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FICO 707


Knight
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EXP Fico 08 from experian.com is 707. TU report is similar to EXP. Don't know the score yet. I am trying to add a revolving TL or 2. 

Which CC company you advise me to apply to?

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2 hours ago, Knight said:

No Discover or NFCU. I burned them in the past.

I have seen many people who have applied for a Discover card and been successfully approved despite having a bad previous relationship.

 

You can test your luck by trying the prequalification portal, and you might be lucky enough to get back in!

 

I doubt your success at NFCU because no one can restore their goodwill until he pays his debt to NFCU!

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11 minutes ago, MP80 said:

I have seen many people who have applied for a Discover card and been successfully approved despite having a bad previous relationship.

 

You can test your luck by trying the prequalification portal, and you might be lucky enough to get back in!

 

I doubt your success at NFCU because no one can restore their goodwill until he pays his debt to NFCU!

 

I am planning to work with NFCU to settle the debt once I put some funds together. But more importantly I need to work out an agreement to have them NOT report the settlement as it is now over 7 years.

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1 hour ago, hegemony said:

discover is known to forgive. what reasons are given for why your score isn't higher?

 

1. Number of your accounts currently being paid as agreed: 2 accounts. Only one is a revolving account.

 

2. Your credit report shows no recent balances on your revolving. CC has balance of 0$

 

3. The remaining balance on your student installment loan is relatively high. (This one is tough to fix)

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10 hours ago, Knight said:

 

1. Number of your accounts currently being paid as agreed: 2 accounts. Only one is a revolving account.

 

2. Your credit report shows no recent balances on your revolving. CC has balance of 0$

 

3. The remaining balance on your student installment loan is relatively high. (This one is tough to fix)

You need to have a small balance on one revolving account to max the scores...this is what gave rise to the AZEO concept.  I demonstrated this again sometime last year when I went all zero except for AXP Plat and confirmed that charge cards were not factored as a revolving account. 

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Posted (edited)
On 7/15/2022 at 7:51 AM, centex said:

You need to have a small balance on one revolving account to max the scores...this is what gave rise to the AZEO concept.  I demonstrated this again sometime last year when I went all zero except for AXP Plat and confirmed that charge cards were not factored as a revolving account. 

 

I didn't know about this concept. Now I do. Thank you. 

So I have $9 balance on the CC now. Should I decrease it to $3 for maximum effect? 

Edited by Knight
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8 hours ago, Knight said:

 

I didn't know about this concept. Now I do. Thank you. 

So I have $9 balance on the CC now. Should I decrease it to $3 for maximum effect? 

Unless you have a $100 limit, I don't see that making a difference...

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Posted (edited)
1 hour ago, discopanda said:

What about the single non revolving loan tradeline that people used to do?


Get a PL, pay it all back except a few dollars and let it report.

 

I heard PL don't affect FICO as much,

 

Edited by Knight
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2 minutes ago, Knight said:

 

Does that affect the Credit score?

And if yes, which PayDay Loan companies report?

Call it a hunch, but I suspect they mean Personal Loan, although I don't know who does a balloon note that does not require interim payment...

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Posted (edited)
2 minutes ago, centex said:

Call it a hunch, but I suspect they mean Personal Loan, although I don't know who does a balloon note that does not require interim payment...

I was fixing it as you were typing your answer..LOL

 

This is actually my only complaint about creditboards.com: The abuse of abbreviations.

I mean people will write essays describing their issues or credit suggestions, but then kill the whole thing with some obscure abbreviation that requires you to do extra research to find out what they mean. I could never wrap my head around it. 

Edited by Knight
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21 minutes ago, discopanda said:

Lol - yes, personal loan.  Not some blood sucking leach loan.

 

IIRC, it was called the installment loan hack back in the day.

With rising interest rates, I doubt many lenders are going to be keen on leaving loans open and doing nothing productive. 


For those looking to expand anorexic reports, however, a share-secured loan for $1K and where the proceeds are then plowed into a secured card gets two new lines and a good start on the credit mix.  The loan won't suck up a lot of resources to pay off in a year...and that year basically maxes the value to be gained, although there WILL be a drop when it hits zero (depending on model, I dropped 25-40 points paying off a loan since the car loan did not report to all of the bureaus).  One need not have an open loan to be north of 800 though...

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10 minutes ago, centex said:

With rising interest rates, I doubt many lenders are going to be keen on leaving loans open and doing nothing productive. 


For those looking to expand anorexic reports, however, a share-secured loan for $1K and where the proceeds are then plowed into a secured card gets two new lines and a good start on the credit mix.  The loan won't suck up a lot of resources to pay off in a year...and that year basically maxes the value to be gained, although there WILL be a drop when it hits zero (depending on model, I dropped 25-40 points paying off a loan since the car loan did not report to all of the bureaus).  One need not have an open loan to be north of 800 though...


I agree. I know PenFed will, or at least my personal loan with them works that way. For example, I had a few extra bucks kicking around in January and I threw it at that loan

and the payment due date extended out to September with less than 200.00 owed.

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I waited 20 years to make NFCU whole.  Totally worth it!

 

They have both of my car notes, they are my largest CC limit, hell I'll push my mortgage over there the moment WF pisses me off.

 

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4 hours ago, Knight said:

I was fixing it as you were typing your answer..LOL

 

This is actually my only complaint about creditboards.com: The abuse of abbreviations.

I mean people will write essays describing their issues or credit suggestions, but then kill the whole thing with some obscure abbreviation that requires you to do extra research to find out what they mean. I could never wrap my head around it. 

Acronyms R Us ! 😁

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18 hours ago, StarkRaven$ said:

Acronyms R Us

You could have saved yourself some keystrokes by just using ARU.

 

Related - Elon Musk once sent an email to all employees requesting fewer acronyms.  The subject line of the email?  Acronyms Seriously Suck. 

 

The body of the email:

 

Quote

There is a creeping tendency to use made up acronyms at SpaceX. Excessive use of made up acronyms is a significant impediment to communication and keeping communication good as we grow is incredibly important.
Individually, a few acronyms here and there may not seem so bad, but if a thousand people are making these up, over time the result will be a huge glossary that we have to issue to new employees. No one can actually remember all these acronyms and people don’t want to seem dumb in a meeting, so they just sit there in ignorance. This is particularly tough on new employees.

 

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On 7/19/2022 at 12:27 PM, A Credit Ed said:

Elon Musk once sent an email to all employees requesting fewer acronyms.  The subject line of the email?  Acronyms Seriously Suck. 

 

The body of the email:

There is a creeping tendency to use made up acronyms at SpaceX. Excessive use of made up acronyms is a significant impediment to communication and keeping communication good as we grow is incredibly important.
Individually, a few acronyms here and there may not seem so bad, but if a thousand people are making these up, over time the result will be a huge glossary that we have to issue to new employees. No one can actually remember all these acronyms and people don’t want to seem dumb in a meeting, so they just sit there in ignorance. This is particularly tough on new employees.

 

 

 

Yeah man. I had to send them that email to remind them to be more professional. 😂

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