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DansDeals Forum => Credit Cards => Topic started by: davidrotts63 on March 11, 2018, 12:08:13 PM

Title: How to improve my credit history.
Post by: davidrotts63 on March 11, 2018, 12:08:13 PM
I'm looking to thicken my credit file, what I believe I need is a mix being that at this point all I have is multiple credit cards.
I was looking for some sort if installment loan to add. I was thinking PayPal credit as I keep getting offers when checking out online for 6 month credit with 0% APR.
Does anyone have experience with PayPal credit?
Will this PayPal credit do the job?
Does anyone have any better ideas how to add an installment loan to my file when I don't need one?
Title: Re: How to improve my credit history.
Post by: Z56 on March 11, 2018, 12:22:29 PM
Get off DDF.

Works amazingly and increases your CS super fast
Title: Re: How to improve my credit history.
Post by: aygart on March 11, 2018, 12:36:07 PM
Get off DDF.

Works amazingly and increases your CS super fast
אפשר לקיים שניהם
Title: Re: How to improve my credit history.
Post by: shapsam on March 11, 2018, 01:08:29 PM
Isn't Paypal credit a revolving account?
Title: Re: How to improve my credit history.
Post by: Z56 on March 11, 2018, 01:10:09 PM
I'm looking to thicken my credit file, what I believe I need is a mix being that at this point all I have is multiple credit cards.
I was looking for some sort if installment loan to add. I was thinking PayPal credit as I keep getting offers when checking out online for 6 month credit with 0% APR.
Does anyone have experience with PayPal credit?
Will this PayPal credit do the job?
Does anyone have any better ideas how to add an installment loan to my file when I don't need one?

On a serious note, how thick do you want your Credit File
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 11, 2018, 01:13:04 PM
Get off DDF.

Works amazingly and increases your CS super fast

Side note: I'm referring to my overall report, score is a side factor, dandy at the moment
Isn't Paypal credit a revolving account?

Is it?
On a serious note, how think do you want your Credit File
What does that even mean?
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 11, 2018, 10:01:22 PM
Isn't Paypal credit a revolving account?
Terms indicate its true, as it seems it's a LOC, so now I don't even have a possible option....
Title: Re: How to improve my credit history.
Post by: shapsam on March 11, 2018, 10:09:40 PM
Terms indicate its true, as it seems it's a LOC, so now I don't even have a possible option....
I did Discover personal loan for $2.5k, payed it off once it hit my CR, cost me around $25.
Title: Re: How to improve my credit history.
Post by: Freecountry on March 11, 2018, 10:52:34 PM
I'm looking to thicken my credit file, what I believe I need is a mix being that at this point all I have is multiple credit cards.
I was looking for some sort if installment loan to add. I was thinking PayPal credit as I keep getting offers when checking out online for 6 month credit with 0% APR.
Does anyone have experience with PayPal credit?
Will this PayPal credit do the job?
Does anyone have any better ideas how to add an installment loan to my file when I don't need one?
I wonder if getting an installment loan is a smart thing to do to boost your CS being that loan mixing makes up 10% of your score where as the average length of credit makes up 15% of you score and adding new credit will shorten the average length top that with a hard pull
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 11, 2018, 10:55:55 PM
I wonder if getting an installment loan is a smart thing to do to boost your CS being that loan mixing makes up 10% of your score where as the average length of credit makes up 15% of you score and adding new credit will shorten the average length top that with a hard pull
Score isn't a problem, it's a thin credit file. I do mind a pull as well, although I can handle 10 pulls on EQ.
And AAOA is a small concern too
Title: Re: How to improve my credit history.
Post by: Freecountry on March 11, 2018, 11:10:44 PM
Score isn't a problem, it's a thin credit file. I do mind a pull as well, although I can handle 10 pulls on EQ.
And AAOA is a small concern too
if you have multiple credit cards how do you have a "thin credit file"
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 11, 2018, 11:12:43 PM
if you have multiple credit cards how do you have a "thin credit file"
I have a relatively thin file. Mostly young credit cards.
Title: Re: How to improve my credit history.
Post by: Z56 on March 11, 2018, 11:13:50 PM
I have a relatively thin file. Mostly young credit cards.

