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  1. Summary I am attempting to roll over roughly $20K of 0% debt due on 11/11/2022. Rather than using cash to repay this balance I would prefer to use a credit card balance transfer or better yet use a larger balance transfer to increase cash Reported Income: $150,000 - self employed Current Debt: Car Loan (Penfed 60 month low rate) $17,190.77 Bank of America (0% until 11/11/2022) $20,007.74 of $38,000 limit - 54% Usage AMEX (0% until 3/22/2023) $19,508.90 of $25,000 - 79% Usage In September I paid off a 0% Chase Slate Card with a balance of $14,782.42 Other credit cards are spenders paid off each month. Total credit card limits $159,200 (roughly 25% useage) Credit Score Credit Score 637 This score is with AMEX at $23,611 - 94% usage I am waiting for a payment that hit my bank on 10/17/22 to show up on my credit report (not sure how much this will move the needle) I recently paid down the Bank of America card by $5,000 to increase the score from 636. Before paying off the Chase Slate Card ($14,782.42) the score was 622. Cash and Tax Considerations While I can take a 30 day loan from my ROTH IRA to pay down credit card balances my top priority would be to put this money back before the 30 days are up. I already took the required minimum distribution from an inherited IRA in August. After withdrawing $23,365 on 10/3/22 from an Inherited IRA account ( I could put this money back within 30 days 11/3/22 would be the deadline to do so) there is a remaining balance of roughly $99,000 that is fully invested in stocks. Any sales would take three business days to clear before funds could be withdrawn. In 2020 I took roughly $98,000 out of the inherited IRA which I could potentially put back as a Covid emergency loan. As the IRS would consider this to be a taxable distribution (until the money has been put back into the IRA) I have made estimated payments but refrained from filing my last two federal income tax returns (2020 & 2021). As of 10/15/22 I am also late in filing for 2022 so getting a traditional loan is not an option right now. My strong preference would be to put back the $23,365 into the Inherited IRA this year (instead of taking even more money out) and to put the $98,000 back next year. Not sure if this is possible as the last 20K that I used towards paying down credit card debt only served to improve my credit score from 622 to 637. All other cash flows come from my online business and the revenues vary from month to month. To be conservative I am assuming that the business will not net any positive cash flow over the next month. Strategy If I had to do it I could sell some stocks on 11/7/22 borrow the funds ($20,007.74) from my Roth IRA on 11/10/22 and pay off the Bank of America Card on 11/11/22. I could then put the money back into the ROTH on 12/9/22 and take any funds necessary from the Traditional IRA. This would be the worst case scenario as I would then have added $23,365 plus whatever else I need to cover to my taxable income this year and lose the opportunity to continue growing these funds in the tax deferred Inherited IRA account. While rolling the Bank of America debt directly into a new 0% credit card would be the most simple solution my credit score would need to be high enough to not only get approval but to get a high enough balance on the new card or cards to cover the entire $20,007.74. A better strategy might be to transfer a balance to a credit card that has no balance and obtain a refund check for the negative balance. This would add to my cash position instead of simply rolling over the debt without increasing my cash. If I knew of one or more of my existing credit card companies that would go for this I could use the 30 day loan from my ROTH IRA to further pay down balances (improving my credit score) and put the money back once I receive the refund check. I did this years ago but I could see this going wrong and could use more information about which companies would be cool with this. Ace in the Hole Bank of America would almost certainly give me a credit card if I applied for it even if approving the new card meant stealing part of the limit from my existing card. Once I pay off the Bank of America card in November they will let me move the limit from that card to the new one allowing me to get 0% on my purchases over the next 12-18 months Of course this does not help me with the immediate problem of paying off the debt in November My business involves selling collectibles online. I recently made arrangements to transfer the contents of my ebay store to a company on consignment. This negatively impacted my cash flow when I closed my ebay store in June but the entire inventory will go up over the next six months which should allow me to easily pay back the credit cards a year from now. Failure Before paying down the AMEX card from $23,611 (94%) to $19,508 (79%) I asked for a credit line increase to $35,000. AMEX rejected my request and left my limit at $25,000 as they