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Baby Joe

What TL's am I missing?

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hello friends, I am wondering what additional trade lines I might look to add to my credit report, for the sake of diversity & improving my score. I have the following:

 

Mortgage

Auto-Loan

1 small LOC (3K)

about 10 open CC's (close to 100K total available)

1 fully paid off personal loan (SoFi)

 

Is there anything obvious that I'm missing here that I should go for? The one thing that I can think of is that I don't have any charge cards - should I get one? I'm not really sure if that would help or matter. Or anything else? Thanks in advance -

 

 

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That's a good mix.  Opening new accounts for their own sake would only hurt your AAoA, which could cause your scores to go down.

 

How old is your oldest reporting account?  If your profile is relatively young, you might benefit from getting added as an AU to someone's non-Amex revolver, if that revolver is older than your oldest account.

 

How would you characterize your credit profile in general (excellent, average, poor)?  

 

 

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cv points you in the right direction.  You have a particularly strong mix (particularly if your general history of active credit use spans 5-10 years).  And, not only is a new account opened strictly to "broaden" your credit a hit on your AAoA, it's unlikely to grow without strong motivation to use it actively.  That risks a credit card portfolio that's dominate by low limit, low value credit lines.

 

That said, there are a decent number of potential new card acquisitions that provide limited time perks that make them attractive and give good reason to give them an initial active workout, creating the opportunity to cement some strong credit lines.  I'm always on the lookout for premium cashback earning options and the opportunity to finance large purchases at promo rates (I define as balance transfer terms at 0% APR for 12-18 mo, with 2% or smaller fees), as well as accounts offering attractive sign-up bonuses.

 

Accounts I've opened up in the last 2 years (some with bonus opportunities that have lapsed):

 

-- Barclays arrival:  $700 in "miles" redeemable to offset travel purchases on the card after a $5k spend in 90 days.

 

-- Chase Freedom Unlimited:  $150 sign-up bonus ($500 purch) and double cashback (3%) on up to $20k in purchases in first year.  (Further, the cb ponts can be transferred to my Chase Sapphire Rewards account where points can redeemed at an additional 50% bonus rate (4.5%) for travel purchases through their travel website.)

 

-- US Bank Cash+:  $150 sign-up bonus ($500 purch) and 5% cb on 2 categories on up to $2000 purch every quarter (categories can rotate, but are fairly static).  I've maxed out the quarterly cb selecting TV/streaming and utilities as my categories.

 

-- Discover Miles:  double cashback (3%) for the first year

 

All of these cards have rewarded active use with generous credit line increases upon request.  They've generated about $1000 in cb/credits annually.  Many take more aggressive advantage of such offers.  With opportunities like these alighting on the table with good frequency, building a "card portfolio" simply "happens" without effort.

 

 

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On 12/7/2019 at 2:53 AM, cv91915 said:

How old is your oldest reporting account?  If your profile is relatively young, you might benefit from getting added as an AU to someone's non-Amex revolver, if that revolver is older than your oldest account.

 

How would you characterize your credit profile in general (excellent, average, poor)?  

 

Thanks for the reply. My oldest account is actually one of my parents cards that I am an Auth. user on - it's a non-Amex from like 1991 I think? Early 90's basically. Most of my other accounts are newer, like within the last 5 years, so the older one definitely helps my AAoA.

 

My credit profile in general is GOOD - it's actually close to great or excellent if I paid down some balances. I'm at like 730, no lates or CO's. I had a CO but it finally fell off my CR last year, so it's now very clean. I have like 30% utilization at the moment and I know I need to bring that down, and my AAoA isn't that old - could definitely be better. I was just wondering if there were any other accounts that I was missing or might look to add, but it sounds like I may be fine there. 

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4 hours ago, Baby Joe said:

 

Thanks for the reply. My oldest account is actually one of my parents cards that I am an Auth. user on - it's a non-Amex from like 1991 I think? Early 90's basically. Most of my other accounts are newer, like within the last 5 years, so the older one definitely helps my AAoA.

 

My credit profile in general is GOOD - it's actually close to great or excellent if I paid down some balances. I'm at like 730, no lates or CO's. I had a CO but it finally fell off my CR last year, so it's now very clean. I have like 30% utilization at the moment and I know I need to bring that down, and my AAoA isn't that old - could definitely be better. I was just wondering if there were any other accounts that I was missing or might look to add, but it sounds like I may be fine there. 

Then you're set as far as account mix and oldest account age.  

 

Things to work on:

 

- Utilization (which you already know)

- Number of cards with balances

 

Unless you have one or more individual cards with high utilization I'm surprised that your scores aren't higher.  Are these FICO 8s that you're referencing?

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