The two new trades may have triggered the average age of accts stat.
At any rate, as I mentioned above having a lot of trades is not always a good thing as there is a lot of caution from FI's when assessing for new credit.
Feb 17th, 2020 1:50 pm
The two new trades may have triggered the average age of accts stat.
Feb 17th, 2020 2:56 pm
Thanks for the feedback. My last opened trade was the Canadian Tire WE with a $3k limit but I thought that was generous given that others had reported much lower starting limits. Prior to that, they the other cards gave me exactly what I asked for (usually btwn 5-10k) and the one where I did not specify, I was given 12k. But what you said makes sense and I have opened quite a few lately. I will cool it for a while to bring up my AAOA. I think I was mainly confused because the reason for my denial was "number of open TRADE LINES" as opposed to #of recent inquiries/AAOA. Maybe they consider those reasons one and the same.mikeymike1 wrote: ↑ Your declared income is only a small part of credit assessment and qualifying.
The biggest problem with CC churners is their average age of accounts becomes very low for the amount of cards you carry. This has a big impact on your overall score.
Also banks you apply to can see when all these accts were open. Churners usually have the bulk of their cards opened within or less than 9 months to a year. This will almost always cause concern when banks are granting more credit to you as they are always suspicious as to why someone needs so many open trades as well as tons of credit inquiries for the past 3 years and a number of closed trades from your churning. plus your payment history statistic is low as you never have the card open long enough to establish a history for it.
Have you noticed any of the new cards you recently got had unusually small initial credit limits like 1000 or 2000 or 3000? This is usually a sign that FI is nervous.
Feb 22nd, 2020 11:42 pm
Feb 23rd, 2020 2:35 pm
Many years ago, I temporarily ran a card up to its limit when the cards limit was @ $30K. I paid it off and lowered the cards limit to $15K as I didn't need the extra credit.While doing some home renovations I had it happen with two cards used to carry balances on by accident however it was never brought up afterwards nor was i denied for anything either afterwards, it shows on my transunion report as highest reported balance over the limit on both trades as well and will likely sit there for 20 years as someone warned.
Feb 23rd, 2020 2:51 pm
Open trades and some secured Installment trade accounts usually show high-credit data.ROYinTO wrote: ↑ This post in another thread by @mmikeman got me to wondering. He posted:
Many years ago, I temporarily ran a card up to its limit when the cards limit was @ $30K. I paid it off and lowered the cards limit to $15K as I didn't need the extra credit.
Both TU & EQ show the historical high balance of $30K with the current history (last 6 years) showing a limit of $15K.
What effect, if any, would this have on my credit score?
Would this have any effect on future credit applications?
Feb 23rd, 2020 7:49 pm
Feb 23rd, 2020 8:08 pm
The Family Responsibility Office (FRO) reports their collections tradeline under the Public Records and now purges like all other collection accts 7 years from DOLA.SkynyrdsInyrds wrote: ↑ I had child support go into collections, and that negatively affected my score. The problem is, I didn't actually owe any money and had, in fact, overpaid by about $7000.
I got things straightened out with the FRO, but when they made the adjustments they listed my account as having been paid in January. Not a penny was paid, I simply provided them with proof that I didn't owe and had overpaid, and they then made adjustments.
Despite being closed, the account is still there as an account in collections and is negatively impacting my credit score. I had expected a jump once everything was cleared up, but that didn't happen. Maybe it will take a month or so for my score to reflect that the account has been closed, but if it doesn't I am wondering what the chances are of getting the credit bureaus to remove it from collections? Does the other party (the FRO) need to agree to this? I can see them being a pain in the arse about it.
Feb 26th, 2020 7:17 pm
Feb 26th, 2020 7:30 pm
Did you get these scores directly from Equifax and TU?
Feb 26th, 2020 7:32 pm
This is irrelevant to your current needs.
Is this a late/tardy reporting or a skip account with that $55 still owing?
You do not 'need' to get your credit up as much as possible.therrol wrote: ↑ In 2 years i'm looking to buy some land and build a house so I want to get my credit up as much as possible. What's holding me back right now? Should I take out a term loan just so I have something other than revolving debt? Should I cancel some of these cards? What kind of score do you need to get approved for any loan with the best rates?
Feb 26th, 2020 8:12 pm
Feb 26th, 2020 9:35 pm
TDSR only considers viewable(credit file) and verifiable hards costs and housing. No bank/FI/mortgage lender can predict when and where your kid will go to University in 2,3 4 years etc.krs wrote: ↑ Talking about TDSR.
That benchmark seems to be pretty much a fixed number for any specific financial institution, somewhere around 43% max.
From my perspective, it doesn't reflect the reality of a typical families financial health over the years.
For instance, when I was still working, we had three kids at home with those expenses, all three of them ended up in university, which also cost a chunk of money for each one.
Now I'm retired, total family income, all pensions etc. is $10K less than when I was working, but my disposable income is much more than when we were bringing up the kids.
The TDSR only considers some housing costs and other debt payments, none of the other expenses - or when the kids have left home, the reduction of expenses.
Right now in retirement I would be able to comfortably handle a much bigger mortgage payment than what the TDSR indicates.
Am I missing something here?
Feb 27th, 2020 5:56 am
Feb 27th, 2020 2:03 pm
short answer is that's right. big banks might ask why if you double apply for the same product. when they do a pull, they can see how much cl you have & maybe with which issuers, but it won't tell them which pruducts you have (cashback, in-house pts, partner travel pts, spacecake rewards, etc.). once you pay down or off a bt or car loan, your score will get a big boost. that's when you can go apply for more cards and may get IAVosGeL2 wrote: ↑ @titaniumtux - I enjoy reading your answers for many questions! I wonder if I applied 3 or 4 credit cards this month any different days, I know it will bring down some points on our credit scores, so when we paid off before statement dates - it will bring back all the credit scores easily, right? Big Banks don't questions why we have so many credit cards for each category?
I know that's stupid, I guess the way this world is depending on each individual's credit scores for everything!
Feb 27th, 2020 2:44 pm
Greattitaniumtux wrote: ↑ short answer is that's right. big banks might ask why if you double apply for the same product. when they do a pull, they can see how much cl you have & maybe with which issuers, but it won't tell them which pruducts you have (cashback, in-house pts, partner travel pts, spacecake rewards, etc.). once you pay down or off a bt or car loan, your score will get a big boost. that's when you can go apply for more cards and may get IA