs for the right cards. As a consequence to your advice and guidance, and that of fellow CBers, I have moved from FICO fool toward FICO freak. You have helped me raise my scores from the low 700s to the 820s, and built my total CLs from under 100k to over 300k. Many, many thanks. In this unprecedented time in which we all find ourselves, stay safe, stay smart, and stay strong. I thank you and all of the CBers who open source their thinking to make us all FICO smarter.
  6. Conrgrats CV. Did C1 charge TAD with a triple INQ for the privilege?
  7. Hello pretty, Regarding INQs, I too tried to avoid them like the plague (or COVID). Here is some perspective: FICO scores have 5 key ingredients: -Payment history - 35% of your score -Amount of debt - 30% of your score -Length of credit - 15% of your score -Types of credit - 10% of your score -New credit - 10% of your score FICO*8 uses a 300-850 point range. Hard to score a 300. Harder yet to score an 850. The 850-300=550 total points you can earn. Applying that to each of the ingredient categories: -Payment history - 35% of your score = 192.5 possible points -Amount of debt - 30% of your score = 165 possible points -Length of credit - 15% of your score = 82.5 possible points -Types of credit - 10% of your score = 55 possible point -New credit - 10% of your score = 55 possible points Each ingredient category has subscoring area. In new credit, there are 2 main subcategories: -Number of recent inquiries (within the last 12 months; inquiries older than 12 months matter but become unscorable after 12 months) -Age (in months) of most recently opened account (otherwise referred to as AoYA, age of youngest account) Aside from folks within FICO, no one truly knows the precise weight in points between number of INQs and AOYA, and it likely has slight differences base on your file type (old, young, thick, thin, etc). If we make a broad assumption that the 55 points are split between number of INQs and AOYA, that means the INQ score has 27.5 points that you can earn. You earn those points based on your behavior (which is what FICO was designed to measure, your credit behavior). If you do not apply for credit in 1 year, that is, no INQs, you will likely earn about 27.5 points. If you applied 9 times, you would likely earn 0 points for INQ behavior. If you translate 550 FICO points into a 0-100 range, (where 300 FICO results in a score of 0% and perfect 850 FICO is a perfect 100%) each score point is equivalent to .182. So using the values in your signature block 04/08/2017: EX 611, TU 587, EQ: 760 your EX score would translate to 611-300=311*.182=56.5, your TU translates to 287*.182 which is a 52 on a 100 scale. Hope that part makes sense. Now let's look at the score impact that INQs have. Remember, the most FICO points you can earn are 27.5 for INQ behavior. 27.5 FICO points X .182 is 5. So up to 5% of your score can be earned by not taking any inquiries for 1 year. But INQs are "binned." Binned means that there are INQ ranges, so 0 INQs is best, 1-2 INQs is the next best scoring range, 3-5 is next best, then 5-8, then more than 8. That means that each INQ is not the entire 27.5 FICO points or 5 % of your score. If you have 3 INQs within 1 year, it may cost you 10-15 FICO points. The MOST it would cost you is 27.5 FICO points. What is the point? INQs are the least important scoring area to worry about. Payment behavior is the MOST important scoring area. INQs 5% of your score. Payment behavior is 35% of your score, or 7 times more impactful. Do not fret over INQs. They do have a point cost, but it is minimal. Do not take them if you do not need to but do not fear them. Payment history and amount of debt are the most important. They are 192.5+165 total points, or 65% of your score. If you were to earn all of those available points, and you were a disaster with length of history, types of credit and new credit and earned NONE of those points, your score would be 300+192.5+165 = 657. If you were excellent in the payment and amount of debt categories, and only average in the other 3, your score would be 300+192.5+165+41+27+27=752. Not bad. Does the scoring work EXACTLY like that? No, but it is very close to that. Do not fear INQs
  8. Congrats, Kat! Is your card a Syn or Chase card, and did they charge you with an INQ for you CLI? If Syn, let me know your secret. They have been VERY stingy with me. I am only at 5K with my Syn Amz card. I got a Chase Amazon card (Far. More. Useful). Currently at 40K CL on Chase after a CLI. It did cost me an INQ (I have > 100K in combined Chase lines).
  9. CLIs: Amex BC +5K, now 44K Barclays Uber +5K, now 11K Chase Amazon +5K, now 45K Chase Marriott +5K, now 35K Citi DC 5K, now +40K I am seeing a pattern here...I am sure of it. I suppose that I need to raise my ask...
  10. Congrats on the monster line. How frequently have you been requesting CLIs with BOA?
  11. OK, CB experts, I have a question about the reliability of MyFico (MYF) and Experian (EXP) simulator tools. If there is a different forum or place to ask this, please let me know. Background I currently use both MYF and EXP to watch my credit. Both appear reliable on their predictions. Our 15 accounts have a line >250K, our utilization is low (<6%), and file is old and clean. Both MYF and EXP tools are indicating that in 10 months, my score could reach 845. The 845 score simulations show that my path to 845 is gated by both age and amount of credit. Aging: Over the next 10 months, I have 5 INQs that age off, and 1 card that reaches 1 year of age. Amount: We did 2 large purchase that we could pay down immediately, but both are on 0 APR, so there is little financial motivation to do so. We also have a small ($25K) mortgage that we need to wait for promotional reasons until August (long story, but not material) to pay off. Question Have any of you fellow CB experts found these simulators reliable, or only suggestive?
  12. BigPoppa, 85K is a BigNumba. On BOA, no less. I have hope for the future... Congrats to you!
  13. Since BOA was not ready for a CLI, I tried Citi. 25K -> 35K DoubleCash. One of our very active cards, so this does help. Providing a 4506 with Amex, and then apping for a Amex Platinum. Wishing for a way to get the 100K SUB... Might do the GSA (GoldmanSachsApple) card later this year. Thanks for all the help from CB pros. You have helped me transform from credit turd to credit nerd.

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