Do you pay your own phone bills, electric, gas or water bills ?
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 11, 2018, 11:14:28 PM
Do you pay your own phone bills, electric, gas or water bills ?
Negative.
(just cell phone bill)
Title: Re: How to improve my credit history.
Post by: Z56 on March 11, 2018, 11:15:44 PM
Negative.
(just cell phone bill)

Prepaid cell phone ? Do they have your social Security?
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 11, 2018, 11:17:01 PM
Prepaid cell phone ? Do they have your social Security?
Yes. No. If I can have them report it, what would it report as, and would it be beneficial?
Title: Re: How to improve my credit history.
Post by: Freecountry on March 11, 2018, 11:19:01 PM
I have a relatively thin file. Mostly young credit cards.
that is not what a "thin credit file " means. A thin credit file means that the credit bureau doesn't have a enough information to generate a CS.
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 11, 2018, 11:20:04 PM
that is not what a "thin credit file " means. A thin credit file means that the credit bureau doesn't have a enough information to generate a CS.
I didn't write thin, I said relatively thin. I guess not by CB terms, just in general.
ETA: Google indicates that even with a few credit accounts can still be a thin file.
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 11, 2018, 11:23:53 PM
Positive Negative?

:)
?
( @mmgfarb I deeply apologize for using the word negative 😊)
Title: Re: How to improve my credit history.
Post by: Freecountry on March 11, 2018, 11:33:23 PM
I didn't write thin, I said relatively thin. I guess not by CB terms, just in general.
ETA: Google indicates that even with a few credit accounts can still be a thin file.
here's from credit karma
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.creditkarma.com/credit-cards/i/what-does-it-mean-if-i-have-a-thin-file/amp/&ved=2ahUKEwjZ5sDV7OXZAhVJON8KHTfCAt8QFjAAegQICBAB&usg=AOvVaw3h7jtgnnoJUYv2OAAMlvZL&ampcf=1
Title: Re: How to improve my credit history.
Post by: Freecountry on March 11, 2018, 11:38:27 PM
I didn't write thin, I said relatively thin. I guess not by CB terms, just in general.
ETA: Google indicates that even with a few credit accounts can still be a thin file.
what I was trying to tell you was that once you have a credit file and a CS then it is the five key factors that matter. Payments on time, total accounts, utilization, inquiries and credit length. Based on that I was saying that the CB's care more about AAOA than of total and mixed accounts
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 12, 2018, 02:29:37 AM
what I was trying to tell you was that once you have a credit file and a CS then it is the five key factors that matter. Payments on time, total accounts, utilization, inquiries and credit length. Based on that I was saying that the CB's care more about AAOA than of total and mixed accounts