did not like the fact that I only made minimum payments the card prior to the request. They did not do a hard inquiry (I only have one currently) as they rejected me outright. I was thinking of calling customer service to see if I could get more information on the formula so that I could figure out how to get an increase in the future without paying off the card completely. Cards I Plan to Apply for Rate Purchases BT BT Fee Navy Federal Credit Union Platinum Credit Card 0.99% N/A 12 Mo 0% Union Bank® Platinum™ Credit Card 0% 15 Mo 15 Mo 0% Edward Jones Business Credit Card 0% N/A 12 Mo 0% Wells Fargo Reflect® Card 0% 21 Mo 21 Mo 3% Bank of America® Unlimited Cash Rewards 0% 18 Mo 18 Mo 3% Chase Freedom Unlimited 0% 15 Mo 15 Mo ??? Discover IT 0% 15 Mo 15 Mo 3% AMEX Blue Cash Everyday® Card 0% 15 Mo 15 Mo 3% U.S. BANK VISA® PLATINUM CARD 0% 18 Mo 18 Mo 3% I do not necessarily need to get a $20,000 limit on one of these cards as I could spread the balance over multiple cards. I was hoping I could get these cards while carrying about $40K in debt but my attempts to pay down the debt seem to yield very small increased in my credit score. Any advice concerning the credit score I would need to obtain these cards and if it will be necessary to make any further payments towards the BOA or AMEX cards to get my score up would be appreciated. Other Considerations Currently my Penfed card is the only one without a foreign transaction fee, I would like to get another card without the fee as part of this apporama. In addition to the balance transfers, getting cards with 0% on purchase is important because some of my business expenses and personal spending could be deferred which would alleviate my current liquidity problem
  2. Knight

    AZEO

    What is the perfect utilization % on the one account "reporting a balance" for Maximum AZEO?
  3. What's the best way to maximize your relationship with NFCU? I have that. With them for almost 10 years. I have 3 Credit cards with them, multiple accounts. Any advice?
  4. After many years, I’ve managed to reach achieve zero credit card debt (student loans are another matter but, these days, I’ll take any victory I can come by). I have two credit cards from Citi. Both are the same “sponsor”, but one is a higher level and affords more rewards (gold vs platinum). Neither card has a balance, however, the lower tiered card has a higher limit. As I’m in now the practice of paying balances in-full each month, the credit limit is only a consideration insofaras its negative effect on my FICO score if I were to close it. It would lower my total available credit, and it is an older account (~10 years). Should I just keep it open in perpetuity, occasionally using it for a small purchase to keep it active? Should I close it and deal with the credit score hit? Has anyone heard of a credit card company “consolidating” two cards? Is there another option I haven’t thought of? My instincts tell me that the first option may be best, as I’d like to apply for a mortgage within the next few years. Any thoughtful advice would be appreciated!
  5. Iv been battling this car loan late payment with Ally financial for a year now. Iv called and sent dispute/forgiveness letters to Ally trying to get the 30 days late payment removed but they wont budge. I've always paid a lil more then what's due. Because of Covid I looked up the Fair credit act to see if there's protections for us from having negative marks on our credit during the pandemic but still no luck for me. Does anyone have any suggestion for me this is my only late payment.
  6. In 2019, with impeccable credit, I requested a TJMAXX card with Synchrony Bank (SYNCB/TJX) and got approved for $2,000. Amidst crisis and turmoil where I live, paying about $200 I owed from a purchase slipped through the cracks. I have 5 negative marks for late payment. I immediately paid the balance in full. In fact, I always do. The account was closed by the credit grantor. This small sum owed, essentially ruined my credit and I’m in the process of recovering it now. Even though I’m sending dispute letters to the 3 credit bureaus, I’m wondering if it’s a good idea to send a request for Goodwill elimination of my marks directly to Synchrony Bank. My credit history since then shows that I pay all my balances in full in a timely way. I even have bank statements of significant purchases made at the TJMAXX stores since. The crisis and unrest experienced during the period of time where I live when the late payments were made is a testament to the hardships at that time….which led to notices received about late payments slipping through the cracks. I’m confident I can make a good case in a Goodwill letter and offer to open a new card once credit is restored, but I don’t even know if its worth a shot and if that kind of consideration is commonly granted. Logic tells me that pleading to the actual bank for consideration would be more efficient than continuing to knock on the bureaus’ doors with disputes. Any insights or help?
