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New to rebuilding

Established Member

New to rebuilding

Ok, I am new to rebuilding and was just approved for a cap 1 unsecured card (not sure which one) for $500. I am wondering if I should even try applying for some where else and if so where? Currently my score is 565 with some derogatories, most recent was 5 months ago. I have some old store lines (kay jewelers, a department store) that have all been unused for years and a mortgage.
Message 1 of 10
9 REPLIES
Established Member

Re: New to rebuilding

Also should I consider asking cap 1 to reconsider the credit line to attempt to up it or wait until after I start using it first? Again this was just approved, I haven't even gotten the card yet.
Message 2 of 10
Moderator

Re: New to rebuilding

Are the store lines active and open?  

 

If they're inactive, go use them once if possible.  If they're closed, I'd recommend getting something else.

 

If you have $300+ laying around, I would recommend looking into a BOFA secured card which can get their 1-2-3 rewards attached to it; by far the best card in your credit strata and it does graduate.  Worked incredibly well for me personally and for many other folks.

 

C1 is notoriously hard to get a CLI with; if you're in the Credit Steps program just hang out and take the auto CLI to $750 which typically is given after a period of time... after that though get comfy with your limit.

 

Rigiht now the biggest and best thing you can do is start establishing positive payment history on a couple of credit cards; everything else is secondary at least from a positive direction.  Once you have 2 (or 3 at most imo) cards setup and active, focus on removing any negative information if possible.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 3 of 10
Established Member

Re: New to rebuilding

As far as using the store lines, I believe they are both in active. If I can get them reactivated how long do I need them going for? Would it be possible to just buy something on the line and then return it the following day or something similar?
Message 4 of 10
Established Contributor

Re: New to rebuilding

+1

Message 5 of 10
Established Member

Re: New to rebuilding

I'm just bumping this, trying to find out if I use the store lines and then just return the items the next day or something if that will be enough to get the lines active again?
Message 6 of 10
Valued Contributor

Re: New to rebuilding

Yes it is swift! As long as theres SOME kind of activity, such as puchases, returns, credits, or paying down an account!

Quicksilver WMC $20k | JCPenney Platinum $10k | Drive for Five $800 | Freedom VS $5k | TD Cash VS $5k | CFU VS $14.8k | Blue Sky $13.7k | IT $28k | SavingStar $14.8k | BCE $11.3k | Macy's AMEX $7.2k | BuyPower WEMC $7.5k | CSR VI $13.3k | Diamond Preferred $6.5k FICOS: EX 775 EQ 764 TU 759 VantageScore 3.0: EX 759 EQ 757 TU 762
Message 7 of 10
Valued Contributor

Re: New to rebuilding

Also make sure the cards havent been already closed due to inactivity before trying it!

Quicksilver WMC $20k | JCPenney Platinum $10k | Drive for Five $800 | Freedom VS $5k | TD Cash VS $5k | CFU VS $14.8k | Blue Sky $13.7k | IT $28k | SavingStar $14.8k | BCE $11.3k | Macy's AMEX $7.2k | BuyPower WEMC $7.5k | CSR VI $13.3k | Diamond Preferred $6.5k FICOS: EX 775 EQ 764 TU 759 VantageScore 3.0: EX 759 EQ 757 TU 762
Message 8 of 10
Contributor

Re: New to rebuilding

I have a Capital One cash rewards with a $500 limit, and it has the credit steps program where you make 5 ontime payments and it goes up to $750. You should ask Cap1 if you're enrolled in Credit Steps.
........???................659 (FICO)................659 (TU08) ........
Message 9 of 10
Highlighted
Established Member

Re: New to rebuilding

Travis,

 

Thanks, I will do. The card should be in the mail on Tuesday so if it doesnt say in the new account materials I'll call and ask. All of the accounts are closed except one that is with a Jewelry store. Actually wifes birthday is coming up and I was planning on getting her something anyways so I'll just use that and then pay it off when the first bill comes.

 

Thanks guys,

Message 10 of 10