I'd like to thank FWF for all the resourceful information I got. I've (almost) paid off all the balance of my first AOR, and preparing my second AOR. But I can see that I'll buy our first house in a year or so with my fiancee. I just did an AOR for her this Feb. There are three plans I have in mind right now:
1. No more AOR, try to increase my existing CL, then get a mortgage 2. Bonus-targeted AOR, try to collect signup bonus/points/miles, and increase CL, NO BT, then get a mortgage 3. Standard AOR, balance transfer, then pay off balance two months before applying mortgage
I need to choose between those plans and maximize my financial benefits. I'm reclined to plan 2, which shouldn't significantly impact my credit score and I can get a good mortgage. Any constructive suggestions/comments are greatly appreciated.
Some financial background:
personal incoming: $90K HHI: $170K (including my fiancee) FICO: 730-ish last AOR: Aug. 2006 current personal CL: $105K current CC balance: $0 no other loan/mortgage my fiancee has a $15K car loan at 1.99%, 3 years left Longest credit history: 4 years Average credit history: 2 years Age: 24
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You could just do an AoR that targets all the 6 month offers out there if you are planning on buying the house in exactly one year. Regardless, you could just do a regular AoR, but I would leave at least 3 months for your credit report to update just in case.
another option would be a business card AOR. new accounts and balances wouldn't appear on personal reports. only hit to credit score would be inquiries, and you could bump them off (at least Equifax and TransUnion). inquiries aren't that big of a deal anyway, especially after 6 months.
BTW, you guys are rocking HHI at age 24! good luck to you and your fiancé!
MikeR397 said:You could just do an AoR that targets all the 6 month offers out there if you are planning on buying the house in exactly one year. Regardless, you could just do a regular AoR, but I would leave at least 3 months for your credit report to update just in case.
Thanks Mike. The problem is when we gonna buy our house, depending on how many cash we have, the local real estate market. I'm tempting to BT some money for the sweet free money, but just afraid of the following senario: there is a new community in construction, and we really like one house and want to buy it; but my credit score is low and can't wait three months to take mortgage, which leave me no choice but get a high interest mortgage.
lhendricks92 said:another option would be a business card AOR. new accounts and balances wouldn't appear on personal reports. only hit to credit score would be inquiries, and you could bump them off (at least Equifax and TransUnion). inquiries aren't that big of a deal anyway, especially after 6 months.
BTW, you guys are rocking HHI at age 24! good luck to you and your fiancé!
I really like the business CC AOR idea, just subscribed CreditSecure to bump off inquiries.
Those HHI is pre-tax money in the bay area, which is not as good as it looks Thank you for comments
lebice said:MikeR397 said:You could just do an AoR that targets all the 6 month offers out there if you are planning on buying the house in exactly one year. Regardless, you could just do a regular AoR, but I would leave at least 3 months for your credit report to update just in case.
Thanks Mike. The problem is when we gonna buy our house, depending on how many cash we have, the local real estate market. I'm tempting to BT some money for the sweet free money, but just afraid of the following senario: there is a new community in construction, and we really like one house and want to buy it; but my credit score is low and can't wait three months to take mortgage, which leave me no choice but get a high interest mortgage.
It only takes 3 months at the outside, and you can proactively get your report updated by disputing the balance of any accounts which have been paid off. Since you would have to pay off the balances in order to honestly fill out your mortgage application it is on the up & up. Your new credit report and higher score should be available in about a week.
You and the fiancee are sharp people. Car loan at 1.99% thats sweet. I like the idea of the business AOR. They dont check if you even have a business. They work off personal credit more than 90% of the time.
lebice said:lhendricks92 said:another option would be a business card AOR. new accounts and balances wouldn't appear on personal reports. only hit to credit score would be inquiries, and you could bump them off (at least Equifax and TransUnion). inquiries aren't that big of a deal anyway, especially after 6 months.
BTW, you guys are rocking HHI at age 24! good luck to you and your fiancé!
I really like the business CC AOR idea, just subscribed CreditSecure to bump off inquiries.
Those HHI is pre-tax money in the bay area, which is not as good as it looks Thank you for comments
Lebice, remember that CreditSecure is a free trial for the first 30 days, and you cannot do daily pulls until the second month, which will delay when your actual bumpage will start. Unless you can avoid this free trial, TrueCredit is the best to sign up for to start bumpage immediately (you can do both though to speed it up even more).
lhendricks, great idea with the business cards, and as bumpage only takes 3 months max and they can start right away, this is a perfect suggestion.
OP: Also congrats on such a solid HHI so young. Good luck with your AoR and home.
Thank you all for very helpful suggestions and comments. Thank Mike for reminding me, I'll use TrueCredit, too.
I think the conclusion is: standard business CC + bonus-targeted personal CC AOR, then relocate some personal CL to business CL for BT; hopefully there will be no abnormal balance shown up in my credit profile, and use TrueCredit and CreditSecure to bump off the inquiries.
Do you have any Chase cards? (You may not even need one, actually.) Chase resells TrueCredit at chaseIdentityProtection.com for $11.99/month. Same deal as TrueCredit - pull a new 3-in-1 report every 24 hours. No 30 day wait like CreditSecure.
PrivacyMatters can do bumpage, too, but they are expensive after the 7 day trial ($19.95/month).
I just bumped off a whole mess of inquiries in less than a month using 3 services. If you're gonna pull, PULL HARD.
lhendricks92 said:Do you have any Chase cards? (You may not even need one, actually.) Chase resells TrueCredit at chaseIdentityProtection.com for $11.99/month. Same deal as TrueCredit - pull a new 3-in-1 report every 24 hours. No 30 day wait like CreditSecure.
PrivacyMatters can do bumpage, too, but they are expensive after the 7 day trial ($19.95/month).
I just bumped off a whole mess of inquiries in less than a month using 3 services. If you're gonna pull, PULL HARD.
sure, but do 'em both. or all 3. cancel the extras after a month when you no longer need them for bumpage. i just keep credit secure year round so i don't have to wait again for the 30 day trial period.
lhendricks92 said:sure, but do 'em both. or all 3. cancel the extras after a month when you no longer need them for bumpage. i just keep credit secure year round so i don't have to wait again for the 30 day trial period.
Will do, really appreciate your comments, lhendricks92.
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