hdporter

i've been stuck at an aggregate $50k CL on my Amex accounts for more than a decade. They had me pinned to $49.9k for some time between three accounts. When I opened a 4th, the reallocation they imposed put me at $53k. For the longest time they insisted on access to our tax return to consider a CLI. Simply out of bounds and a disproportionate data grab (even though I grasp that they really just want to confirm income data). Lately, they've just ask for checking/savings data. Last night I basically said WTH and submitted a modest CLI request to bump my $25k Blue Pref to $29k. An attempt two link via Yodlee (or some similar account aggregator) failed miserably with both CU's I attempted to link. (One captures income deposits, the other reports savings balances.) So I used the backup of downloading 3 months of statements for each account and giving Amex access to my drive. CL in place less than 24 hours later.

Synchrony is very challenged on the customer relationship front. My take is that they set themselves up for it when their credit management policies invited some people to construct straw credit houses on the backbone of several Synchrony accounts. (Of course, Comenity was firmly ensconced in the living room of said houses.) Because of limited data, I'm uncertain what prompts Comenity to close a credit line. I can speak from experience that they are paring lightly used lines (they cut my Carecredit from $20k to $10k). The rational response is to cut bait once the relationship doesn't serve you (no need for acrimony). I was good with $10k, and requested an increase to $15k a few months later; immediately approved without a hard pull.

It's been over 20 years since the post you're querying was placed on this group, and almost as long since they were last active. You may need the assistance of a Ouiji board to ensure that your response is received ...

Just a thought: Determine who you're most likely to seek a mortgage from and contact them to confirm their best rate FICO cutoff. Some use 740. You might also confirm their current rates to assess just how much it will cost you if you apply and only secure their second-best rate. Finally, just checking that you understand that mortgage rates are driven off your "middle" score. Best wishes for success in securing an advantageous mortgage!

I've never been prompted to say this before ... TMI!

It's been my experience that the skunks in the business show their stripes early on in the shopping process. The best dealerships and sales reps are anxious to please in order to secure a sale. The disreputable ones tend to be inflexible and distinctly unaccomodating. And, if in the process of closing a sale they try to pad the invoice with garbage after-market services, run ... don't walk. In 17 years we've purchased 3 new vehicles, 2 Lincolns and 1 BMW. We came away beaming from the experience every time (and "kissed more than a few toads" along the way).

VS 3 is a POS score. It's of no consequence and best ignored. (VS 4 might more closely mirror FICO 8, but only a couple of lenders use it for limited lending decisions.) The credit game, by far, belongs to FICO.

This synchs with my experience. Where with AAoA of 12 yrs, having multiple balances (8+) impacts my score by < 10 pts. Crossing 30% and 50% account utilization thresholds are of much greater significance (although my FICO 8 remains 800+ even with an account > than 80% util.)

I'll simply note a concern here: I would be surprised that Sixt would sell this debt to Summit, for a fraction of face value, without first initiating collection activity with you directly. If you failed to engage in that activity and dispute the debt, you may have weakened your defense against the claims. I'm not satisfied that initiating a chargeback with your credit issuer fully qualifies as a dispute given the non-specific nature of the communication and that it's directed to the issuer rather than the debt owner. I merely offer this as a caution; not a definitive statement. If you are inclined to dispute the debt in court, I suggest you seek an initial consultation with a lawyer for them to lay out the likely landscape and better define your position in the dispute. It may be expedient to agree to a settlement for less than full value in exchange for instructing the CRA's to remove the account from your credit reports. There are suggestions they might agree to settling for 60%-75% of the debt. (Very much YMMV.)

