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What I've learned in a year

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DaveInAZ
Senior Contributor

Re: What I've learned in a year


@bunga7 wrote:

Thank you for the comments. I did know that GE Money was now basically Synchrony. I was surprised because I'd only had the Walmart card for three months, but I do use the card for some household things, and pay it off regularly so I think that looks good with them. I'm doing the Carecredit thing as a 6 month-no interest deal. I'm teaching an extra course, so I know I could pay it off in two months of needed, What I haven't decided is whether it would be better to pay it off early, or go the full 6 months (really 5.5 months so I know I'm not close to getting dinged.) Any thoughts from anyone which way would look better for credit report or futue credit?


I'd go for the 5.5 mos. I have a Barclaays MC and they sent me checks with 0% inerest for 15 mos. I needed the short term loan and used $3300 of my $3500CL. The 0% ended 9/2014 and I paid the card in full in Aug. Barclays responded by raising my CL to $5700. Smiley Surprised My credit score took a hit with that high a CC utilization, but when I paid it off it bounced back higher than ever. And free use of OP's money is one of my favorite things. Smiley Wink

Message 11 of 16
TRC_WA
Senior Contributor

Re: What I've learned in a year

The only good thing about Synchrony is Care Credit.

 

They do not grow with you... I got fed up with my Walmart card and the joke $100 CLIs so I closed it the the other day.  I didn't shop there anyway.  I was holding out for the Walmart MC upgrade but don't really care now because my other cards are better.

 

Synchrony is great when you first start your rebuild... but once you get yourself some better cards don't expect Synchrony to follow suit.

 

 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 12 of 16
SmarahJ
New Member

Re: What I've learned in a year

Synchrony and Comenity bank seem to have black balled me. They were included in my bankruptcy and a few of the cards I have applied for they have been denied only because of the bankruptcy. My credit score is finally considered average and I was just approved for my first 2 cards after the bankruptcy.

Where can I learn more about this 9% balance thing? I want to make sure that I'm using these cards in a way that will improve my credit not damage the work I've done.
Message 13 of 16
Anonymous
Not applicable

Re: What I've learned in a year

Smarah,
They'll both let you back in eventually. I haven't had any luck with Synchrony yet personally but I've seen many on this board say around 6 month post discharge they were let back in. My wife burned Comenity in bk7 and she got a VS card about 4 months after discharge.

The 9% thing is to let just 9% of your credit limit report. For example if you have a $500 limit let $45 report at the end of the billing cycle.
Message 14 of 16
missgaonmymind
Contributor

Re: What I've learned in a year

Your advice speaks to my situation. I'm always reading about those coming right out of BK and getting approvals even on those who they've burned. Not me. I was discharged in Oct. 2014 and I haven't been able to get any of the cards that is named in the "How to get a 720 in 24 months" or the ones that I listed in my BK (Cap One, Credit One, First Premier). Even when I went to look for another car after the BK, I have so many inquiries that it has started to negatively affect my score. So, I do have a car loan that I got in November 2014 that I'm hoping to get re-fi'ed down the line, and I've joined a credit union in December 2014. So yes, I used to get so frustrated getting denial after denial, but I've faced it, that time is only going to heal my wounds. Another one of my goals is to get my savings up, so thanks for the motivation.

Current score post Ch 7 10/28/14 discharge : EQ: 729 TU 737 EX 725
Goal scores: 800

Chase Sapphire Preferred- $14k Capital One Venture- $10k; Capital One Spark Business- $5k; Discover IT: $11k, Discover Chrome- $14.5k; Navy Federal Cash Rewards- $7.1k; Navy Federal Go Rewards- $12.4k; AMEX Gold; AMEX SkyMiles Plat- $5k; Macy’s AMEX- $12k
Message 15 of 16
padme
Established Contributor

Re: What I've learned in a year

Been like 18 months for me, and the one thing i learned is how to actually save ur money and make it work for you. I took the cash i wouldve been paying CC's and opened a RothIRA and began saving there as much as i can. Not everyone can but anything is a great start!

Message 16 of 16
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