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Everything posted by credithoarder

  1. I'm not quite sure you'll get much value out of that or even a FICO boost. Your rent will not show an account balance / UT ratio, therefore, it will not bear enough weight in their algo to make even a blip. That's like having a Chime account, which FICO pretty much ignores since you can't default on it. One creative, but costly approach you could take is to get a 5-year personal loan and use that money to pay several months rent in advance, if your landlord permits it. The interest will obviously cost you and this is a risk, but you may get enough of a ROI via a score bump and a solid footprint that shows you can pay debt along the way.
  2. Leave it alone and move on.
  3. Brutal honesty. Ouch!! I can't imagine that all the lender is looking at is just the numerical value on your CR, and will somehow ignore everything else. Unless you had zero lines of credit like I did and are starting fresh, there is no golden ticket that will boost your score in short time without addressing any underlying issues.
  4. I closed a low limit Cap1 that semeed to have been bucketed with no hope of receiving a CLI. Cap1 appearently is no stranger to tossing cards in a bucket. Since the card is slated to continue aging in my CR for the next 10 years, I saw no harm in closing it. I'd recommend concentrating on paying down your card debts within each billing cycle as often as possible. There's no long term benefit to relying on your total card limit as a strategy to manage utilization ratio. Actually keep the balances down instead. Otherwise, that's a sure way to fall in to debt Heaven forbid you actually find yourself in a financial jam one year. Sent from my SM-G998U using Tapatalk
  5. I gifted a girlfriend $22k to zero out 2 cards that she had maxed out, but had been making minimum payments for several months. I told her that she essentially was paying down the interest and obviously not making a dent on the outstanding debt. She and her husband got stuck in a financial pickle after a big house remodeling project and got in over their heads. As an aside, they were also looking to refi their mortgage, but their high credit utilization did not help. That said, she made a payment to both cards on the same day, and after one billing cycle, she saw a credit bump. She then received an auto CLI on one of the cards a few months later. She took this step after I accompanied her to her bank and a senior financial advisor suggested that she zeroes out her CC balance as it would not result in any adverse action, but rather help future borrowing prospects.
  6. What would this model do for lenders who look for a low DTI ratio?
  7. How do you factor in cards with no preset spending limits like Amex cards?
  8. I am looking for better scores to get better card offers with higher limits. At least limits that can match my spending habits. Some of my card limits can't even cover groceries for the week. I have always used cash for years because I was able to stash away a good chunk money after my friends and I sold a startup tech company and made some sizeable investments in crypto 15 years ago. Now I have a new business, but no credit history, because I was raised in a European household that drilled in the motto that cash is King and to never use credit. However, I am now weirdly obsessed with credit cards because I never had any. I have my dream house that I paid with cash, my dream car, but now I need debt just to prove to lenders I can afford to pay off higher CC limits. One CU lending agent actually told me that I don't have a perfect credit score because I probably can't afford to have one. I am guessing he said that because I looked young and was a "girl". It was an insult to me ofcourse, but I did manage to shut him up after I brought in my tax returns and investment account statements. As far as looking for girls, I tried that experiment in college. Those days lay at rest with my sorority sisters.
  9. Those are current scores from a Myfico.com premium sub. I haven't figured out if I need to make extra payments towards my loan principal. I am worried that by doing so, I will pay off the loan too soon before it could help my credit worthiness. The common refrain I get about credit limit increases is that I do not have a single revolving CC that is $5k+ and 5+ years old. I tried to get a personal unsecured loan for $5k just to see if I would qualify, but the loan officer stated that despite my reasonable DTI, I don't have the CR resume (single revolver $5k + 5 yrs) that meets their benchmark. So for now, I am trying to get one of my lenders to raise my CC limit at least to $5k. I just recently received a CLI on one ( non - Visa/Mastercard) store branded card (Synchrony) that is now $7k, but I don't think CC lenders (i.e. BOA, Chase, Citi) care much about what store card lenders are doing. They seem to care more about what how much capital others CC lenders are extending to me.
  10. What is your recommendation to sustain a continual boost or bump from loans? I am currently carrying two loans for the purpose of maintaining some "good debt" to pad my credit mix. One is an auto loan (48 months) and the other a purchase loan with a 24 month interest fee special. These loans are relatively new and I have not developed a strategy on how to maximize the benefits from them yet. IMO, my scores suck and I am sure it's primarily because I have a thin CR profile. I would appreciate any feedback on if/how I can manage these existing loans to optimize my score potential. At this point, I plan on staying in the garden until early 2024 and will only reach for CLIs on existing CCs in the meantime. Credit Profile History: < 2 years of established credit history. Zero derogatory marks (i.e. late payment, charge offs, etc..) on my CR profile. 32 Inquiries in the past 6 months. Credit limit balance = $25k. CC utilization is at 1% (I have been carrying a $2 balance using the AZEO hack). . Current loan balance = $60K (with only one billing cycle payment made total on each of the two existing loans). Scores: EQ = 725 TU = 766 EX = 712 Income & Debt: Current outstanding debt are the loans above + home utilities (no mortgage or rent). My current monthly income is $15k. Monthly DTI < 15% Thanks in advance.