All payments by me are on time.
I have a decent amount of accounts. - all revolving.
Extremely low utilization.
I have many inquiries . High- but not too high.
And quite a young AAOA.
What the CB care for is irrelevant, it's the banks who have a say, they always want a mix, more specifically some sort if installment loan.
So although at the moment a new account may reduce my AAOA(truthfully not by much), in the long run it'll give a mix, and show an installment loan. Again, I'm not looking for a CS quick fix, my score is great at the moment (EX FICO 750, including my recent dip for multiple new accounts and inquiries), and I know it'll take a dip if I take out a loan, but for my file it'll be great, and even for my score in the long run.
So with PayPal out of the question, I know have 2 questions.
1. Should I be an installment loan, or what else should it be?
2. Assuming an installment loan is the way to go, how should I go about that?
Title: Re: How to improve my credit history.
Post by: yitrap on March 12, 2018, 05:39:31 PM
Looked into Alliant?
Title: Re: How to improve my credit history.
Post by: mmgfarb on March 12, 2018, 05:44:22 PM
Looked into Alliant?
Alliant discontinued their secured loan option a few months ago.
Title: Re: How to improve my credit history.
Post by: mmgfarb on March 12, 2018, 05:45:15 PM
All payments by me are on time.
I have a decent amount of accounts. - all revolving.
Extremely low utilization.
I have many inquiries . High- but not too high.
And quite a young AAOA.
What the CB care for is irrelevant, it's the banks who have a say, they always want a mix, more specifically some sort if installment loan.
So although at the moment a new account may reduce my AAOA(truthfully not by much), in the long run it'll give a mix, and show an installment loan. Again, I'm not looking for a CS quick fix, my score is great at the moment (EX FICO 750, including my recent dip for multiple new accounts and inquiries), and I know it'll take a dip if I take out a loan, but for my file it'll be great, and even for my score in the long run.
So with PayPal out of the question, I know have 2 questions.
1. Should I be an installment loan, or what else should it be?
2. Assuming an installment loan is the way to go, how should I go about that?
Read this: https://www.doctorofcredit.com/strengthen-credit-installment-loan-using-secured-loan-technique/
And these:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
http://ficoforums.myfico.com/t5/General-Credit-Topics/The-Quest-for-an-SSL-alternative-to-Alliant/td-p/5162448
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 12, 2018, 05:46:35 PM
Read this: https://www.doctorofcredit.com/strengthen-credit-installment-loan-using-secured-loan-technique/
And these:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
http://ficoforums.myfico.com/t5/General-Credit-Topics/The-Quest-for-an-SSL-alternative-to-Alliant/td-p/5162448
Will do.
Thanks
ETA: first one is dead, I wanted to do it, but forgot about it.
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 13, 2018, 08:45:44 PM
Anyone know anything about the Alliant Unsecured loan?
Or a link to a comprehensive review of how it would benefit me, and what options would be best?
@PillanSmye.....
Title: Re: How to improve my credit history.
Post by: Abey on March 13, 2018, 10:05:12 PM
Anyone know anything about the Alliant Unsecured loan?
Or a link to a comprehensive review of how it would benefit me, and what options would be best?
@PillanSmye.....
Doc wrote it wouldn’t be available in 2018.
Is it still available?
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 13, 2018, 10:33:57 PM
Doc wrote it wouldn’t be available in 2018.
Is it still available?
I'm talking about the unsecured version, if the secured one was around, I would have never started this thread
Title: Re: How to improve my credit history.
Post by: PillanSmye on March 17, 2018, 06:35:26 PM
Anyone know anything about the Alliant Unsecured loan?
Or a link to a comprehensive review of how it would benefit me, and what options would be best?
@PillanSmye.....

If you can find an unsecured loan with no origination fees and no INQs that lets you pay down 98% at once and pushes the payments out 4 1/2 years go for it. 

The deal with Alliant was you'd have like $40 balance left that you were paying 5% on so it was like $2/year in interest.
Title: Re: How to improve my credit history.
Post by: PillanSmye on March 17, 2018, 06:43:03 PM
what I was trying to tell you was that once you have a credit file and a CS then it is the five key factors that matter. Payments on time, total accounts, utilization, inquiries and credit length. Based on that I was saying that the CB's care more about AAOA than of total and mixed accounts

You just unknowingly contradicted yourself.

If you have a thick aged file, adding a new CC or two is meaningless to your AAoA.

In your belief, having a single CC open for 5 years constitutes a thick file. Yet open two new accounts and your AAoA would drop from 5 years to 1.7 years.
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 17, 2018, 08:26:48 PM
If you can find an unsecured loan with no origination fees and no INQs that lets you pay down 98% at once and pushes the payments out 4 1/2 years go for it. 

