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Posts: 2
Registered: ‎07-07-2012
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Need Advice....

[ Edited ]

I am 23 and my first card is a Cap1 Secured MC $300, I started off 02/11 with 200/49. A couple weeks ago I thought I should see if I could get a CLI on it, got denied. I had gotten a Merrick Bank DYL preapproval whatever for a card with $500 with a high AF, I thought I might as well go for it, noones showing me love right now anyways. A few days later I went on an app spree and walked away with Citi Simplicity $2000, Cap 1 Cash Rewards MC $500(has AF), and a Macy's SC $300. Now I regret the Merrick Bank card that came preposted with $123 worth of fees. Do I hold on to the Merrick Bank card that will Auto CLI to $1000 in 7 months? Do I close the secured Cap 1 card that will never CLI? Rewards from the Cap 1 Rewards card should easily cover AF. Utilization is a non issue because, all are set to autopay balance. I have a $450 a month 23K loan through toyota (Dad cosigned) that I pay like clock work and have for 10 months (60month loan) and 2 collections one PIF (is there a way to get this deleted? $170) the other reporting as disputed charges (probably could get this removed easily, apartment complex ripoff disputed CMRRR with complex then CRA CMRRR) Also Annual income at $52K will likely go up to 75k this time next year. I need some words of wisdom.


Starting Score: 615
Current Score: 630
Goal Score: 750


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Posts: 7,225
Registered: ‎09-16-2011
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Re: Need Advice....

As far as making the collection accounts go away; I suggest that you start a new thread in the rebuilding forum. They can give great advice about what can be done to improve your report if you feel that inaccurate items are appearing.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Need Advice....

People are going to say I'm crazy but if I were in your shoes I would keep each of the crappy cards for at least one year; you already.took the hit might as well get a little positive history from them. Work on a pfd of the collections. Rebuilding forum can help you. Start contributing 15% to your companies 401k if offered. If it isn't offered; get on the phone and find a reputable person to advise you... you want to invest 15% into a Roth Ira. You'll thank me later. By all means do not apply for anything else until your scores are around 650 or more. Make sure that you check your experian report for inaccuracies at annualcreditreport.com. Apply for amex zync when your scores are above 650.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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