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Established Member
Posts: 23
Registered: ‎05-24-2012
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Rebuilding credit, have prime cards, what now?

Thanks to this board I'm currently sitting on

 

 

AMEX Blue , 6k CL from 2K starting limit, did 3x CLI after 61 days

Discover More, 4k CL, being converted to Discover IT

BOA 123, 1K CL, had prior BOA cc's that went into collections, this card approved on 3rd recon attempt

 

Cap One - 500 CL, opened last August, initially 300 CL

Express Store Card - 950 CL

 

At this point I'm not sure what to do other than garden. I have no need for any more cards. It's easy enough to PIF every month. Mentally juggling which card I want to charge with becomes tedious at some points.

 

1. What's my outlook from here? Do I just grow with these cards and building higher CL's over time?
 Maybe I'll finance a car in a year or two. Somewhere down the line (very far future) I'd like to buy a house. What's the best thing I can do to set myself up for that?

 

2. Should my goal be to qualify for super selective cards like Penfed?

BofA 123 - 0/5K, Discover More 0/8K, Amex Blue 0/9.4k, Capital One Platinum 0/5k, Express 0/1350
Moderator Emeritus
Posts: 4,875
Registered: ‎11-02-2010
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Re: Rebuilding credit, have prime cards, what now?


ymmv wrote:

Thanks to this board I'm currently sitting on

 

 

AMEX Blue , 6k CL from 2K starting limit, did 3x CLI after 61 days

Discover More, 4k CL, being converted to Discover IT

BOA 123, 1K CL, had prior BOA cc's that went into collections, this card approved on 3rd recon attempt

 

Cap One - 500 CL, opened last August, initially 300 CL

Express Store Card - 950 CL

 

At this point I'm not sure what to do other than garden. I have no need for any more cards. It's easy enough to PIF every month. Mentally juggling which card I want to charge with becomes tedious at some points.

 

1. What's my outlook from here? Do I just grow with these cards and building higher CL's over time?
 Maybe I'll finance a car in a year or two. Somewhere down the line (very far future) I'd like to buy a house. What's the best thing I can do to set myself up for that?

 

2. Should my goal be to qualify for super selective cards like Penfed?


 

I think that the highlighted statement helps to answer this for you. If you have no need for any more cards, then you don't need to apply for any more. You have a nice collection of cards right now, and if you feel that they're suiting your needs sufficiently, then that's wonderful! So, since you're looking to possibly finance a car and get a mortgage down the line, the best thing that you could do to help meet your goals is to allow these cards to age and develop a spotless history with them. In a year or two, the inqs will no longer affect your score and the positive history will also help to boost it further; this should help you to get a good rate on an auto loan.

 

Eventually you may decide that other cards offer benefits that your current set of cards don't. After all, life isn't static and people's needs tend to change over time. Once again, gardening what you have now will help you develop the history necessary to get approved for more selective cards.

 

The bottom line seems to be that, which ever goal you are going for -- car, mortgage, superprime cards -- the best thing that you can do at this point in time is to sit back and enjoy spending some time in the garden.

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Valued Contributor
Posts: 2,281
Registered: ‎09-16-2011
0

Re: Rebuilding credit, have prime cards, what now?

you might want to app for chase freedom or something from citi, and close the capone after you have recived its replacement, A 500 CL doesn't do much for you and may hold you back for better credit limits and it can be your one main goto card no more guessing games.  If you PIF each month you can get a AMEX charge card that will be back dated, for best benefit app in january,

 

 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5k, Walmart 10k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 10k and a nice stack of store cards.
Last APP/HP 4/22/2015
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

Re: Rebuilding credit, have prime cards, what now?

Wow! I've never had to do a third Recon, maybe I should just keep trying next time I app for a BofA card! 

 

If I were you, I'd just grow those limits and as the OP said, maybe try to get a Chase Freedom; they might match your Amex CL. It's so important to keep util. low, even if you PIF. I think it's even reasonable to say that revolving a small balance from time to time will help you credit history/score too. Credit is a good thing, the more you can handle, the better lenders will view you as a credit risk. I also wouldn't app for any new credit six months to a year before you app for a mortgage! 

:-)

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
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Frequent Contributor
Posts: 352
Registered: ‎07-13-2012
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Re: Rebuilding credit, have prime cards, what now?

Personally id cancel crap one and the Express store card and let the Primes grow. Maybe even get a charge card to add to the mix. 

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
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