The deal with Alliant was you'd have like $40 balance left that you were paying 5% on so it was like $2/year in interest.
Thank you.
Based on my description of my credit, do you feel I need to add an installment loan?
I'm assuming one of those you mentioned haven't been found yet.
Therefore, assuming a loan is something crucial for me, I was wondering if there is anything similar, although not as good maybe even a couple more dollars interest. Or even 10 pulls on EQ, but nothing on the other 2.
And I'm assuming DPs on how you can pay it can't be collected directly from the information the CU, rather from third party resources, correct?
Title: Re: How to improve my credit history.
Post by: Freecountry on March 17, 2018, 08:54:35 PM
You just unknowingly contradicted yourself.

If you have a thick aged file, adding a new CC or two is meaningless to your AAoA.

In your belief, having a single CC open for 5 years constitutes a thick file. Yet open two new accounts and your AAoA would drop from 5 years to 1.7 years.
I don't understand how I "contradicted myself" the question was whether taking out a personal loan is a good way to improve your credit score or just leaving your credit as is as to not lower the AAOA. What I said was that AAOA matters more to crediters than total mixed accounts. However if we were discussing taking out more cc which will reduce your monthly utilization then that that is a different story since utilization is more important than AAOA
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 17, 2018, 08:58:34 PM
I don't understand how I "contradicted myself" the question was whether taking out a personal loan is a good way to improve your credit score or just leaving your credit as is as to not lower the AAOA. What I said was that AAOA matters more to crediters than total mixed accounts. However if we were discussing taking out more cc which will reduce your monthly utilization then that that is a different story since utilization is more important than AAOA
First things first we are referring to a credit REPORT which AFAIK banks care more about mix then the CB calculate into the FICO.
Title: Re: How to improve my credit history.
Post by: Freecountry on March 17, 2018, 09:19:59 PM
First things first we are referring to a credit REPORT which AFAIK banks care more about mix then the CB calculate into the FICO.
where you coming? Fico only cares about what the banks and creditors care about. They are not the lender they are the ones that tell the banks the individuals history as it relates to borrowing so when Fico says what matters it's what the creditors care about. 
Title: Re: How to improve my credit history.
Post by: davidrotts63 on March 17, 2018, 09:30:31 PM


where you coming? Fico only cares about what the banks and creditors care about. They are not the lender they are the ones that tell the banks the individuals history as it relates to borrowing so when Fico says what matters it's what the creditors care about.

-1.
I spoke to recon from both Barclay and BoA, both who didn't say a thing about AAOA, just about lack of mix.
Title: Re: How to improve my credit history.
Post by: PillanSmye on March 18, 2018, 01:29:13 PM
I don't understand how I "contradicted myself" the question was whether taking out a personal loan is a good way to improve your credit score or just leaving your credit as is as to not lower the AAOA. What I said was that AAOA matters more to crediters than total mixed accounts. However if we were discussing taking out more cc which will reduce your monthly utilization then that that is a different story since utilization is more important than AAOA

If you want I'll multiquote all your posts in this thread relating to thin files, then your post that banks care about AAoA.  You speak (type) like they aren't correlated, which couldn't be father from the truth.
Title: Re: How to improve my credit history.
Post by: PillanSmye on March 18, 2018, 01:39:22 PM
where you coming? Fico only cares about what the banks and creditors care about. They are not the lender they are the ones that tell the banks the individuals history as it relates to borrowing so when Fico says what matters it's what the creditors care about.

FICO only cares about the information the CRA's files contain, not the banks/creditors.

FICO does not tell the banks the individual's history.   FICO takes the individual's history as reported by the CRA's and runs it through their algorithms to compute a score.  The credit report from the CRA's tells the banks the individual's history.

FICO scores are merely a part of the underwriting process and can be completely ignored by underwriters who don't care about $2 tricks or installment loan hacks.  Same way someone with a 720 score with a $200K/yr income and $2mm in net worth is more likely to be approved for a loan than someone with an 800 credit score and little to no income.