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advjeep

Advise to get FICO above 760

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I’ve used credit boards on and off for years… First off, I just want to say thank you to all the amazing and wonderful people here who have helped me so much!

 

I’m trying to get my score above 760.

 

I’m currently sitting at a 673 Fico 8 from Experian.  What has helped you the most get to this point?

 

I’m 6 years out of a BK7 in May.  All of the old negative accounts are gone except for one Cap1 account due to fall of in May 2020.

 

Positive accounts:

 

I have 2 paid off auto loans since the bk.

1 new auto loan as of Oct 2018

 

CC’s

Secured Visa from a local credit union for 500

Cap1 Quicksilver - 3,500

Cap1 Venture - 15,000

Nordstrom Card - 2,500 

Amex Cash Magnet - 5,000 (just got this.  Not reporting yet)

 

My utilization is at between 1-6%. I PIF but some have balances before the statements close again.  I’m going to try the $2 on one card and see what happens.

 

My average account age is 4yrs 7 months

with the oldest account at 10 years 9 mos according to Experian 

 

 

On experian.com it shows what is hurting my score:

1. Negative Items - this shows only the one account from cap1.  I sent off another dispute letter so we’ll see what happens.  If anyone has some thoughts on this please let me know.

2. Loan Balances - Now that I just got a new car last Oct the percentage of principle paid is only at 2%

3. Short Account History - my oldest account is only 10 years, 9 months.  Not sure if there is anything I can do about that.

4. Few accounts paid on time. - FICO High Achievers have an average of 6 accounts currently being paid as agreed.  I only have 5.  Because of this I added the Amex to bring up the accounts to 6.

 

My Questions:

 

What are your thoughts?  I’ve just sat and done the minimums but I see that I need to be more proactive and strategic.

Should I try to get the BK off?

How to best handle the negative cap1 account? 

Do I need to add more accounts?  My file seems kind of thin.  If so, which accounts would you suggest?

 

 

Thanks for your help!

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7 hours ago, advjeep said:

I’ve used credit boards on and off for years… First off, I just want to say thank you to all the amazing and wonderful people here who have helped me so much!

 

I’m trying to get my score above 760.

 

I’m currently sitting at a 673 Fico 8 from Experian.  What has helped you the most get to this point?

 

I’m 6 years out of a BK7 in May.  Is this reporting?  All of the old negative accounts are gone except for one Cap1 account due to fall of in May 2020.  The disappearance of your final negative will probably get you over 760 all by itself.

 

Positive accounts:

 

I have 2 paid off auto loans since the bk.

1 new auto loan as of Oct 2018

 

CC’s 5 revolving accounts is optimum, so you're good.

Secured Visa from a local credit union for 500

Cap1 Quicksilver - 3,500

Cap1 Venture - 15,000

Nordstrom Card - 2,500 

Amex Cash Magnet - 5,000 (just got this.  Not reporting yet)

 

My utilization is at between 1-6%. I PIF but some have balances before the statements close again.  I’m going to try the $2 on one card and see what happens.  This tactic usually has the most benefit on a clean file.  The Capital One CO is killing you.

 

My average account age is 4yrs 7 months

with the oldest account at 10 years 9 mos according to Experian 

 

 

On experian.com it shows what is hurting my score:

1. Negative Items - this shows only the one account from cap1.  I sent off another dispute letter so we’ll see what happens.  If anyone has some thoughts on this please let me know.

2. Loan Balances - Now that I just got a new car last Oct the percentage of principle paid is only at 2% An installment loan with a low balance relative to the original loan amount is most helpful.  You'll get there over time.  

3. Short Account History - my oldest account is only 10 years, 9 months.  Not sure if there is anything I can do about that.  Average age of accounts is in important metric for age.  Do you have anyone who can add you as an AU on an old open card (NOT Amex), or multiple old open cards?  I just got added to a Chase card that was opened in the early 1990s.

4. Few accounts paid on time. - FICO High Achievers have an average of 6 accounts currently being paid as agreed.  I only have 5.  Because of this I added the Amex to bring up the accounts to 6.

 

My Questions:

 

What are your thoughts?  I’ve just sat and done the minimums but I see that I need to be more proactive and strategic.

Should I try to get the BK off?

How to best handle the negative cap1 account? 