  7. I've got Citi AA Miles card from 2019 still with same credit limit I opened with. Denied again for CLI, reason given was: However, I wonder if that is the full story since they have BK loss with me that is off my credit reports now? Are they obligated to cite that in their reasons if part of their decision making process? My inquiries on Equifax they referred to: Feb 17, 2021 PENTAGON FCU (Denied CLI, max exposure) Feb 17, 2021 DIGITAL FEDERAL CREDIT UN (Denied card) Dec 29, 2020 CORELOGIC CREDCO CORELOGIC for BACHOMELOANSECOMMDMA (Mortgage approved) Apr 20, 2020 CREDCO/QUICKEN CREDCO/QUICKEN for QUICKEN LOANS INC Mar 07, 2020 PENTAGON FCU (Approved CLI) Mar 07, 2020 DIGITAL FEDERAL CREDIT UN (Denied card) Feb 24, 2020 CITIBANK NA CITIBANK NA (Prior Citi CLI that was denied) Experian FICO: 827 (From Wells Fargo Bank) TransUnion FICO: 824 (From Barclays Bank) Equifax FICO: 770 (From DCU older version of score) Thoughts?
  8. Hi All, I have searched this board to identify a singular thread that nails down the personal experience of members who follow the AZERO but ONE credit card utilization balance strategy Unfortunately, I have not found any expansive explanation behind who came up with this strategy, how to best implement it, and its success rate among credit card holders. To my understanding, the gist of the AZERO but ONE strategy is to zero out the balance on all credit cards in one's profile, but carry a balance on one. I do hope I have this right, because I am trying to take put it into practice (along with great payment history and credit limits) to reach the 800+ club. What I am not sure about are the following: Does the balance of the one card have a carry a statement balance (will incur an interest for non-zero APR card)? Does the balance of the one card have to carry a current card balance (money spent to-date) at the end of the closing date? Does the balance of the one card have to be < 30 %? I utilize the spreadsheet from the following site to play around with the card balances - Card Utilization Calculator. Ideally, I like to keep my card utilization between 7%-10% max. However, when I average out all my cards in the calculator, the total utilization rate naturally comes to less than %1. At that point, I am not sure if having < 1% is considered to be so negligible to the Fico scoring system that it makes it appear that I really don't utilize my cards at all. As an experiment, I plan on carrying a 30% current balance on one of my cards for one billing cycle, out of 7 cards, which will bring my total utilization ratio to about 7%. That said, does anyone have any experience or insight to this approach they are willing to share?
  9. I recently received a "score" in a letter from a financial institution. The letter revealed that the data was Equifax, but made no mention of the model, just that "Scores range from a low of 501 to a high of 990." That's an awfully high top end, could this be Vantage 4? Of the five adverse factors listed, three were of the dunning "How dare you use your credit cards!" type, including the fact that I have too many of them. Then I got "No real estate accounts with a valid credit amount." No I don't have a mortgage; I busted my hump for 35 years to own my home free and clear and now it's a negative on my credit score. Lovely. Then came the dreaded, infamous, Too Many Inquiries! factor; but look how they have juiced it up to sound less negative: "Number of inquiries was also a factor, but the effect was not significant." BTW, I had one 14 month old inquiry.
  10. I missed a payment for a federal student loan and about a week and a half ago, it hit 7 years. Isn't it supposed to just fall off? When will that actually happen? Do I have to do something to make it fall off? Thanks for your help!
  11. Finally posting on this forum after gawking for a while. 🙂 I've been working on my credit repair the last couple of years and am kind of at that point where I'm not sure if there is anything else I can do but wait it out. Had a medical issue back in 2016 / 17 which contributed to somewhere around 12 account charge-offs and a car repossession. Over the past year and a half, I've been aggressively paying the accounts off (all are at zero balance, settled), disputed as many as I could (several fell off, am doing another round this month), opened five rebuilder / secured / sub prime cards starting two years ago (Citi Secured, Self Secured, Cap 1 Secured, Cap 1 Unsecured, Credit One Unsecured), did the Self Lending self loan (like 6 months left on that one), Experian Boost, have had a high interest car loan the last two years, am about to replace it with a newer car loan at a lower rate, and obviously keep cards paid off every month and paid on time (*accidentally had a 30 day late when I was changing banks and forgot to update the account that was on autopay). Looks like stuff starts aging off in 2023 and 2025. Scores went from the low 500s to 696 Trans, 712 Equifax, 625 Experian. The problem I'm having is that even with everything settled, zero balances, and "good" scores," I'm still in purgatory when it comes to getting an actual decent points card. Capital One gave me an unsecured one a few months ago, but it's a $300 limit on a non rewards card. And since I already have two cards with them (one which is my oldest card now), even though their my "best bet" in the nearterm for a better card, i'm at their card limit. Goal Cards in the future are Chase Sapphire, AMEX Blue, AMEX Gold, and Citi Premier. Current plan is to just keep sending dispute rounds every few months, keep balances at zero, not apply for anything new at least until early 2022. Is there anything I'm missing? Anything I can do sooner to help compensate for the scars from the past on my credit report?