  11. Interesting experiment. I am days away from having two separate auto-loans drop off of my CRs and a new one opening up the same day (Dec 31 - Jan 3rd). I just got a big ding (- 20 points) on EX after adding an Amex Rose Gold card last wee. Surely the two loan drop-offs will drag it down even further, but I wonder if the new loan will quickly bring the numbers back up if all this happens on the same day.
  12. There was no prequal process when I applied for an Apple card last month. There is an initial soft pull after you apply, but then a hard pull if/should you choose to move forward with their approval offer. They soft pulled from TU. It showed up under Account Review Inquiries. Unfortunately, I did not get an offer because their system continues to state it is unable to verify my identity. This is despite the fact that all the info in my app matches that under my TU report. Apparently, that's not an uncommon refrain from other applicants who can't get past the first soft pull process. Account Review Inquiries The listing of a company's inquiry in this section means that they obtained information from your credit file in connection with an account review or other business transaction with you. These inquiries are not seen by anyone but you and will not be used in scoring your credit file (except insurance companies may have access to other insurance company inquiries, certain collection companies may have access to other collection company inquiries, and users of a report for employment purposes may have access to other employment inquiries, where permitted by law).
  13. Skilling's brother is probably the most lovable local weatherman in the nation. I tune into his broadcast for my weather outlook. I guess it's another case where two siblings can have such vast polarization in Q-Rating in the public sphere.
  14. I have an Advantage Plus account with BOA and I always assumed you needed a debit card in order to initiate transfers, otherwise, the account would be categories as a savings type account. That said, get a debit card and shred it if you never intend to use it.
  15. I would hate to think one has to owe a mortgage in order for their credit profile to demonstrate that they are a responsible credit borrower. I did recently pick up a car loan in order to pad my credit mix for my new business. However, that was primarily to get a quick credit score boost because I have a short credit history with no debt. That being said, if you are able to achieve an 800 credit score and no longer have a loan debt, I imagine all you need to do is to continue paying your bills on time and keep your credit UT low. I hope that's the case, because as a current home owner who paid cash for my house, I can't imagine ever having to take on a mortgage to keep my scores afloat.
  16. I can't imagine one employee has the sole discretion to modify credit profiles without needing an additional employee to sign-off before changes can be made. Sounds like TU doesn't have much on an internal audit system if it took a bank to bring this to their attention. I wouldn't be surprised if there are unreported/undiscovered cases where CR profiles have been tampered with by scorned employees.
  17. Nice. This is twice the sending limits as Zelle. I will look for it on my account.
  18. You can start by asking the lender to send a deletion letter to the bureaus. Especially if you were engaged in some formal agreement with them to resolve any any financial disputes. If this CO went through the court system, I would certainly ask for them to dismiss it with prejudice. It should automatically fall off if they agreed to it. The most the CRAs can do is to to have the lenders send them that deletion letter or you file a dispute against them. However, since this does not likely fall under any compromised identity circumstances, you'll likely have to do the former.
  19. I'm not bullish on NRDS just yet. I took a small position on it and plan to buy the dips as I see it crossing below 25 soon. On the other hand, future long is likely to cross over $50 as the demand continue to increase in the next couple years. It's a great product for credit Noobs like myself. I hope they do well.
  20. That will do it. You should see a short bump in your credit by the next cycle.
  21. From personal experience, I would let the Cap1 card report a $2 balance (current balance). Meaning, make sure you have PIF by the due date, then make and leave a small charge equivalent to $2 after your due date payment has posted. I would PIF your discover balance. Unlike Cap1, Discover's statement closing date is also the same date the send a balance issuance to the CRAs. Where as Cap1 reports it 2-3 days after the closing statement. That technically buys you time to modify the amount that is reporting in your statement balance before they send out the report. You will not have that flexibility with Discover, and yes, they not report any amount under $2. Whereas, Cap1 definitely will.
  22. Is he currently being represented by a legal counselor? I believe his money and time would better be served by having this handled by a legal firm. Or at minimum, have them provide him with a free consultation about taking on his case. It may be the most cost effective route for him to go, then to go at it alone. I'm sure the stress of being behind a huge learning curve and going at it against the banks' legal team is not worth the cost of his mental health.
  23. If you make a payment before Monday, it will reflect on the balance they report to the bureaus. You could ask a CSR for the time exact time of the day they report. Nonetheless, you should be fine if you make a payment after hours, as it will process on first thing on Monday before they issue the report to the Bureaus. It won't matter if you do it from an account they have a relationship with. All transfer processing time gets treated the same.
  24. How are the loans with PENFED? I signed up with a local credit union, but their response time is so slow.
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