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EternalDebtSlayer

740 FICO - Nothing but CC's. What is next?

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Posting for a friend here.

 

As of today their Discover FICO is 740. They have 3 CC's that are all less than 7 months old and are an AU on 4 others that don't have much history. They have a squeaky clean file but nothing positive other than these 7 accounts. Utilization is < 1%. They are a grad student but have no need for any type of loan at this time.

 

Credit Cards

Capital One Journey (Student) - $0/$750 - 6 months old

Discover It (Student) - $0/$650 - 6 months old

Chase Amazon Visa - $0/$3000 - 1 month old

 

AU Accounts

Kohl's Capital One - $0/$1000 - 2 years, 5 months old

Capital One QS - $0/$4000 - 1 year, 9 months old

Walmart Store Card - $0/$1000 - 7 months old

Barclaycard - $52/$1300 - 6 months old

 

Should they dump the Walmart Store Card and Barclaycard? What about the other two AU accounts? Should they let their accounts age before doing anything else?

 

Any suggestions on what to do to help strengthen this healthy file would be great!

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Try to get CLI's on Discover and Cap1.

 

If significant increase wait til report

 

If not recon both

 

Then Go for an Amex before end of year

 

Leave AUs for AAOA and Utilization

 

Get a couple more Prime cards. use pre qualified sites to check

Edited by daslim1

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Unless he's a credit nerd like some of us, there's really no work to do. He could work on age by getting on finding someone with an old Amex and getting D*.

 

For the long-term, while AAOA is low anyway, he might consider getting a few more prime cards to thicken the file... then, as time goes on, AAOA will take less of a hit when he opens a new TL.

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Unless he's a credit nerd like some of us, there's really no work to do. He could work on age by getting on finding someone with an old Amex and getting D*.

 

For the long-term, while AAOA is low anyway, he might consider getting a few more prime cards to thicken the file... then, as time goes on, AAOA will take less of a hit when he opens a new TL.

Isn't D* dead? I tried twice and shut down. Haven't had the nerve to read thread lately.

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...if he really wants to go all out, underwriters like to see different types of credit. He could take out a small personal loan, and pay it back. Or, buy a car :-)

 

 

NO. Absolutely no need.

 

As cv91915 stated, get several more prime cards, especially an AmEx (from the americanexpress.com site) to thicken the file. Then let them age. By the time this person graduates, the file will be healthy enough for just about anything.

 

AU accounts show low utilization so they're fine. Once your friend gets more of their own cards, then the AU can be closed.

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Thanks for the advice all.

 

Should we let the Chase account age a few months before going with AmEx?

 

Also, is the AmEx Everyday card okay or should we go for a charge card? The cards only get used 1 or 2 times per month each and she always pays in full.

 

This probably doesn't matter but she has 6 inquiries now, 3 within the last 7 months.

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I would suggest an instalment loan such as a car loan. American Honda Finance does these loans on small purchases such as their scooter line or even their mini dirt bikes. CRF 50 starts at 1100.00 and they hold value rather well as they have a bulit proof reputation.

 

Good Luck.

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I would suggest an instalment loan such as a car loan. American Honda Finance does these loans on small purchases such as their scooter line or even their mini dirt bikes. CRF 50 starts at 1100.00 and they hold value rather well as they have a bulit proof reputation.

 

Good Luck.

Not necessary. There are people here with 800+ FICOs and no installments.

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I would suggest an instalment loan such as a car loan. American Honda Finance does these loans on small purchases such as their scooter line or even their mini dirt bikes. CRF 50 starts at 1100.00 and they hold value rather well as they have a bulit proof reputation.

 

Good Luck.

 

 

Bad advice.

 

Try getting over $100K worth of credit card limits instead. http://creditboards.com/forums/index.php?showtopic=532717&p=5112902

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Listen to the experts. Don't get loans that you don't need. Just focus on your current cards and get those limits higher.

DONE!

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