7 months in, what next?

[Anonymous]

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@Anonymous wrote:

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!

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Interesting. Thanks. But what did you mean by product changing before the 2nd annual fee hits? Doesn't that just give you 2 closed accounts on your report doing it that way?

I was leaning towards Chase or Amazon (to get in with chase) but now it seems the general vote is that I need a year of history but a year of $500 is on the lame side

None of the other secured cards interest me. I read up on the installment loan trick but the 60 month proccess is a huge turn off even if it's $2 a month.

[Anonymous]

Click here to see if you can PC your cap1.

I'd go on a small spree and try amex, chase, and CUs, and then let them all age.

Dicover secured is a pretty awesome CC with rewards and everything, I'd get it after the spree.

SSL technique gives you all the score push from the very beginning, so if you don't want it for 60 months you can try for less too

[Anonymous]

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@Anonymous wrote:

Click here to see if you can PC your cap1.

I'd go on a small spree and try amex, chase, and CUs, and then let them all age.

Dicover secured is a pretty awesome CC with rewards and everything, I'd get it after the spree.

SSL technique gives you all the score push from the very beginning, so if you don't want it for 60 months you can try for less too

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Thanks but not eligible.

Small spree was what I was hoping to do..for that reason. They will all age and grow while hiding out in the garden. I applied for Amex already. Waiting on a manual review.
I was looking at Chase Freedom and the Amazon card. Seems the majority of votes say to wait a year yet I see others with limited history getting approved so I don't know.
Discover is my goal after Mach 2018 but hoping for unsecured.


I might try the Cap1 QuickSilver though. Just waiting for an Amex approval or denial since the HP isn't even on my reports yet.


Thanks for the SSL info... if I can get rid of it in less than 60 months then that isn't so bad. Just seems stupid if I want a car loan in 2 years and they look at my reports and wonder how I'm going to pay $300 a month when I can't get rid of a $500 loan faster than $2 a month. Lol

[joltdude]

Not sure if i missed it OP but have you signed up for discovers free credit scorecard.. twofold. 1. its a real FICO flavor not FAKO, and 2. it puts you on their radar.... Also discover lately has a new preapproval process according to some folks thats giving actual customized offers with a set apr and such...  3. It may save you one of the two HPs when you go apply again but YMMV on that... Seen a few folks report back with one vs two after applying .......myself included...

And even so I wouldnt wait a year for disco.. perhaps at the 9 month mark if you want to wait... Save the year wait for Chase or such....

-J

[Meanmchine]

+1 ABCD

I agree

[Anonymous]

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@joltdude wrote:

Not sure if i missed it OP but have you signed up for discovers free credit scorecard.. twofold. 1. its a real FICO flavor not FAKO, and 2. it puts you on their radar.... Also discover lately has a new preapproval process according to some folks thats giving actual customized offers with a set apr and such...  3. It may save you one of the two HPs when you go apply again but YMMV on that... Seen a few folks report back with one vs two after applying .......myself included...

And even so I wouldnt wait a year for disco.. perhaps at the 9 month mark if you want to wait... Save the year wait for Chase or such....

-J

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Thanks. I've climbed up on Scorecard too. 765 on Scorecard which is ridiculous.. lol. Basicaly, there is an account from 2009 showing up as credit history that was open for 6 months.My recent application for Amex will likely mess that up and make it disappear. Double edge sword by applying there.


Why 9 months? Is it harder to get in after a year?

I know you guys here love Disco but it's unlikely for me so I'd ike to collect other cards first.

[Anonymous]

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@Anonymous wrote:

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Interesting. Thanks. But what did you mean by product changing before the 2nd annual fee hits? Doesn't that just give you 2 closed accounts on your report doing it that way?

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Some credit card issuers, Capital One in this instance, will allow qualifying accounts to keep the same trade line open, but change the card attached to it, or "product change".  For example, what I'm suggesting (and will be attempting to do myself in a few months), is contact CapOne prior to the 2nd annual fee hitting and attempt to change my QuickSilver One to a QuickSilver (fee free version).  This isn't closing one account and opening another, but replacing the terms on the exitisng account to something more favorable.

Now whether I'll qualify for that or not is uncertain, but it's worth a try.  I have spoken with their CS previously on this topic, so I know this is something they will do under the right circumstances.  If not sucessful, I'll review where I'm at in my credit rebuild at that time and determine if it's worth the $39 fee for another year.  That's not exactly outrageous in terms of annual fees.  Until my Discover IT card, it was my go-to card so I earned that fee back many times over in cash back throughout the course of the year. 

Good luck with whataver you decide!

-Father 'O

[Shooting-For-800]

I would try for QS if you got prequal for Amex.

[marty56]

If you are not a member of a CU, I would consider joining one and then wait and see if you could qualify for a CC with them.  Back in my credit dark days RBFCU and PNC (via mortgage) were the only places I could get credit from. For myself, I would never get more than 1 new credit account per year, even these days with a credit history of over 30 years and a AAoA of 13 years.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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Interesting. Thanks. But what did you mean by product changing before the 2nd annual fee hits? Doesn't that just give you 2 closed accounts on your report doing it that way?

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Some credit card issuers, Capital One in this instance, will allow qualifying accounts to keep the same trade line open, but change the card attached to it, or "product change".  For example, what I'm suggesting (and will be attempting to do myself in a few months), is contact CapOne prior to the 2nd annual fee hitting and attempt to change my QuickSilver One to a QuickSilver (fee free version).  This isn't closing one account and opening another, but replacing the terms on the exitisng account to something more favorable.

Now whether I'll qualify for that or not is uncertain, but it's worth a try.  I have spoken with their CS previously on this topic, so I know this is something they will do under the right circumstances.  If not sucessful, I'll review where I'm at in my credit rebuild at that time and determine if it's worth the $39 fee for another year.  That's not exactly outrageous in terms of annual fees.  Until my Discover IT card, it was my go-to card so I earned that fee back many times over in cash back throughout the course of the year. 

Good luck with whataver you decide!

-Father 'O

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Awesome. Thanks for the info.  QS will definitely be on my next to try list. Someone else mentioned getting it right after the 6 month mark. 

Do you also know if I will get my $49 secured fee back if they do a product change?  I've read many posts on here that the secured ends up a dead end card and some only get it back if they close because the card doesn't grow even after they're approved for higher credit lines elsewhere.



.Still waiting on Amex by the way. They're really pushing me to the 14 day mark exactly and no pull showing on CreditWise or Credit Karma yet.. Lol