Rebuild/Gardening advice please

[Anonymous]

So right now I have (and PIF often)

$200 secured capital one card 6 months

$320 unsecured orchard 4 months

$400 unsecured credit one bank 4 months

$500 unsecured capital one new

1 jewler store installment from this past december- that was just paid off.

Authorized user BofA $500     1-1/2 hist

Authorized user BofA $2500   1 yr hist

Authorized user Cap1 $3000  4 year+ history

My plan was to remove as much negs as possible on my CR, I only have a few negs left that If not sooner will fall off in approx 1 year.

In one year I will have a clean credit report for the first time ever. I want to have high limit/big name/no AF cards/rewards/etc.

What do I do?

I can increase my secured deposit on my cap 1 all the way up to 3k. Not all at once but over 6 months I could.

Since I have low limit cards, should I get a secured card through a major bank and get a big limit?

I bank at BBVA and they have secured cards and allow to deposit funds, I was told they graduate but I have to double check. I could get that monday and let it garden for a year and maybe get it up to $2k in secured deposits.

PS: I'm using credit as a tool. High limits aren't to overextend myself. I will never make another 7 year mistake! lol

[Anonymous]

When you have clean reports a year from now, certain credit unions might just give you your first big credit line without it even being secured... Keep truckin on and you will be there soon enough. Do not add any more accounts for now.

[tburns]

I'm new to building my credit also. But from everything I've read/learned in the last 8 months I would suggest just garden what you have now and not add anything new.

I started with 2 secured CC accounts 7 months ago, got my EQ FICO up to 720 and went on an app spree, got approved for everything I app'ed for 6 CC's and a BML account at $700 but all the INQ's and new TLs dropped my FICO 60 points and I still have 3 CC's that haven't reported yet. It will probably take me half a year or more to get back to where I was 2 months ago. I did get cards I wanted though so at least I have that. But I won't be applying for anything until I get a new car once my scores are back above 720. Besides as I understand it most CC issuers want to see usage for better CLI in the future. I have a hard time spending enough to show any notable usage with 8 CC's.

[Anonymous]

There is a variable you are overlooking, john and that is your annual income which is an important factor when a bank makes a loan or increases a line of credit.  Having a perfect credit history will not guarantee a large CLI if your income does not match your ambition.  And what's wrong with a CL of $3,000?  That's not a bad CL.

[Wolf3]

I suggest you increase the Cap1 secured deposit.   I suggest something more like $2000 and leave room for them to add unsecured limit to it.  I t hink it is good to have a hgiher limit card on your report.

[Anonymous]

My concern is that these cards have such low limits and it's not like they would really give me CLI's and if they did it honestly wouln't be for much. I want higher limit cards.

If I get the BBVA now, It'll have 1 year of history plus 2k limit plus my secured cap 1 will have 2-3k limit. In one year I also won't have any inquiries either. Anybody elses input on this?

[Anonymous]

@gangof4 I'm not looking for huge limits like some of the people have in here, but somehing in the 2-5k range. I have good verifyable income. My high limit credit cards are authorized user accounts that I strictly do not use. I at one point want to get rid of my low limit/AF cards that I'm using to rebuild and replace them with prime cards an some of the benefits they come with along with good limits where I can run all my bills/gas through.

[bichonmom]

All of your cards are sub-prime (except the AU cards). Most people on the forum haven't gotten much in terms of CLIs from Cap One, with the rare exeption. They seem to stop around the $750 mark.

You might want to consider getting a CC at your local CU. Even if it's a low limit to start, they will be more inclined to work with you and increase your limit than Cap One will. And the other cards you have aren't really desirable lenders -- just good starter cards. Call diff CUs in your area. One wouldn't give me a CC w/ a collection on my CR (even though it's 6 years old) but another one did. I was able to talk to the loan officers before applying so I didn't waste an inquiry on the first one.