I'm late to this thread, having been travelling much of this last week. Still. I wanted to weigh in on the lease vs purchase discussion (for the sake of future consideration). Leasing is most appealing for those whose ownership profile is annual mileage of 12k-15k/yr, and who have a strong bias to trade in a vehicle upon loan payoff. This pushes the per mile ownership cost up vs longer term ownership, but for those flush with cash and willing to indulge, there's nothing "wrong" with striving to drive a vehicle with up to date features and conveniences. I'm a creature of a different stripe. I take pleasure in a car that I've thoroughly "broken in" and into which I slip behind the wheel, feeling like I've put on a familiar second skin. I like anticipating exactly how my vehicle will respond, and if I've played my upkeep cards right, it's likely that my car will perform better in it's 2nd 100k than it's first. I indulge in car detailing every 10k-15k mi, to ensure it looks and feels it's best. It goes without saying that I rigidly adhere to the maintenance schedule. I have a 2006 Lincoln Zephyr (rebranded MKZ) that I take much pleasure in driving, despite having a 2020 fully-loaded MKZ in reserve in the garage that I use for longer trips. (I purchased the 2020 after the model's discontinuation was announced, entirely thrilled with my ownership experience of the 2006.) Suffice it to say that my annual and per mile average ownership cost is considerably lower than rolling over a car every 4-5 years. Insurance prices dip considerably after those 4-5 years. With thorough research, you should be able to select a vehicle that promises an infrequent repair history at moderate cost.

Care Credit just converted from a charge card to a Mastercard a couple of months ago. I think you're better off taking the new account hit now, and then laying off apps for a year.

Still chasing FICO white whales? I had hopes that your life had become sufficiently fulfilling thst you had "bigger fish" on your plate to fry ...

Among the factors that make mortgage loans a rational decision: -- Absent a home purchase, one generally must rent a home, without the opportunity for equity appreciation. -- Mortgage interests tend to be attractive. -- There is a robust resale market for homes. None of these hold for exotic car financing. With a cited example interest rate of 11%, financing options are not "attractive". If you're holding the vehicle as an investment, a rate like that will bleed your appreciation away. You'd like be better off selling assets to generate the necessary purchase cadh.

I suspect you misunderstand "DOFD" and perhaps are confusing it with a status date for payment delinquency (e.g. 60 days late). "Date of First Delinquency (from which the account was never paid to a satisfied status)" pertains ONLY to an account which was closed in an adverse status and proceeded to a charge off and/or collection. Such an account must be removed from your credit report, per FCRA, no later than 7 yr 6 mo from DOFD. (CRA's uniformly remove at the 7 yr mark.) An account which was formerly delinquent, but has since been brought current, is not marked with a DOFD. There is a status date for worst delinquency. Individual months marked as delinquent on your credit report are cleared after 7 years. Upon the last delinquency aging off in this manner. You're left with a "clean" tradeline, which will generally be removed 10 years after date of last activity. "Early Exclusion" ONLY pertains to adverse accounts scheduled for removal according to a DOFD. Of course, a CRA can consider and accede to a request for removal for ANY reason. Because non-DOFD accounts have the capacity to contribute continued positive account history and age after 7-year removal of delinquencies, it's genetally a POOR idea to request early "exclusion" of such accounts. The Citi account that you now cite as having reverted from an adverse account to a positive one was unlikely to ever have been marked with a DOFD.

I'll suggest that debt settlement or debt management should be off the table initially. Provided that you anticipate employment with most or all of your income restored, your best bet is to seek sufficient accommodation from your creditors such that your temporary income sources can meet your cash flow needs. Under optimal circumstances, this can avoid default/charge off reporting that is a long term credit score killer. This is particularly desirable because from what you write, you likely have reasonably strong credit scores now. This isn't a path without footwork and a fair degree of patience-trying experience. The most reputable creditors grasp temporary hardship. If you express a proactive interest in keeping your accounts out of delinquency, and can document your unemployment, they will work with you to establish temporary hardship payment agreements to bring bridge your sccount through your hardship. Such agreements typically start at 6 mo, and some will extend as necessary with continued documentation. Payments may be reduced to cover finance charges, and the apr may be lower to as low as 6%, or sometimes eliminated. Bottom line, if you successfully enter into such a program, required payments can be reduced to 1/3, or even 1/4, of their current amounts. I'm going to break fir n I w, and continue tomorrow if you respond with further thoughts and suggestions. (I'm bouncing around in a Lyft right now and I'm getting nauseous! )