What am I doing right / What am I doing wrong?

For just about anything you want to get off your chest about credit cards.
5 posts
JayC707
 
Posts: 1
Joined: Mon Nov 10, 2014 5:55 pm
Location: California

What am I doing right / What am I doing wrong?

Postby JayC707 » Mon Nov 10, 2014 6:11 pm

Hi All,

First time poster but always fascinated by these types of forums.

Here's my profile:

779 Credit Score per Credit Sesame
739 Credit Score per Credit Karma

0 Delinquent Accounts, no late payments, no collections, nada. Cleaned it all up a very long time ago after being a real moron as a young adult.

Here's what I am working with in terms of cards:

$10,000 card w/ my credit Union @ 8.9% - $300 utilization or 3% (3 years)
$1,000 Capital One QuickSilver Card @ 7.9% - $0 utilization or 0% (6 Years * See Notes Below *)
$1,250 Home Depot Credit Card @ 0% utilization

Here's what I have in the way of installment loans:

$20,000 Auto Loan (via the same Credit Union) (2.5 Years)
$140,000 Mortgage (Re-fi 15 years @ 3.75%) (6 years)
$50,000 HELOC - $45,000 used - or - 90% (Home Improvements) (1.5 year)

The only other thing is that I've been the authorized user for my company AMEX card for about 7 years, if that means anything.

So, my question is what should I be doing in terms of further improving my credit score and allowances? CapitalOne would only give me a $1,000 limit - I don't understand why seeing as I used them to rebuild my credit with a secured card (formerly Orchard Bank) for literally 4-5 years and continued on with them when they took over.

I see on these sites like CK and CS that my credit is hurt because I:

A. Don't have enough credit accounts
B. Don't have a long enough history

What's the truth here? What would you do? What should I be doing that I'm not, if anything?

I really appreciate your input so that I can learn and move forward in the right direction.

Thank you,

Jason


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Xorand
Platinum Member
Platinum Member
 
Posts: 94
Joined: Thu Feb 06, 2014 11:01 am
Location: TX

Postby Xorand » Mon Nov 10, 2014 10:00 pm

Personally, I think you're in good shape. Capital One is strange about credit limits sometimes. I have two of their cards (see signature) and asked for a CLI on the lower CL card. They declined based on the fact that I don't use all of the limit I currently have. Within the same month, they randomly increased the limit on my other card (the QS) by $2000. Go figure.

CreditKarma pegs me at 780, so I'm not very much above your score.
AmEx - Platinum (NPSL) , Blue Cash Preferred ($19,000), Gold Delta Skymiles ($8,500)
Chase - Sapphire Preferred ($14,000), Disney ($11,500), Amazon.com ($9,000), Freedom ($8,000)
CapOne - QuickSilver ($7,250) / Platinum Rewards ($7,250)

thom02099
Centurion Member
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Posts: 476
Joined: Sat Apr 13, 2013 7:49 pm
Location: Colorado, USA

Postby thom02099 » Tue Nov 11, 2014 9:11 am

The very first thing you should do is disregard the scores from CreditKarma and Credit Sesame, which are FAKOs, and get your true FICO scores, if you haven't already. You can get all three from MyFICO.com. All 3 of the bureaus utilize the 08 model (the most current), so you'll get a much more accurate picture of where you truly are, and this will become your baseline for future progress. MyFICO is the only place you'll be able to get all three together.

The current cost at that site is ~$60; however, there are discount codes available to drop it down to ~$45. Google "FICO discount code" and you'll get information on what to input. Creditboards.com have the most up-to-date codes in one of their pinned threads. Some of the discount codes are applicable only to the single purchases, rather than the tri-pull, so you would need to input the code in each individual selection versus a single code for the tri-pull. For a while MyFICO was offering a discount on the tri-pull, but looks like they've now discontinued that. I've used the single (multiple singles) pull process many times and it works fine with the discount code.
Retired, and in the process of retiring cards!
EQ = 850 EX=849 TU = 850 as of 07/2017

takeshi
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Posts: 1741
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Tue Nov 11, 2014 9:38 am

JayC707 wrote:What am I doing right / What am I doing wrong?

Take a look at:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Payment History is the biggest factor at 35% and derogs will kill any positive payment history that you might have so you're doing the "no derogs" thing right.

Utilization (Amounts Owed) is the next biggest factor. If you're at 3% you should be good.

With installments you have a mix of credit which helps.

Most of the other factors just take time and responsible usage. Don't fret over CK or CS scores as creditors do not use those scoring models. Take the reasons with a grain of salt. Even if the reasons were accurate payment history just takes time to build. At least 2-3 cards are recommended for optimal scoring so you're good there. You don't need to add cards just for the sake of adding cards. If you find something useful then go for it.

I'd also agree that CO's unwillingness to increase your limit may not mean anything. It's possible that it's because the card was once a secured Orchard Bank card but I can't say for certain.

Being an AU on a company card probably isn't helping you. Even if it was, not all creditors and scoring models factor in accounts where you're an AU anyway.

thom02099 wrote:All 3 of the bureaus utilize the 08 model

I'm not aware of the bureaus using the models for anything. The CRA's supply the data that is used by scoring models to generate the scores. Creditors use the scores.

I suggest not even bothering with scores. 08 is used a lot but all creditors use 08 so if you're applying to a creditor that doesn't then the 08 score isn't relevant anyway. Since scores are based on reports focus on the reports. Good reports will lead to good scores.

That said, some do find that having numbers reassuring and a simple way to assess progress so each needs to do whatever works for the individual.

thom02099
Centurion Member
Centurion Member
 
Posts: 476
Joined: Sat Apr 13, 2013 7:49 pm
Location: Colorado, USA

Postby thom02099 » Tue Nov 11, 2014 12:04 pm

takeshi wrote:

[color="red"]I'm not aware of the bureaus using the models for anything. The CRA's supply the data that is used by scoring models to generate the scores. Creditors use the scores.
[/color]
I suggest not even bothering with scores. 08 is used a lot but all creditors use 08 so if you're applying to a creditor that doesn't then the 08 score isn't relevant anyway. Since scores are based on reports focus on the reports. Good reports will lead to good scores.

That said, some do find that having numbers reassuring and a simple way to assess progress so each needs to do whatever works for the individual.


Correct. I should have phrased it that MyFICO provides the 08 scoring model to consumers. It still serves as a baseline for marking progress, more so than FAKOS.
Retired, and in the process of retiring cards!
EQ = 850 EX=849 TU = 850 as of 07/2017



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