Credit building strategy - thoughts on prior/future steps

[tbp1015]

I'm a longtime reader of these forums, but I haven't posted much since I'm still learning. I’m hoping to get some feedback on whether I’m on the right track and what steps are recommended next. I’ve apped quite a bit over the past year and have quite a few inquiries to thank for it, but I think I’ve done a pretty good job of being deliberate about it. I’m currently gardening what I have, but I’m wondering what else folks recommend. I apologize for the long post. It seems frustrating for people when OP’s don’t give enough info for people to help, so here goes.

FICO scores – 717 (TU), 693 (EX), 679 (EQ)

• Relative to the others, EQ recently took a 20-point dip when I disputed a few things. I hope it will go back up in 2 weeks when the dispute is finalized.
• Experian contains a medical bill and Comcast collections both from 6 years ago that I’ve been trying to negotiate a PFD. Otherwise, they’ll be off in a year
• All three have latenesses from awhile back: 7 60-day lates on a student loan from one servicer; 3 30-day lates on 2 loans from a second servicer; and 3 30-day lates from CapOne. All of them are from 4 years ago. I’ve sent GW letters to Fedloan Servicing, Wells Fargo, CapOne, and the Dept of Ed Ombudsman. Hopefully some of those will pan out.

Income – 105K

Installment debt

• CapOne car loan – paid on time for 2 years, but refinanced 05/14 to get a better rate
• Bank of America car loan (current loan) – starting balance $15,166; current balance $13,064
• Student loans – very high balance (~250K) (grad school and law school were a killer)

Revolving credit (CL – 65,000; reporting balance ~1500 (PIF))

Cards Before May 2014

Macy’s (600 CLI; $0 balance) – opened 11/12; DOLA 05/13

Capital One Quicksilver One (3,500 CL; $0 balance) – opened 04/08; DOLA 02/15

• 3 30-day lates (05/10, 11/10, & 11/11)

Capital One Platinum (formerly HSBC) (750 CL; $0 balance) – opened 01/06; DOLA 7/14

• 1 30-day late (08/12)

Cards After May 2014

Discover (12,000 CL; $700 balance) – opened 05/14

BankAmericard (3,500 CL; $0 balance) – opened 05/14

Barclay Arrival (3,000 CL; $0 balance) – opened 05/14

Chase Freedom (5,500 CL (auto-CLI from 4,500); $400 balance) – opened 05/14

Chase Ink Cash (6,000 CL (auto-CLI from 5,000); $800 balance) – opened 05/14

Chase Sapphire Preferred (6,000 CL (auto-CLI from 5,000); $0 balance) – opened 06/14

Amex Everyday (3,000 CL (soft pull CLI from 1,000); $0 balance) – opened 06/14

Chase Southwest (5,000 CL; $0 balance) – opened 11/14 (closed Chase United listed below to open this)

Barclays USAirways Premier World MC (7,500; $0 balance) – opened 11/14

Amex SPG (2,000; $0 balance) – opened 01/15 (but reports as 01/14)

Citi Double Cash (3,000; $0 balance) – opened 01/15

Citi Hilton Hhonors Reserve (4,900; $0 balance) – opened 01/15

Closed revolving credit accounts in good standing

Syncb/Paypal – opened 11/05; DOLA 8/06

Syncb/Lord & Taylor – opened 8/05; DOLA 2/06

Syncb/Care Credit – opened 11/12; DOLA N/A (never used)

Chase United – opened 6/14; closed 11/14 (in order to open a Southwest)

Do you have any thoughts on how I’m doing so far? Did I do it too fast? Other than continuing to work on the GW letters and gardening my current cards, any other thoughts? There are a few other cards that I would be interested in for the rewards programs, but I don’t want to overdo it. For example, I currently have 2 personal and 1 biz cards with Chase. Does anybody have any thoughts on how long I need to garden the cards with them before they would be willing to extend another card (May/June is the 1-year anniversary for 3 of the 4)? They’ve auto-CLI’d every card I have except the SW, which I’ve only had for 3 months so far, so I think I’m doing something right. Same with Amex. I got the first card, took care of it for 2 months and tried the 3x CLI with no luck, so I waited until the 8-months in and was successful with the 3x CLI and with being approved for the SPG. I plan to request the 3x CLI for the SPG in 6 months. How long does Amex want to see you with a card before you should apply for any others?

Thanks in advance everyone!

[WillTeasle]

Looks like a lot of good cards there.

I'm guessing a decent number of them have not hit your CRs yet, correct?  My suggestion would be to garden for a while.  As some of the more recent cards start to hit your CRs, you don't want to scare any of the issuers.  Apping for more won't necessarily have negative consequences, but I'm not sure if it would be worth the risk (for me anyway).

At the same time, I understand your interest in new cards.  I've got a number that I'd like to get for the sign up bonuses, but I don't want to add too many too fast.  Perhaps I'm too conservative.

Good luck getting the rest of the baddies off!

[Anonymous]

small thing - noticed the cap 1 card xferred from hsbc - i have one too - asked the other day for a CLI from website - they raised me from 750 to 1750 right away, slightly lower scores than yours and less income too. not too much benefit to raise it, but doesnt hurt at all either

[tbp1015]

Thanks, WillTeasle. I'm definitely trying to be careful. There are some pretty scary stories in these forums of CCC reactiosn when they get spooked. After the 7 last May/June (6 personal and 1 biz), I've waited a few months between each set -- 2 in November & 3 in January (1 backdated).The only card that hasn't hit my CR yet is the Citi Double Cash. The Citi Hilton HHonors Reserve and the Amex SPG from January are both already reporting with the Amex backdating to 2014. 

[Imperfectfuture]

Welcome to the two new members in this thread, I am also conservative in my approach to apping. I think you will be okay, but I would personally garden for two years. You are young, us older folks are given a little more grace.

After the two years, most of the baddies should be gone, you will have a chance to trim any cards that don't fit your lifestyle, which will evolve, your scores won't likely get to 760 with baddies, but if only very old lates showing, then can get over 700.

Reap the rewards, spend wisely, and I wouldn't apply for anything else until the report is clean (unless you are going for mortgage).

[tbp1015]

Ugh, Mike. I wish I could get that CL increased! It took an email and call with the EO 2 years ago to get them to up it from 250 to 750. I recently applied for another CLI and they said I don't use the card enough. It's certainly true, but I haven't had an incentive to use it given its low CL. Unfortunately, it's my oldest card, so it's not going anywhere. I may need to make that one of my mini projects -- put some spending on that card for 3-6 months and then request a CLI.