Working my Rebuild!

[Pway]

Yes you are correct.  Getting your credit steps increase this month, it will be six months from now before you will be approved for another CLI.  I would say in May, 2017 you should be eligible for another CLI.

[Anonymous]

Thanks for the quick reply - much appreciated  

[Anonymous]

So a funny thing happened today - given that it has now been a full 6 months since I got my Capital One card I decided to re-run the pre-qual, just to see whether or not they might like to give me a second one - no intention of applying, especially since I tried for my first CLI on my NFCU card last week and was stopped cold.  That changed when the pre-qual immediately came up with a QS with the best intro offer and APR they offer - 0% for 9 months and 13.24% after that, $100 bonus after spending $500 within the first 3 months. Throwing caution to the wind, I decided to submit to the triple-pull...

Approval - $10,000 credit line!?!

The highest credit line I ever had pre-BK was $9000...

I am 6 months post BK7 discharge, and I have better credit lines than I had for 20 years prior...I'm speechless

EDIT - and I just found out while poking around on the site...it's a WEMC...I'm seriously questioning reality at this point

[Scupra]

Wooohoooo! Congratulations on the approval Time to get that sign up bonus.

[Anonymous]

 Yahtzee! Congrats on the 10K card! If your lady is blacklisted on Cap 1 for now, you could add her on yours as an authorized user to help re-establish with them. Also, she could add you to any good accounts she has although I would probably avoid the lower limit ones. Now that you have a 10K card, my guess is that 6 months from now you'll get a huge jump from NFCU. Keep growing, well done!

[Anonymous]

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@Anonymous wrote:

 Yahtzee! Congrats on the 10K card! If your lady is blacklisted on Cap 1 for now, you could add her on yours as an authorized user to help re-establish with them. Also, she could add you to any good accounts she has although I would probably avoid the lower limit ones. Now that you have a 10K card, my guess is that 6 months from now you'll get a huge jump from NFCU. Keep growing, well done!

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Thank you - way ahead of you on the AU thing, we're always AU on each other's cards

NFCU is going to get a wee bit of a timeout - 6 months sounds like a reasonable period of time, hehe.  I'm all about giving spend love to whomever gives me CLI love.

Now that we have 2 decent sized lines we're going to be moving all spend to those lines, and letting the other 3 sit idle...I expect that will result in a good score boost as we will be optimized - 2 lines (Capital One) reporting <10% utilization and 3 lines(NFCU, Credit One, and Merrick) reporting zero.  Now that I truly have all the credit I need in the near term, I think I've put together a decent plan for the next several months:

Now: Full Garden Mode - no applications, just getting and keeping our spend as described above

February:  Seek 1st CLI on the new Cap One line after using and paying the hell out of it

March: Cancel DW's Credit One and seek a replacement line - maybe we'll try for her first NFCU card here?

April-May:  Time to Deal with the Car - either convert the car lease to purchase (This is my preference, I like my car), or get a new car - My lease is up in July, but waiting till then seems foolhardy, no?  Maybe I'll give NFCU a chance to wow me with their auto loans, hmm?  Otherwise I predict more Capital One love on the Auto side - they're quickly becoming my favorite bank, lol

Also expect DW's Merrick line to double to $2500 within this timeframe.

June: Seek CLI on the original Cap One line, then move all but $2500 of that credit line to the new Cap One card - this will result in that line being at least $15k (more if either the February or June CLI requests are successful...)

Edit - after re-reviewing the combination rules, I discovered I would have to close the older card...I am OK with this - so likely here will complete the combo and have 1 QS at $17.5k (or more)

Post-June: Now we wait until everything that happens in June is reporting and NFCU has done AR, THEN go for a CLI on NFCU - that means July if we're lucky, September if we're not (NFCU does AR like clockwork at the end of every even-numbered month)

Thank you all for the support and encouragement, and as always comments and suggestions are welcome

[Anonymous]

 It's been awhile since I've had a vehicle lease, but I  do plan on doing one next month. But it used to be sometimes as it comes to lease end, you may be in a equity position. If so, you can use that towaards a down on something new, otherwise just run it til the end of term and drop it off. With the love you've received from NFCU, you may want to do the same with PenFed. I am taking a shot at using a "piggyback" method, I should find out in a few weeks how good that works. My plan is to load up at NFCU, PenFed, Cap 1, and a new vehicle real soon. My plan is to app them all within a week so no  new accounts post until I have them all opened. The great thing about PenFed is they will keep your file on hand for 90 days so you only take 1 hit on whatever you app for. So around day 80, I'll look to add another line with them. Sounds like you have a great plan going, thanks for sharing, and I wish you best of luck!

[Anonymous]

So I discovered a curious thing today - apparently when combining Cap One cards, only the donor card needs to be 6 months old...long story short, I discovered I have the ability to combine my original QS into my new QS right now, rather than waiting for 6 months.

I am less than 6 months away from either refinancing my auto lease or buying another car, and this combination would close my oldest card (the one opened the day of my discharge).  So I am torn - on the one hand a single $17,500 credit line would be very useful (especially as I am dealing with some unexpected medical expenses right now), but the potential impact on my ability to get an auto loan makes me nervous, especially because if I don't do a deal by July when my lease expires, I will have no car.

So I ask you, gentle reader - what should I do?

[Anonymous]

What am I missing -- why does combining your two cards into one mega-card impact your ability to get an auto loan?

[Anonymous]

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@Anonymous wrote:

What am I missing -- why does combining your two cards into one mega-card impact your ability to get an auto loan?

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I'm not certain if it will *shrug*

The reason I am even concerned is that the card to be closed would be my oldest open account.  And I know that especially in my situation (post BK), payment history on active accounts after discharge can be even more key than raw score, and almost all loan requests with a BK on them are manually underwritten for that reason.