Have I paid my last CAP1 balance?

[Jutz]

So, I've just PIF my CAP1 Platty Rebuilder for like the 18th time in 12 months, and I've decided it's a fruitless effort.  Short of needing to float a larger (and yet still under $750) purchase, is there any conceivable reason to use this card at all?  If I need to let a balance report, I'll probably just let the WM card report $20-$30 or so to show activity for my next CLI.  If I'm not yet out of the subprime woods, is there any reason to use credit until I can get something out of it?  I thought there might be some reason for pushing as much as possible through the Cap1 to show my ability to pay it, but really how far is that going to get me with Cap1? ($6700 in the first year by the way; that sounds menial until you consider the average CL of $675)

TLDR; If I'm past credit hell, but still in credit purgatory, what' the use of a CC?

[Revelate]

Depends on what your other tradelines are besides the C1 and Walmart card; however, if your goal is to achieve higher limits, even with C1's loosening up their standards it still appears to be statistically unlikely.  

I'd treat a C1 much like I do my DCU or Orchard (hey C1 now too): a charge or two a month just to keep it active (and in backup to my default spending Zync)... there really isn't much point in running expenses through a card which won't grow with you, or a lender that won't either other than keeping it as an active tradeline I think.

[Jutz]

Thanks, that's pretty much where I've arrived on the topic as well.  It became a chore because of the toy limit trying to make sure I time the spending and payments so I didn't have a giant balance report.

Edit:  I should mention my other tradelines, which for the most part aren't usable anyway

Cap1 Rebuilder: $750 Limit (Probably stuck, short of EO success)

BOA Platinum: $600 Limit (First CC ever, 6 years old, treated it like garbage and has multiple lates, including a 60.  I'm lucky to even have this still open, not holding my breath waiting for it to grow)

WM Card: $600 Limit (Just opened in OCT)

Firestone Store Card: $1500 Limit (Just an AU, dormant card with 6 years history)

[webhopper]

I ran into this problem back in 2007-2008...

Chase Freedom, 200 limit

Cap 1 800 limit

They wouldn't grow and the CL wasn't enough to do anything real with the card.    What I did:  Close everything except for Discover more, which had a 1600 limit in those days.  

Gardened my FHA mortgage and Discover More card until 2009.  Added Best Buy card in 2009 (have no idea why) and car loan in 2009. Settled judgment in 2009. Paid collections in 2009 and started the process of doing GW phone calls.  (this was before I knew about GW letters)

I gardened until 2011.  Opened a Dillards account in 2011. and applied for a mortgage in 2011.  My mortgage broker fixed some inaccurate reporting from Santander.

2012... my credit limits have exploded due to the removal of inaccurate reporting from Santander...  and becoming a NFCU member...

I think rebuilding can be done without putting up with toy cards...  the negative information is what really holds you back 

[Jutz]

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@webhopper wrote:

I ran into this problem back in 2007-2008...

Chase Freedom, 200 limit

Cap 1 800 limit

They wouldn't grow and the CL wasn't enough to do anything real with the card.    What I did:  Close everything except for Discover more, which had a 1600 limit in those days.  

Gardened my FHA mortgage and Discover More card until 2009.  Added Best Buy card in 2009 (have no idea why) and car loan in 2009. Settled judgment in 2009. Paid collections in 2009 and started the process of doing GW phone calls.  (this was before I knew about GW letters)

I gardened until 2011.  Opened a Dillards account in 2011. and applied for a mortgage in 2011.  My mortgage broker fixed some inaccurate reporting from Santander.

2012... my credit limits have exploded due to the removal of inaccurate reporting from Santander...  and becoming a NFCU member...

I think rebuilding can be done without putting up with toy cards...  the negative information is what really holds you back 

---

Further proof that time is also a key factor.  I'm so impatient; it makes it difficult in this game of patience.  I'm working on the negative info as well, but even that takes time, sending out GW letters every 15-30 days, depending on how quick the response turnaround is, etc, etc. 

[Jutz]

On a similar note, what's my next credit score "checkpoint" that might allow a card with a decent ceiling?  I probably won't be approved for a decent rewards card for quite awhile, but it'd be nice to have a non toy limit in the 2k+ range.  How long am I looking to wait, and what card might that be?

[webhopper]

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@Jutz wrote:

On a similar note, what's my next credit score "checkpoint" that might allow a card with a decent ceiling?  I probably won't be approved for a decent rewards card for quite awhile, but it'd be nice to have a non toy limit in the 2k+ range.  How long am I looking to wait, and what card might that be?

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I think 2-3 past any paid major derogatory remark is a turning point...  Also, income is a big factor as well.

[heathuhhhhwebbbb]

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@Jutz wrote:

On a similar note, what's my next credit score "checkpoint" that might allow a card with a decent ceiling?  I probably won't be approved for a decent rewards card for quite awhile, but it'd be nice to have a non toy limit in the 2k+ range.  How long am I looking to wait, and what card might that be?

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I got approved for the Freedom with a TU score of 680 but only after 3 recon calls.  The negatives that don't show up on my TU are what are beneficial to me, otherwise I'd still be stuck in capital one lane (which is okay with me since they upgraded me to cards with no AF).

I got denied for Discover More.  But approved for Barclays Mastercard.

[Jutz]

Thanks Hopper, coincidentally, I made a spreadsheet of every derog listed on any CR today, haha.

My majors:

BOA Gold

90 Day Late

1/2010

CMI Group

Collection

5/2010

TXXXXXX Agency	Collection	2/2011
TXXXXXX Agency	Collection	5/2011
Verizon Wireless	Charge-Off	1/2007

So...I hit the 2 year mark on 2 majors in Feb/May and 3 year mark in Jan on 1. (The two collections from '11 may be deleted, but I'm trying to not get my hopes up.)

[Jutz]

Officially sockdrawered my Cap1.  No real reason to carry it around.  I took my old BOA Student Plat out for a reunion tour.  I  treated this card like crap, so I figured it might be a sign of good faith if I need to use a CC to run this and PIF.  I seriously don't think I ever PIF this card until I finally paid it to $0 after several years and put it away.

Hopefully it won't be too much longer until I can get a usable CC.  Even a charge card would be helpful right now since the limitations of a Debit card are pretty bad.  (Daily limit especially.  I can have it lifted, but only for a 24 hour span)