  12. This is a group participation project, since my profile is no longer representative. When my AAOA was only 8 years, I suffered a 12 point drop when no balances reported. Now that my AAOA is 10 years, it’s only 6 points. I’m looking for volunteers with Score Watch, or those with regular free access to real FICO scores. I’m interested in the relationship between AAOA, and the penalty for having no reported balances. Of course, starting FICO scores also have an effect, but I think we can see general trends across all profiles. So, in the interest of Science, please volunteer your profile for the inaugural CB FICO Experimentation Project P.S. If you’ve already done this on your own, please share your AAOA and results. TIA
  13. I ran across a post I found interesting. The poster was inquiring about paying off all his bills except mortgage wondering about it lowering his score. I am curious how that worked for the original poster and all your thoughts. I am aware paying off credit cards will do nothing so your score but possibly raise it but what about the loans? Most referred to the cards in the comments and not the loans being paid off. Before I had learned that you had to have credit cards I thought paying your loans and paying them off was a good thing but when I had tanked our score (68 points) by paying off a loan early I quickly learned the difference. Said loa was a 3 year 20K loan, paid it off in a year and a half and crap went down the tubes. I am in a position now to be able to pay a loan off but have just let it run (2%) so it's not costing me much but I don't want to tank my score again. Simular situation but on a toy where before was just a personal loan. Does the loan type make a difference? Here is the link to the thread I am referring to. I appreciate all reply's.
  14. Hello everyone, I've been a member here for years and this site has helped me immensely!! This is the first time I have posted a question because I wasn't able to find an answer in the search. I am trying to refi my property but my credit scores are too low because of high balances on my credit cards. Score is 603 and all payments have been made on time and never missed (need to raise my credit score close to 700 for refi). Most of my cards are close to limit. I just received a personal loan of $44,000 to pay down my cc's but now I'm wondering which route to take: Do I pay off a few CC's or do I pay down the balances of multiple credit cards? I need to raise my credit score as quickly as possible and I'm not sure which way would help raise my credit scores the fastest? I'm trying to do this in the next week or two and do a rapid score at the end of the month. Thanks in advance for any advice! $14,000 Limit - Balance $13,549 $8,300 - Balance $8170 $1400 - Balance $1583 $15,190 - Balance $14,883 $16,700 - Balance $16,810 $6000 - Balance $9613 $7126 - Balance $6740 $5000 - Balance $5000 $32,000 - Balance $31,720
  15. So- my credit file has not significantly changed in a long time (and I qualified for long-term zero% auto loan back in April). I do carry significant balances on my credit cards, but always pay (auto-pay) significantly more than minimum payments. but something triggered an odd cascade in the last few weeks. I got notice one of my Synchrony accounts had suddenly had the credit limit dramatically reduced. I contacted them and they said they periodically check credit report and make changes. The letter they sent indicated high balances to limit on cards. a day later ai get another letter from Synchrony- for a second account with them was having the limit reduced... we all know this impacts your credit score, as it messes up your utilization %. today, I got notice from a different bank- that, due to higher credit utilization rates, they dramatically reduced my limit in that card - Which of course now even further rips my credit score... And this afternoon, I get notice from Synchrony that my Automotive account (that has never had particularly high balance can limit) was having a limit reduction down to the current balance! What’s going on? I have NEVER been late, never payed just the minimum payments on any accounts... Is there some massive banking “surprise” on the horizon? I did recently put a credit freeze on all 3 bureaus due to someone filing for unemployment with my name/SS# and I filed a police report on that. I have paid credit monitoring service- and there is nothing new or odd on my CR... So what’s going on?
  16. So when i was a teenager i went to open a bank account with my father at BOA (highly regretted it ever since) with a security deposit of $500. I had a bad payment status for 30-59 days and the account was closed by the credit grantor but only after i payed off the balance (they allowed me to pay off the balance by saying i had to make payment to use the card again and after i did they said i had to call a service representative) . I should have been more responsible on checking my balance since it was below $500 and thinking back now i was told that even though i payed off the due amount i would not be getting my deposit back, so me being a irresponsible teenager i just wanted to hide this fact from my parents. Moneys tight right now for my family so i was wondering if there was anyway to recover this $500. Is there any steps i should take to gather information regarding this ie the credit card terms and service before i try to dispute the fact? Would i be able to remove this remark from my credit score? I know this is a long shot but any information would help. Its been 4 years since then and the account was open for around 7 months. The year was opened on july of 2016 and closed feb 2017. Has anyone else had any experience with something similar?
