Author Topic: Needing more positive tradelines w/o new inquiries & looking for options  (Read 371 times)

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olywa

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Hi all...the dust is staring to settle in my financial life & as the title suggests, I'm looking for some ideas on building up some positive tradelines.

I'm currently in a position where my scores are being suppressed the most due to poor payment histories...with currently around 97% of my payments being reported as on time. Unfortunately reality dictates that my scores aren't going to improve all that much until I move that percentage up to 98-99%...which is currently rather difficult due to the small number of accounts/tradelines that I have reporting.

I could go out & apply for some fee-harvester cards and/or some really low quality credit...as those would definitely give me some positive payment activity...but I really worry about the 'hit' my scores would take (collateral damage) from the associated new inquiries & that my average age of accounts would take a big hit.

Was curious if anyone might have some recommendations for adding tradelines that potentially won't result in hard pulls. I remember 10 years ago there were places like Crown Jewelers that a lot of people used (no hard pull & quickly started reporting) but I've been out of the game long enough that I'm not sure who the players are in that realm anymore. Any tips???

Oh...and just to clarify, my current late payments are probably not removeable, as they're within 2 years of SOL for reporting & I'd prefer not to wake a sleeping bear. Just looking to see what I can accomplish with what I've got.

Clydesmom66

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Re: Needing more positive tradelines w/o new inquiries & looking for options
« Reply #1 on: November 12, 2016 01:02:05 AM »
I could go out & apply for some fee-harvester cards and/or some really low quality credit...as those would definitely give me some positive payment activity...but I really worry about the 'hit' my scores would take (collateral damage) from the associated new inquiries & that my average age of accounts would take a big hit.

Your average age of account will take a big hit with new trade lines even without the hard pull.  The hard pull is the LEAST of your worries on FICO hit.

Was curious if anyone might have some recommendations for adding tradelines that potentially won't result in hard pulls. I remember 10 years ago there were places like Crown Jewelers that a lot of people used (no hard pull & quickly started reporting) but I've been out of the game long enough that I'm not sure who the players are in that realm anymore. Any tips???

There are no "players" anymore that will extend credit without a hard pull after the 2008 melt down.  Not even sub prime.  Chances of finding a legitimate creditor that won't pull are slim to none.

Just looking to see what I can accomplish with what I've got.

Start with what your bank card score is.  That FICO can easily be determined within 20-30 points at "free" sites like Credit Karma etc.  That "score" is the one banks/creditors use to determine if they will give you a credit card or credit line.  Let us know what that score is and hopefully there is a starting point to adding a positive trade line or two.
Be VERY careful following advice from the internet! What worked for someone with thousands of posts on a message board may not work for YOU in your state.  Consult a lawyer when ever possible.

CleaningUp

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Re: Needing more positive tradelines w/o new inquiries & looking for options
« Reply #2 on: November 12, 2016 01:41:05 AM »
Here's a useful trick to get yourself going again...

Take out a secured card from one.  Almost everyone offers them. 

The, pay one of your utilities...say your phone bill on-line with the card.  Then pay the card bill promptly with the money that you used to pay the utility with.  If you do it regularly and before the interest starts compounding, the real cost will be quite low, and you will begin rebuilding a credit history.

You can also go back and work with your former creditor for a good-will deletion of the badies. .  Go to DB's FORUM PAGE and do a search for "goodwill".  There are quite a few DBers who have worked this route with some success.  Take them one-at-a-time and work with the creditor; your scores can become more acceptable quite quickly.  Even changing a badie to a neutral can help.

excelsior

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Re: Needing more positive tradelines w/o new inquiries & looking for options
« Reply #3 on: November 13, 2016 04:57:38 PM »
Is there any loan history from the past that is not showing up on the credit reports that is positive?  If not, I would ask that the history be reported.  That won't cost much.

Do some research on the shopping cart trick.  There are quite a few cards that can be obtained without a hard pull.  However, I would be reluctant to add more than 2 cards every 6 months.  The problem with adding new accounts is that it dilutes the average age of accounts.  However, if there is a strong average age of accounts, opening a new card will not be so damaging.

Credit scores can be rehabilitated relatively quickly (6 months) if a consumer is willing to put in the effort.  If it were me, I would order myFICO reports for all 3 bureaus from myFICO.  This is the only place to get the full FICO analysis of what helps and hurts one's score.  I would not use CreditKarma for advice on credit repair, because the algorithms that it uses are fake and don't reflect real FICO scores.  These Credit Karma numbers are wildly off in situations where there are no active credit accounts (such as what you're suggesting).

In my experience, the fastest way to get a huge bounce from FICO is to open one credit card account and find out when that credit account reports to the actual bureaus (this can be done with a daily puller).  Then, I would make sure that the utilization of all open credit card accounts is between 1-3% of the total balance.  I would make sure that every month I paid so that exactly 2% of the balance shows on the credit report.  Do not pay off the account to a zero balance every month--this will hurt FICO scores.  Just pay down to 2%.  What you will find is that at the 6 month point after the account opens, you will see a large bump in FICO scores.  Assuming that the utilization reports around 2%, a consumer can expect to see a large bump in scores (from 50-100 points). 

Once a consumer vaults into the 650 range, there are many more credit options that become available.  From there, it can take another 6 months to push into the 700+ range where rewards cards may be worth exploring.

Meanwhile--while that new credit card is marinating 6 months at a time--I would be looking to surgically remove select negative TL's through the FCRA and arbitration with the CRA's.  The place to start is to pull hard copy reports (not the online reports) by ordering each report from each bureau so that they mail an actual hard copy report to your home. 

Good luck.

 

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