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Regular Contributor
scarzy
Posts: 208
Registered: ‎04-08-2008

How to garden my card(s).....

I'm a newbie here with a few posts. Last week, I was discharged from Ch7. Applied

for a Capital One's rewards card 2 days after my discharged, and was approved for 500 bucks.

 

My fako score is around 620 average. When I look at my credit report, it shows nothing since everything

was included in bankruptcy. So, I have no balance, until I use this new card. No new credit history.

No utilization....no on-time payments....no average age of open credit lines....nothing! In a sense,

I'm starting over.  

 

So, do I just charge my CapOne for 6-12 months while paying in full? Or should I keep 

a balance under 10% every month? Do I need to get 2-3 more cards to help with my rebuilding

efforts? Or should I wait a year before getting any more cards? Can only one card can increase

my score similar if someone who has three cards?? 

 

My goal, of course, is to increase my credit score the quickest way I can. Sure, gardening might take me 6-12 months before

my score increases, but I think you credit gurus can give me a good quick battle plan!! Thanks for your help!!

 

 

 

 

starting EQ FICO : 526 current EQ FICO : 640 starting TU FICO: 538 current TU FICO : 656

My wallet: Capital One cash rewards $1,300- ~ NFCU signature cash rewards $5,000- ~ NFCU nRewards $5,000- ~ NFCU LOC $1,000- ~ Target $200- ~ Kohl's $300- ~ Walmart $800- ~ Amazon $900- ~ Updated 6/2013

Discharged Ch7 Nov.16, 2012

Contributor
RonDawg
Posts: 322
Registered: ‎10-19-2012

Re: How to garden my card(s).....


scarzy wrote:

I'm a newbie here with a few posts. Last week, I was discharged from Ch7. Applied

for a Capital One's rewards card 2 days after my discharged, and was approved for 500 bucks.

 

My fako score is around 620 average. When I look at my credit report, it shows nothing since everything

was included in bankruptcy. So, I have no balance, until I use this new card. No new credit history.

No utilization....no on-time payments....no average age of open credit lines....nothing! In a sense,

I'm starting over.  

 

So, do I just charge my CapOne for 6-12 months while paying in full? Or should I keep 

a balance under 10% every month? Do I need to get 2-3 more cards to help with my rebuilding

efforts? Or should I wait a year before getting any more cards? Can only one card can increase

my score similar if someone who has three cards?? 

 

My goal, of course, is to increase my credit score the quickest way I can. Sure, gardening might take me 6-12 months before

my score increases, but I think you credit gurus can give me a good quick battle plan!! Thanks for your help!!

 

 

 

 


Been there so hang in there,  Use that cap1 card but keep your UTL low you can do this by noting when your cap1 account updates to your CR and making sure your account is a -0- balance at that time.   6 months of history helps before doing any other apps.   Enjoy the Garden.... There is lots of room in there so your welcome to come join us! Btw Congrats on the approval for the cap1 account!

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: How to garden my card(s).....

[ Edited ]

This question has been ask for so many times. You should look it up or do some search on the forum.In the meantime, i recommend a few things :

  1. Add at least two more trade line for the best Fico score. Im not a BK before so i not sure how its going to end up but
  2. Apply for CC at local bank if denied ask them if you can do secured CC at put down some deposit. Add a secured Loan if you can afford it which put down around 2 3k as depost and paid back each month for at least 6 months to 1 year.
  3. Do the same thing if you bank with Credit Union.

So now you have 3 Tradeline and 1 secured loan. Its should be best for your Fico score. then garden everything for about 1 year or 2.

Probably a lot of advice from here so kinda pick your own best decision and state with it.

Good luck.

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k


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