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Member
Infil
Posts: 12
Registered: ‎10-11-2012
0

Need some objective advice...

Sup sup,

I have recently seen the fruits of the last year come to fruition as I jumped from mid-upper 500's to the low 700's in the last two months. I have been working quite aggressively to repair/restore my credit after a nasty, drawn out divorce that is still having an effect and still in litigation after 11 years, and a forclosure in 05. I have always had multiple Snap On tool credit accounts that have never had a missed payment/late payment etc(15+ years), however student loans, a charge off bank account, and a family court error have had my credit scraping the bottom of the barrel for quite a while. 

After the cap one secured card, an auto loan, and rehabilitating my student loans I have been approved for 3 non secured cards in the past month out of 5 applications. What I am contemplating doing is closing the cap one and utilizing the NFCU(best interest rate) for the items i normally use cap one/checking acct debit for and paying it off every month as normal and using cabelas/paypal for dust collection purposes, using them occasionally (trips/etc) and paying them off within a month or two of being used.

 

As i said above I am still fighting with my ex wife over some items of the divorce that are showing on my credit as a negative but being paid as agreed, however all the other accounts i have (9) are showing flawless histories. 4 installment loans, 1 student loan and 4 cards, with an aaoa of 3 years. I know im going to get knocked back having 3 accounts open this month, and no apps are going out for at least a year. 

 

I am learning as USAA's credit counseling department and this forum have been amazing, but real world what would be my next logical step short of no more apps for a while. I will potentially be banging snapon back up towards the limit of 8500 from 3k that its at now relatively soon, however that is a pretty unavoidable expense as the new model year vehicles coming out also come with a ton of new special tools and diagnostic software, that is an annual slash and burn of the low balances and pretty planned for. The other thing we are likely to do in the next 3-6 months is a vehicle purchase, however I am looking for something relatively cheap that I woulnd't have to finance if I can work that out, worst case would be a 10-12k auto loan that we would plow through to get it gone.

 

Thanks for all the excellent feedback you guys give and for the great community.

Start:FAKO:TU 507(8/11), EQ 511(8/11), EX 511(8/11)
Current FICO: TU 713(10/12), EQ 704(10/12), EX(auto loan pull)684(10/12)
Goal:760+ across the board
Wallet:Cap1 Secured MC $500, Paypal Extras MC $1500, NFCU $ 17.5k Cabelas Club Visa $6000, PCRichard $3000
Frequent Contributor
SwampSystems
Posts: 358
Registered: ‎06-25-2012
0

Re: Need some objective advice...


Infil wrote:

Sup sup,

I have recently seen the fruits of the last year come to fruition as I jumped from mid-upper 500's to the low 700's in the last two months. I have been working quite aggressively to repair/restore my credit after a nasty, drawn out divorce that is still having an effect and still in litigation after 11 years, and a forclosure in 05. I have always had multiple Snap On tool credit accounts that have never had a missed payment/late payment etc(15+ years), however student loans, a charge off bank account, and a family court error have had my credit scraping the bottom of the barrel for quite a while. 

After the cap one secured card, an auto loan, and rehabilitating my student loans I have been approved for 3 non secured cards in the past month out of 5 applications. What I am contemplating doing is closing the cap one and utilizing the NFCU(best interest rate) for the items i normally use cap one/checking acct debit for and paying it off every month as normal and using cabelas/paypal for dust collection purposes, using them occasionally (trips/etc) and paying them off within a month or two of being used.

 

As i said above I am still fighting with my ex wife over some items of the divorce that are showing on my credit as a negative but being paid as agreed, however all the other accounts i have (9) are showing flawless histories. 4 installment loans, 1 student loan and 4 cards, with an aaoa of 3 years. I know im going to get knocked back having 3 accounts open this month, and no apps are going out for at least a year. 

 

I am learning as USAA's credit counseling department and this forum have been amazing, but real world what would be my next logical step short of no more apps for a while. I will potentially be banging snapon back up towards the limit of 8500 from 3k that its at now relatively soon, however that is a pretty unavoidable expense as the new model year vehicles coming out also come with a ton of new special tools and diagnostic software, that is an annual slash and burn of the low balances and pretty planned for. The other thing we are likely to do in the next 3-6 months is a vehicle purchase, however I am looking for something relatively cheap that I woulnd't have to finance if I can work that out, worst case would be a 10-12k auto loan that we would plow through to get it gone.

 

Thanks for all the excellent feedback you guys give and for the great community.


If you are paying it off in full every month, you won't be charged interest, and thus the interest rate shouldn't matter.

Member
Infil
Posts: 12
Registered: ‎10-11-2012
0

Re: Need some objective advice...

valid point. cap one is basically my monthly snapon payment and gas for the car so that was about it, no choice but to pay it off every month.

Start:FAKO:TU 507(8/11), EQ 511(8/11), EX 511(8/11)
Current FICO: TU 713(10/12), EQ 704(10/12), EX(auto loan pull)684(10/12)
Goal:760+ across the board
Wallet:Cap1 Secured MC $500, Paypal Extras MC $1500, NFCU $ 17.5k Cabelas Club Visa $6000, PCRichard $3000

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