  17. Does accepting a settlement offer on a closed credit card account help or hurt you in the long run. Account closed with Best Buy in December and now receiving settlement offers from CRA. Should you go for it? What about requesting a pay for delete along with it?
  18. After years of steadily increasing credit scores across all three bureaus, I was hit with a surprise this past week when I went to review my weekly Credit Wise report (which, I believe, is supplied by Transunion). Notwithstanding 10+ years of on-time payments, a credit utilization of below 23%, and some rather aggressive payments toward my accounts in recent months, my trend toward the low/mid 700s was abruptly derailed with a 55 point drop. The only adverse indicators aren’t new, and include 4 inquiries (over 8 months+ old), and a 12 year average account age. Not a single missed or late payment. Any idea what gives? I’ll add that I have federalized student loan debt that is in administrative forbearance under the CARES Act. On my credit report for Transunion, there is no “current” report for the relevant months for those loans (they are blank—no 30/60, or otherwise overtly derogatory notation. Moreover, I was of the impression that this forbearance would not have adverse consequences on credit. Am I missing anything? I have used my annual free credit reports for all bureaus a few months ago. Is it worth buying one ad hoc from Experian or Equifax? I’m...flummoxed. Any thoughts would be greatly appreciated.
  19. I got some help previously about opening new accounts, but I was curious more about the impact and possible ramifications. I only have 1 credit card in my name, and it only reports on Experian and TransUnion. The rest are AU cards. I have 8 accounts on Experian and TransUnion and AAoA of about 21 years. My Equifax report is a bit thinner. I pulled CCT, and I'm at 777 EX, 782 TU, and 789 EQ. I have been thinking about about a PenFed credit card and an AMEX revolver. I also may be cosigning a small student loan. I'm not certain on this yet, but it's a possibility. I know that this will cause a score hit of some sort (drop in AA), but I'm not sure how severe. I was thinking about forgoing PenFed and just doing AMEX, but I can't make up my mind. Can anyone give me some insight? I would like to avoid permanently damaging my report in some way. I don't know if 2 cards in such a short time is too much. I appreciate any help.
  20. I have a chase freedom with a $2k credit limit and a I was approved for a chase Sapphire with a $15k credit limit. At the time after I was approved for the Sapphire my credit score went up 30 points I had $8k transferred from my sapphire to my freedom card to give me a $10 limit on the freedom and the Sapphire was at $7k.Then weeks later after the $8k limit transfer to the freedom my credit score dropped 30 points!!! I then called chase to to had the cards put back to there approved limits wich was freedom at $2k and Sapphire at $15.Why did it drop so much and will I my score go back up 30 points or what should I do to increase my score back up?
  21. Kiai

    Fico 9 NFCU

    Is that a legit score? Why is it so different from Fico 8?
  22. Hi, this is my first post here as I'm kind of stuck in a situation and need help. After moving out from my previous apartment in Indiana, I forgot to pay the electric bill (Duke Energy) for the final month which I did not realize until 4 days ago when I saw a collections record on my credit report. Now I did not receive any communication from the CA or OC regarding the debt until I saw the CR. I have not yet talked to either the CA or OC, but I’m more than willing to pay the whole debt amount ASAP, but would like to get the collections record removed from my CR. I’m a foreign national and do not know much about such processes, but I don’t want a near $100 debt stain my credit score for years to come. I have read some of the discussions in this forum on this topic, and understand that I should first talk to the OC and get the debt settled. What I'm not clear about is what steps I should undertake after that. I would highly appreciate if someone could guide me with this or share their personal experiences in such situations. Thanks for helping out!
  23. 110 million consumers could see their credit scores change under new FICO scoring "will start incorporating consumers’ debt levels into their scoring model."
  24. I recently have been working on getting my credit score higher and also want to have $100k in available credit (maybe a dumb thing to do). In doing so I have gotten about 6 new credit cards in the past 6 months. All of them have zero balance, about $30000 in available credit, I recently noticed my equifax dropped 16 points. I assume this is from the inquiries and new accounts? avg account age is 2yrs 8 months. Should I close any of the new accounts to increase my credit age? Or just be patient and wait for the accounts to age and the inquiries to age. I am looking to buy a car next year, and maybe refinance my mortgage, and really want a 750+ score before I do so
  25. I get my credit score from Experian and they are constantly promoting Experian Boost to add points to your score. I don't like the idea sharing more information and I'm assuming that it'll only make a difference with lower scores? Is this true? My score is 835 now so I don't need a boost but I can't help being curious. Does anyone have a boost they can share?
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