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Community Leader
Valued Contributor
Posts: 2,507
Registered: ‎11-11-2014

Re: Working my Rebuild!

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.

Barclay Reward MC 750|Cabela's 1k|Capital One QS1 3.4k|
|Sony Card 3.5k|
Established Contributor
Posts: 752
Registered: ‎04-14-2016
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Re: Working my Rebuild!

Thanks for the quick reply - much appreciated  Smiley Happy






BK7 Discharged 4/27/2016 - Fico 8 as of 03/23/2017: EX 674 / TU 668 / EQ 681 - Follow my Journey Here
Established Contributor
Posts: 752
Registered: ‎04-14-2016

Re: Working my Rebuild!

[ Edited ]

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






BK7 Discharged 4/27/2016 - Fico 8 as of 03/23/2017: EX 674 / TU 668 / EQ 681 - Follow my Journey Here
Community Leader
Senior Contributor
Posts: 5,067
Registered: ‎07-12-2012
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Re: Working my Rebuild!

Wooohoooo! Congratulations on the approval Smiley Happy Time to get that sign up bonus.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
731 EQ FICO 02/2017
738 TU FICO 02/2017
731 EX FICO 02/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $6.6k Cap1 Quicksilver | $10k Amazon Store | $14k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa
Contributor
Posts: 111
Registered: ‎10-23-2016

Re: Working my Rebuild!

 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!

Filed CH7 BK 7/15. discharged 10/15
Rebuild started 1/16 with scores of (EQ 517)(TU 547) (EXP 534)
Current scores (EQ 624) (TU 607) (EXP 774)
Overstock 500/700 I Open Sky 200/closed I Pay Pal MC 500 I Fingerhut 700/1400 I Primor 250/closed I One Nevada CU 500/closed I Target 500 I HC Credit 6000 I NFCU 1000 I Capital One Quicksilver 1000
Authorized User on I Cap One 700 I Barclay Visa 500 I Discover 17,200
Established Contributor
Posts: 752
Registered: ‎04-14-2016

Re: Working my Rebuild!

[ Edited ]

stakknchpz 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!


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

 

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. Smiley Wink

 

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 Smiley Very Happy

 

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 Smiley Happy

 






BK7 Discharged 4/27/2016 - Fico 8 as of 03/23/2017: EX 674 / TU 668 / EQ 681 - Follow my Journey Here
Contributor
Posts: 111
Registered: ‎10-23-2016
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Re: Working my Rebuild!

 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!

Filed CH7 BK 7/15. discharged 10/15
Rebuild started 1/16 with scores of (EQ 517)(TU 547) (EXP 534)
Current scores (EQ 624) (TU 607) (EXP 774)
Overstock 500/700 I Open Sky 200/closed I Pay Pal MC 500 I Fingerhut 700/1400 I Primor 250/closed I One Nevada CU 500/closed I Target 500 I HC Credit 6000 I NFCU 1000 I Capital One Quicksilver 1000
Authorized User on I Cap One 700 I Barclay Visa 500 I Discover 17,200
Established Contributor
Posts: 752
Registered: ‎04-14-2016
0

Re: Working my Rebuild!

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?






BK7 Discharged 4/27/2016 - Fico 8 as of 03/23/2017: EX 674 / TU 668 / EQ 681 - Follow my Journey Here
Valued Member
Posts: 47
Registered: ‎09-30-2016
0

Re: Working my Rebuild!

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

Established Contributor
Posts: 752
Registered: ‎04-14-2016
0

Re: Working my Rebuild!


leonel9 wrote:

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


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.






BK7 Discharged 4/27/2016 - Fico 8 as of 03/23/2017: EX 674 / TU 668 / EQ 681 - Follow my Journey Here

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