Rebuilding with 1 au Cap1, suggestions?

[LuvsRetro]

Hi all!

I would like to rebuild, however, I have 1 au Cap1 reporting ( or sometimes that is), 1 open mortgage and  23 years of credit, but closed.  

This week, I applied with Discover It and was approved for $2,500, and Amex BCE for $6,000.  I know they will grow in time.

Any suggestions would be great!

I have been reading for months now, however, it is alot to absorb. 

[HeavenOhio]

You're off to a great start. My suggestion would be to garden for a few months, then go for a MasterCard or Visa. What are you looking for in a card? Do you have any baddies to contend with? What are your scores like?

[simplynoir]

Scores are in his signature. And really maybe getting one more card like HeavenOhio said of the MC/V variety (perhaps Chase/BoA?) and you can sit pretty with those cards and scores.

[marty56]

As HO said goto to the Garden.  Wait a year then offers will come to you.

[Anonymous]

If the mortgage is paid off and closed, search Alliant SSL to add an installment loan to your profile.

[HeavenOhio]

I missed the scores. They're great. I think the OP could probably grab another card right now. But if Chase is possibly in the cards, it'd be prudent to think in terms of 5/24. In that case, I'd garden for a bit first.

With an open mortgage, there'd be no benefit to the Alliant SSL.

[Anonymous]

OP, your last line I confussing...is your mortgage open or close? If close, get a loan like above said. If open, I would get another card and garden. IMO, you really don't need much now, your scores are way up there. Remember to ONLY get a card you will actually use/need. Don't fall into the SCT stuff!

[LuvsRetro]

Yes, my mortgage is open.  Hope to pay it off in 5 years.  No baddies.  

I wish I could go for Chase, however, they were burned about 8 years ago.

We/I have been cash only since then.

Unfortunately, when we got our mortgage, the banker had us close a slew of cards which would have been great for age.  Most all have dropped.

I did just app for Barclays and it went to 10 days.   Got alert from Experian and then phone call.  They were really nice.  Asked why I only have 1 account!

Said ok well mortgage has always been paid on time, put on hold, come back with $2,500 approval.

So figure let these 3 age and see what happens.

I do have Biz Amex 12K and Boa Biz 10K from last weeks apps, however, they don't report to personal.

[LuvsRetro]

Also, thank you all for replying!!

I had to look up SCT, thought maybe it was Secured Card Trap, lol......Shopping Card Trick, ahhhh!!!

No, do not need any shopping cards.  

I used to have a Victorias Secret card (1982) which got auto closed back in 2013.  

We plan to travel in a couple of years and would like to start getting geared for that......I sure have missed out on a ton of miles by paying cash.

[UncleB]

hi @LuvsRetro!

Here's a link to a thread that lists common abbreviations used on myFICO:  http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458.

Just in case you don't have the link already.