7 months in, what next?

Anonymous · ‎10-01-2017

I only have one credit card. Cap1 Secured which started with a $200 limit and I received the 6 month increase to $500. The scores on CreditKarma and CreditWise have steadily gone up a few points every month due to keeping the utilization under 9% so I think I'm good.

I was leaning towards Amex because they pre-qualified me although I have read of others getting that mesage and still denied. But, it seems like my best shot and obviously I need something else to build on. The Gas and Grocery rewards are most appealing.

I do not want to attempt Discover agan until after I've established credit for a year.
Bank of America and Citi are out because I burned them 10+ years ago.
I just want more credit and then to hide in the garden for 6+ months.

Any other suggestions?

Is an app spree possible where I apply for Amex and if approved, hurry and apply somewhere else? I don't want any store cards because I don't shop at any one store enough for it to be worth it.

Anonymous · ‎10-01-2017

Any credit unions you are interested in/eligible for? NFCU, if you are elig, is very friendly to (re)builders. But really many CUs are. You can search around for lists here, and elsewhere on the web. You may go for secured, but you may qualify for an unsecured depending on your FICO scores (do you know these?)

Did you burn through BK or CO? If the former, have you read the BK friendly card thread?

Best of luck, it sounds like you are taking it slow and cautious which is smart.

Anonymous · ‎10-01-2017

No installment loans? Do the Alliant SSL technique before applying for cards as it'll boost your score more. Then add two prime cards to your arsenal since the first three revolving accounts are free FICO points.

Anonymous · ‎10-01-2017

Also credit karma and credit wise are fake credit scores.

Go to creditscorecard.com for a free FICO score monthly.

Anonymous · ‎10-02-2017

Having done the same thing - starting my rebuild with a Cap1 secured then getting the bump to $500 after 6 months - my $0.02 would be to app for the Cap1 QS1. Literally the day after they bumped my secured card to $500 I applied for the QS1 and was instantly approved with a $1000 SL. True, there is an annual fee, but the 1.5% cash back on every purchase more than makes up for it. Just plan to product change before the next annual fee hits. I was maybe mid-500 at that point. I don't recall exactly, but my thinking was Cap1 now has 6 months of positive history with me, may as well give them a shot. And it worked out.

Good luck and great job on the progress!

Anonymous · ‎10-02-2017

Does your pre-qualification with Amex give you a certain specified APR like 13.99%? That's what I had, and I was instantly approved.

Anonymous · ‎10-02-2017

I'd say go for Amex if you have a pre qual. Yes, it's not a guaranteed approval. But with my rebuilding credit history and just recently getting approved by some miracle, I have more faith in Amex than before. Good luck!

Anonymous · ‎10-03-2017

@Anonymous wrote:
Does your pre-qualification with Amex give you a certain specified APR like 13.99%? That's what I had, and I was instantly approved.

Yes usually a prequalified offer WITH an interest rate will be an approval.

Anonymous · ‎10-03-2017

Hmm they changed my pre-qualify offer even though I haven't done anything differently with my current credit other than the auto increase from Cap1.

I was prequalified for the Blue Cash Awards which is what I was interested in. Now they're pushing the Amex Everyday Card with a 15.99 APR and the Gold and Green Card which don't interest me. Maybe I waited too long?

Anonymous · ‎10-03-2017

I guess through a CO. They're still sending me letters every now and then. Always meant to do an official BK but then the years kept going by and it didn't seem to matter anymore.

I don't have any loans or anything else..I was interested in Care Credit down the line if that would help..

My fico score weren't that great last I checked..late 600's. I am aware that CK and Credit Wise are fake but I mean...they've gone way up in 7 months and with the CLI from Cap1 then I have to be doing something right so I'm not too worried. I've been told on the forum that my main problem is only having one card so I'm ready to try something else now that 6 months have passed.

@Anonymous wrote:
Any credit unions you are interested in/eligible for? NFCU, if you are elig, is very friendly to (re)builders. But really many CUs are. You can search around for lists here, and elsewhere on the web. You may go for secured, but you may qualify for an unsecured depending on your FICO scores (do you know these?)

Did you burn through BK or CO? If the former, have you read the BK friendly card thread?

Best of luck, it sounds like you are taking it slow and cautious which is smart.