I just found this board because I wanted to find a better credit card. The key to higher scores is not several accounts with or without balances, it is 1 or 2 accounts with high limits that are at least 10 or 15 years old. Most of all no lates, very small or no balances. I have 1 visa, 1 mc , both 15 years+, no balance, no lates. Until last week, I have not applied for any credit in 12 years. eq 801, exp 790, tu 835.
I didn't believe that citi was giving away aa silver and gold cards. It seemed too good to be true. It worked. Thanks to all those on the board for the info.
Please give some more detail about your credit reports. Do you have (did you have) mortgage loans and installment (auto) loans in the last two, three, or five years?
no mortgage, paid cash. no auto loans, paid cash. 1 auto loan that I got back in 88 that I paid off in 93 still appears as paid , will be on my report until 2003. That was the last time I applied for credit (1988) until last week. I only have 3 entries on my reports: 1 first usa visa(got in 83), 1 mbna mc (got in 84),and the paid car loan. Never really needed credit. Use mbna mc the most and as soon as I see the charge as hit my account and is correct and valid I pay it within a week online with mbna net access(very convenient)
Gordon, That is one of the highest FICO scores I have ever seen. I guess that is what I am striving for. As of now, my scores are somewhere in the 700's but I want to go higher and higher. I have a card that I do not use too much. Maybe I should get rid of it because it just basically sits in my wallet. Then I will have two main cards. I can then use these two main cards, increase the limits over time and never apply for any more credit for the rest of my life. Sounds like a plan to me. So, are you saying that you only have 2 credit card accounts? If not, how many open credit accounts do you have. As the last poster stated, please elaborate, we are all anxious to learn more about what it takes to be number one!
I don't know about being number one, but I can tell my experience. I never checked my credit in the last 10 years until I started reading this board a few weeks ago. When I first checked my equifax fico it was 809( but I had a $400 balance on my mc), when I paid the balance my fico went down to 801 (reason 1: no revolving balance). Still in shock my reports didn't have errors. So I guess fico does not want you debt free but to carry a small balance month to month.
I was thinking about replacing my first usa. I found this board and started reading it to get some inside information so I would not waste my time with bad card companies. I applied for the citi hilton honors visa signature on the Dec 18, got it friday's mail(they pulled all 3 reports). I kept reading about the citi aa cards and frankly I didn't believe. So I applied for the citi aa silver and gold, approved instantly for both , 10k each. Thanks to all on the board, it only took a couple of minutes. I didn't need the aa cards but I take them as long as they are giving them away (and for 1 inquiry)
You can call and combine them, then upgrade to platinum and immediately get better terms. No inquiry.
I plan to combine the aa cards into a platinum select. I would like to know who has done this multiple times and how far or how high of a limit did they get to? Did citi cut them off after a certain limit? I was very impressed with KustomKat.
LOL gordon, if you get carried away, you'll mess up your near-perfect FICO. You can probably get all you want, depending on income.
Show off! No, seriously, this does sound like a good strategy... get a credit card with a high balance and have it for 10 to 15 years. LOL Come on! That takes TEN to FIFTEEN years. We are needing the biggest boosts in the shortest amounts of time, I am not saying your strategy doesn't work. Without a doubt, it does. But not all of us want to wait around 15 years for an 801 fico. Congrats on your great score anyway (mine sucks)
What is the prime age for an account? I mean, if I opened an account a year and a half ago, when the age of the account hits 2 years, will it boost my score any? Do accounts 1 year old boost the score much more than one reporting as 6 months old?
I'm not trying to show off, I just wanted to share my story because there is so much good info on this board. I hesitated for weeks to even join this board and reveal my scores , maybe I should take off because I don't want to make anyone feel bad.
yes, Gordon, I was just teasing! Please understand how desperate I feel have ficos in the mid 500's & powerless to get out of my crappy ghetto apartment. : ( But I am seriously happy for you, 801 is great... just very envious.
No, gordon, we want you here. You have what we are after. You know things we don't, obviously. Like, how did you keep FUSA from treating you as shabbily as they have treated others? Their abuse is legendary. Did you just not use the card?
