Author Topic: How to improve my credit history.  (Read 3353 times)

Offline Freecountry

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Re: How to improve my credit history.
« Reply #20 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

Offline davidrotts63

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Re: How to improve my credit history.
« Reply #21 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?
« Last Edit: March 12, 2018, 02:33:41 AM by davidrotts63 »
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Offline yitrap

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Re: How to improve my credit history.
« Reply #22 on: March 12, 2018, 05:39:31 PM »
Looked into Alliant?

Offline mmgfarb

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Re: How to improve my credit history.
« Reply #23 on: March 12, 2018, 05:44:22 PM »
Looked into Alliant?
Alliant discontinued their secured loan option a few months ago.
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Offline mmgfarb

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Re: How to improve my credit history.
« Reply #24 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
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline davidrotts63

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Offline davidrotts63

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Re: How to improve my credit history.
« Reply #26 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.....
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Online Abey

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Re: How to improve my credit history.
« Reply #27 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?

Offline davidrotts63

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Re: How to improve my credit history.
« Reply #28 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
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Offline PillanSmye

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Re: How to improve my credit history.
« Reply #29 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.

Offline PillanSmye

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Re: How to improve my credit history.
« Reply #30 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.

Offline davidrotts63

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Re: How to improve my credit history.
« Reply #31 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?
« Last Edit: March 17, 2018, 08:32:11 PM by davidrotts63 »
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Offline Freecountry

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Re: How to improve my credit history.
« Reply #32 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

Offline davidrotts63

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Re: How to improve my credit history.
« Reply #33 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.
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Offline Freecountry

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Re: How to improve my credit history.
« Reply #34 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. 

Offline davidrotts63

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Re: How to improve my credit history.
« Reply #35 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.
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Offline PillanSmye

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Re: How to improve my credit history.
« Reply #36 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.

Offline PillanSmye

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Re: How to improve my credit history.
« Reply #37 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.