takeshi wrote:It's all going to depend on what your credit profile qualifies for. Work on improving identifying and addressing the issues on your reports and you'll get there.
Regarding my credit profile the two things on there that were pulling it down for me were high utilization and my age of credit history average is only 9 years. Everything else shows no problems.
takeshi wrote:You don't lose it. Closed accounts in good standing typically continue to appear on reports for 10 years and will factor into AAoA as long as they are on reports.
I didn't realize this I may just close this account then.
takeshi wrote:Hard pulls typically have little impact. If you're seeing bigger impact from a hard pull then it's not the hard pull that's the problem -- you have bigger issues with your credit profile that you need to address. Hard pulls have a bigger impact for those with thin profiles and/or profiles with issues. Don't just avoid hard pulls. Again, identify the issues with your credit profile and work on addressing them. Your sub 700 scores indicate that there are items that you need to work on, if possible.
I'm not really expecting any big impact from a hard pull I think my chase sapphire inquiry dipped me 4 points or something. Not a huge deal
takeshi wrote:A year should give you plenty of time to recover from the short term negative impacts if you app now.
Awesome, that's what I thought. Although I may just see if I can have my wife get the card instead(if she can get approved) and not worry about it since I'm mainly just after an active card I can use for travel rewards. Transferring points from her freedom card shouldn't be a problem if I understand correctly esp if she adds me as an authorized user. Sounds to me like getting her as an account owner not just an authorized user on a credit card right way is a good idea anyways.
takeshi wrote:That said, if your revolving utilization is high you shouldn't be applying. What is your revolving utilization at?
It was quite high around 90% I believe, I had a couple of credit cards the us bank card, scammers credit card(don't ask), and a amazon rewards card. All were maxed out from when I was a college student and struggling to make ends meet. I graduated a year and a half ago and I have just been paying the minimum on the accounts because I didn't feel financially secure. I've had a real job now for about a year earning actual income and I am feeling more comfortable and starting to look towards the future instead of just surviving month to month.
This month so far I've paid off 3,500 or so of my debt, which only leaves me with 1,200 left which is on my US Bank card which I plan to pay of this month, but I'm waiting till next pay check. So my utilization after April will be 0%. Although I think I may get some small amount of utilization for using the sapphire card because I'm running all my purchases through it as a debit card for the rewards points.
takeshi wrote:She needs to establish account ASAP and that's going to be difficult if she has nothing on her reports (don't conflate account and report -- they're entirely different things) as she will need to gradually add accounts as her credit profile allows. You may need to reconsider your 1 year timeframe for a mortgage unless you can qualify on your own.
Her score is around 650 I think according to credit karma, I know not the best source I haven't had time to pull a real one for her yet. I got mine from myfico.com. I'm going to see if I can get her to apply for a card right away probably this week and see what happens.
I'm not sure how accurate the myfico simulator thing is, but it seems to think that my scores will be high 700, possibly low or just barely 800 if I get rid of my utilization problem. I know I should have paid these off sooner instead of just paying the minimum. I haven't made any new charges to those accounts since I graduated, but I just felt more comfortable with the cash in the bank since my income in the past was unstable.