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I started this journey a year ago with one $700 cc, 7 or 8 collections and 2 judgements. I had 1-2 inquiries on each report and scores in the upper 500s to very low 600s.
Today I have 17 cards with $28,000 or so in credit, 1 medical collection on EQ only, both judgements gone from all 3 bureaus. I have racked up the INQs during the rebuild - 11 on EX, 21 on TU, 22 on EX but there are 8-10 from buying a car.
I have some student loan lates that neither servicer have been willing to budge on. I may have to ride those out. My util has been high for a few months but I recently paid everything to $0 except for one card that I have 0% promo financing on (it's at 48% util) and one card that should be PIF by April (it's at 28% util).
I'm waiting on all of the payoffs and some of the CLIs to hit my reports. I'll be paying off that final collection in a few months and they've already agreed to delete once paid in full. I'll have to take one more hit on a refinance application but then I'm in the garden. By May 2018 I'll have most of those inquiries gone.
For my cards I'd like to:
Keep:
Add
When my profile can support it, I'd like to add:
Close:
In the rebuild, we all know that store cards are easy pickings. So while I did only add stores where I actually shop, I am now realizing that there are very few benefits for many of them.
Closing unnecessary cards is phase two for me as well. Last month I closed J. Crew, Gamestop, iComfort (Serta), Overstock, and American Eagle. Between now and the end of the year, I'll be closing my Barney's, Lowe's, Amazon, Chevron, Express Next, Barclay's, and Cabela's.
This will leave me with just three cards, until I can app the CSP, Amex PRG, and possibly the Costco Visa. Then I'm done!
How far along in your journey are you? You've closed a bunch!
@MrsCHX wrote:How far along in your journey are you? You've closed a bunch!
I'm rebuilding slowly, but surely. I'm not from the BK crowd, I experienced a lack of jobs upon graduating college, and had to live off of my cards for a while. I also had my brand new Honda CR-V repo'd, which was especially embarrasing. I fell behind, and all my lenders (BBVA Compass Bank, Target, Macy's, First Premier) sent me to collections. I paid all of them when I got a job, but the damage was already done.
In 2010, things were getting better. I was an AU on a couple of cards and had a ridiculous car loan through Santander. The payments were only $363 a month, and the car was great, so I didn't care too much. I was rebuilding.
I had an emergency sugery in 2011, and even with insurance I still owed thousands. I couldn't work, so I couldn't pay it off - bam, collections again. I managed to keep my car from going to repo by borrowing from my mom.
2012 - Laid off. Had money in savings, so didn't lose car, but friend wrecked my car the week after I lost my job. Until insurance paid off my loan, I had to make payments on a car I no longer had, and without a job. Got another job, and got another car - Santander again, thanks to the recent medical collections. I also got a secured Wells Fargo Visa to start rebuilding my revolving credit.
2014 - Wells Fargo was two years old, still hadn't unsecured. I applied for Capital One and got a Platinum Mastercard. Two months later I applied for the QS1 and got it as well. Closed WF Visa out of spite.
By the time I joined MyFICO in 2015, I had a Capital One MasterCard, a QS1 MasterCard, a CreditOne Visa, a Milestone MasterCard, GameStop and an Amazon store card.
As soon as I was able to get a CLI on my QS1, I closed CreditOne and Milestone. I kept growing both of my Cap1 cards with CLI's. In the mean time, I used the SCT to obtain more store cards.
In April of 2015, I managed to snag my Freedom with the fairly decent $3,500 initial credit limit, then my Barclaycard afterwards. Between then and November of 2015, I obtained more store cards, as well as my Cabela's and BoA BBR. I also got a brand new Audi Q3 with VW Credit backing the finaincing - the first time I've ever qualified for manufacturer financing.
I have a decent income, so I put lots of spend through my cards in hopes of obtaining CLI's. The store cards grew like crazy, but it wasn't immediate. The majors were more conservative, and I've only ever requested one HP CLI, throught BoA. Through CLI's and account combinations, my lowly $300 QS1 has grown into a $6,500 WMC Quicksilver.
Now I find myself not needing the store cards (Well, except Amazon), so I'm cutting back. I'm also getting rid of dead weight majors, like my Cabelas (won't grow), and Barclays (Double CLD'd by them). My scores are all over 700 now, with TU leading the pack at 767. The only negative on my reports is on EX and TU - that medical collection that will fall off next year.
I'm still not rebuilt though. I stepped out of the garden after 9 months to accept a prequalified offer for the Citi Costco Visa, and I was denied. I think I will be "rebuilt" in a few months, when I can start asking TU and EX for early exclusion on the medical collection.
You've made excellent progress. I wanted a Barclay card but not after reading how easily they spook. I'll stick with Cap One, lol.
Good luck on getting that collection removed. I won't be fully rebuilt for awhile but I know what not to do now with my credit!
Sounds like you're off to a good start! i think you're holding onto the right cards. IMHO, you could probably prune Walmart once you get a Discover IT, unless you use the in-store special financing or shop on Walmart.com. Macy's can grow, but that may take some time. Mine started off at $600 and is now $10K.
As for the ones on your closed list, get rid of them if the rewards don't make sense for you. I finally pruned away my last Comenity card (Gold Violin, used at the Blair stores), because while I liked the rewards, they started to expire, so it no longer worked for me. Maybe I should have just SDed it, but I really should prune away credit that I don't find useful.
Also, keep in mind that you do need zero balances for optimal reporting. If you have cards that you may find useful on an infrequent basis, consider sticking them in the SD. If they've outgrown their use, they can go away.