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Regular Contributor
localuser
Posts: 167
Registered: ‎09-07-2012
0

How should I raise my credit

Short history, I destroyed my credit with a Macy's card.  I now have a 618 score (chase pulled for a new slate card).  I have paid everything up to date but closed the Macy's card.  About a year ago my wife got a Chase Freedom card and added me to it and I have a car payment of $400 a month that will be paid off in a year or so.  I make $40,000 a year and was accepted for a Chase Slate card with a limit of $200 solely because my wife added me to her chase.  She also signed up for a Slate card because we want to pay off an old dell bill (that I am paying of for an old GF because I am true to my word).

I plan on using the card for everyday purchases and when it gets to $60 (30%) pay it off immediately.

What should be the plan for me for the next 6 months to a year.  Freecreditreport.com is reporting 3 Hard Inquires (but not updated to today) so it could be 4 I am not sure if the slate card is considered a hard inquiry.

Cap1Secured $700 | Chase Slate $700 | Amazon Store $5000 | Discover IT $7000 | Lowe's $8000 | AmEx BCE $20000 | Freedom $3000
November 2014 (myFICOs): Equifax 717 TransUnion 725 Experian 717
January 2014 (myFICOs): Equifax 675 TransUnion 661 Experian 723
Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012
0

Re: How should I raise my credit


localuser wrote:

I plan on using the card for everyday purchases and when it gets to $60 (30%) pay it off immediately.


This should be your plan.  Use the Slate responsibly.

Member
janvanderm
Posts: 16
Registered: ‎08-26-2012
0

Re: How should I raise my credit

Get a secured card in your name...keep util below 10% and pay in full. The rest is time...even if you have to make 30 payments a month never let more then 10% report
Valued Contributor
jamesdwi
Posts: 1,969
Registered: ‎09-16-2011
0

Re: How should I raise my credit

Send GW letters to Macy's perhaps you can reduce some of the damage. I would AP for a CapOne card you should be able to get a 500 CL card and then after 6 months they give a auto-cli. Use the card for 6 months to a year hopefully your score will grow. And Macy's damage will fade away, then you can AP  for a Chase Freedom and/or a AMEX Zync if your scores are over 650. You may also be eligible for a CLI on the Slate card hopefully they are nice and give you a decent CL then.

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 12/15/2014
New Contributor
mrcrush20
Posts: 113
Registered: ‎05-06-2012
0

Re: How should I raise my credit

[ Edited ]

I would get my foot in the door with a GE walmart card, free TU score with paperless statments and it will grow much faster with you then a cap one or chase... garden for 6months to year WITH usage and PIF you will grow the card fast. at this point the inqs not affecting socre PC slate to freedom and app for zync

 

the slate is a hard inq






Regular Contributor
localuser
Posts: 167
Registered: ‎09-07-2012
0

Re: How should I raise my credit

I forgot to mention the Macys card that destroyed the credit is now charged off :smileysad: Some reason I opened a new one used it for a bit and closed it...Thanks for your knowledge.

Cap1Secured $700 | Chase Slate $700 | Amazon Store $5000 | Discover IT $7000 | Lowe's $8000 | AmEx BCE $20000 | Freedom $3000
November 2014 (myFICOs): Equifax 717 TransUnion 725 Experian 717
January 2014 (myFICOs): Equifax 675 TransUnion 661 Experian 723
New Contributor
mrcrush20
Posts: 113
Registered: ‎05-06-2012
0

Re: How should I raise my credit

[ Edited ]

even with charge off its its paid i think you have a good shot at GE card

 

i think GW macys could not hurt as well

 

WELCOME TO Myfico !






Regular Contributor
localuser
Posts: 167
Registered: ‎09-07-2012
0

Re: How should I raise my credit

What do you mean by GE Walmart card?

Cap1Secured $700 | Chase Slate $700 | Amazon Store $5000 | Discover IT $7000 | Lowe's $8000 | AmEx BCE $20000 | Freedom $3000
November 2014 (myFICOs): Equifax 717 TransUnion 725 Experian 717
January 2014 (myFICOs): Equifax 675 TransUnion 661 Experian 723
New Contributor
mrcrush20
Posts: 113
Registered: ‎05-06-2012
0

Re: How should I raise my credit

the walmart credit card is backed by GE

 

GE is known for auto CLI every 4 months if you use right and pay ONTIME i would say pay in full after use. 

 

GE is a bank that is forgeving of other credit mishappes as well with a 618 score (fako btw) and if your macys charge off is paid you have a good shot of approvel

 

it also comes with a montly free TU FICO that will allow you to get rid freecreditscore.com, chose paperless montly statments and your good to go






Regular Contributor
localuser
Posts: 167
Registered: ‎09-07-2012
0

Re: How should I raise my credit

[ Edited ]

Thanks a ton....I was thinking.  Should wait until I get my August Statement from freecredit about my hard inquires since I do not want too many of those?

Cap1Secured $700 | Chase Slate $700 | Amazon Store $5000 | Discover IT $7000 | Lowe's $8000 | AmEx BCE $20000 | Freedom $3000
November 2014 (myFICOs): Equifax 717 TransUnion 725 Experian 717
January 2014 (myFICOs): Equifax 675 TransUnion 661 Experian 723

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