Do I need to add more accounts?  My file seems kind of thin.  If so, which accounts would you suggest?  Adding new accounts will hurt your AAoA.  That doesn't mean don't do it, just don't do it because you think it will help your FICO score.  It won't.  

 

 

Thanks for your help!

 

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Thanks @cv91915!  I've seen you help a lot of people here and I enjoy your wealth of knowledge.

 

Yes, the BK is still showing.  I've successfully removed my old address associated with it from one report...working on the other two.

 

For the cap1 negative I'll see what comes out of this most recent dispute.  Maybe it will drop early at the very least.

 

I love your suggestion about being added on to old accounts.  I'll do that right away.  What's the reason not to do AMEX?

 

Lastly, I noticed that you have quite the file and number of cards.  Knowing I'd like to strengthen my file at this time too would it be beneficial to get a few more accounts while I'm waiting for the baddies to fall off?

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1 hour ago, advjeep said:

Thanks @cv91915!  I've seen you help a lot of people here and I enjoy your wealth of knowledge.

 

Yes, the BK is still showing.  I've successfully removed my old address associated with it from one report...working on the other two.

 

For the cap1 negative I'll see what comes out of this most recent dispute.  Maybe it will drop early at the very least.

 

I love your suggestion about being added on to old accounts.  I'll do that right away.  What's the reason not to do AMEX?

 

Lastly, I noticed that you have quite the file and number of cards.  Knowing I'd like to strengthen my file at this time too would it be beneficial to get a few more accounts while I'm waiting for the baddies to fall off?

Amex AUs show up as new accounts, so you get all the negatives of adding a new account including a hit to AAoA. If you want an Amex, you are better off opening your own and collecting the SUB.

 

One thing I'd add to CVs good advice is, there's a lot more to age than just AAoA. And AAoA is seldom the most important.

Here are 4 measures of age in approximate order of importance to FICO:

 

 1. Age of oldest account

 2. Age of newest account

 3. AAoA

 4. AAoOA

 

#4 barely matters at all to FICO, but has a large impact on FAKOs like Vantage.

 

Age of oldest open account often counts more on FAKOs than any of the "real" measures. But AFAIK it has no effect at all on any FICO score.

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17 hours ago, advjeep said:

 

Lastly, I noticed that you have quite the file and number of cards.  Knowing I'd like to strengthen my file at this time too would it be beneficial to get a few more accounts while I'm waiting for the baddies to fall off?

Occam covered most of the items in your response.  

 

You do not need to open more accounts strictly to have more trade lines, and I wouldn't advise doing that.  Since you have five revolvers, I would recommend figuring out which cards serve you best long-term, and then transition into your ideal portfolio over time.  There is no urgency for opening an account just so you have one more account.

 

Most people wouldn't want to manage all of the cards I have, and I have other motives for having so many (sign-up bonuses, ongoing travel benefits).  I also have a number of cards that I keep solely because they've been open for so long.  They only add overhead and I regret opening them.  

 

Go for quality, not quantity at this point.

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You don't indicate how many of those credit card accounts are reporting with balances.  It is not simply the utilization amount on each card and as a percentage of total available credit, but ALSO the number of cards with a balance that can help or hurt.  Your post suggests that you have multiple accounts reporting a balance, which means the two dollar trick won't help you unless you clear the other balances...

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@Occam Thanks for that info!  So technically you could be added on as AU for a few months of reporting and then be removed and you would still maintain the age metrics since AAoOA isn't factored?

 

 

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Thanks @centex  I just looked and I had 3 of the 4 revolving accounts with balances which isn't normal.  I had bought something from Nordstrom over Christmas.  

 

What's a good single account utilization?  I've tried for a TLI on the 3500 cap1 and they declined it saying I hadn't used the card.  So since Oct I've been shifting a bunch of spending to it.  I had 28% util on that card and 1% and 4% on the other. 

 

This month I'll only have one account with the $2 and see what that does.

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10 hours ago, advjeep said:

Thanks @centex  I just looked and I had 3 of the 4 revolving accounts with balances which isn't normal.  I had bought something from Nordstrom over Christmas.  

 

What's a good single account utilization?  I've tried for a TLI on the 3500 cap1 and they declined it saying I hadn't used the card.  So since Oct I've been shifting a bunch of spending to it.  I had 28% util on that card and 1% and 4% on the other. 

 

This month I'll only have one account with the $2 and see what that does.

You can use the hell out of a card and still not have a balance report...their computers will still know you were using the card. 

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