Silly mistakes from a newbie

[codimom]

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@Anonymous wrote:

That is already in the works, I could pay off all cards in a month or two if I didnt put money anywhere else but the simulator on experian said it would only bump it up to a 620-630 range

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(insert sarcastic font here) Do you enjoy overpaying for things in your life? (font off).  I jokingly ask this but in reality thats what you're doing if you continue to pay interest.  If it were me, i would pay these off as soon as possible...Kill the highest interest rate first then snowball down the line until they are gone.  Then i would close the First Premier and the Credit one.  Use your other cards, keeping the util down and PIF each month.   Sadly, regaining credit score points can be like a diet... you can't really fix either overnight, but slow and steady will get you to your goal.  NO NEW CREDIT for (in my opinion) at least the next 6-12 months, to let your accounts age.

good luck

[Anonymous]

....I go away for a few hours and someone is already suggesting the useless card trick (SCT)? Let's be nice to new members please.

The OP is asking how to acquire 10-15K in actually USABLE credit in the next year.

OP, You seem to have acquired a decent amount of tradelines as it is. Pay down your cards and give your scores a little time to bounce back. Once they do, close down the fee harvester cards and let your other accounts age.

[-Cal-]

If I were you, I would stay away from the shopping cart trick. I'm sorry but that is not good advice, you'll be stuck with a bunch of trade lines you probably wont have use for and will look desperate with a bunch of toy limits. 

Try this: 

* Goodwill your late payment

* Pay down your balances

* Work on getting CLIs to get your existing limits higher

* How old are your inquiries? Let them age 6-12 months (possible small FICO bump after 12 months)

* Let your AAoA grow. Some lenders want to see more than 1 year

 When you apply for new credit some creditors will try to match or beat your existing CLs. 

[itguy_65]

I would suggest you definitely call Credit One and ask to have the late payment removed.  Just be nice and ask nicely, explain that you haven't been late, and was hoping they could remove that single late payment.  Most creditors will do this without a problem, so Credit One should be willing as well. If they dont, feel free to call back as many times as needed to get it removed.  Then, once the 30-day late is removed from your credit report, and 4 statements have cut on the Discover card, request a CLI from Discover.  It should be a SP.

[dethkultur]

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@Anonymous wrote:
....I go away for a few hours and someone is already suggesting the useless card trick (SCT)? Let's be nice to new members please.

The OP is asking how to acquire 10-15K in actually USABLE credit in the next year.

OP, You seem to have acquired a decent amount of tradelines as it is. Pay down your cards and give your scores a little time to bounce back. Once they do, close down the fee harvester cards and let your other accounts age.

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I only suggest the SCT because he has no AoA yet, I would stay away from it also if it wasn't a new account. There's consensus that his AoA should be higher, let the accounts age, etc, and bigger limits will come... well, then OP should get advice on having a resilient AoA, not one that will get shredded by a new account, especially when he has the uncommon opportunity to build the base for a strong AoA now. I think he should increase his tradelines for that purpose.

And well, only forum dwellers have contempt for store cards. No one has ever been denied credit and told over the phone "I really didn't like your Victoria's Secret card." People of all credit profiles have store cards. They will only be USABLE as a new, aging account in good standing, which is exactly what the OP needs, and is a great thing besides. That's my two cents.

[IncrsCredScore]

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@-Cal- wrote:

If I were you, I would stay away from the shopping cart trick. I'm sorry but that is not good advice, you'll be stuck with a bunch of trade lines you probably wont have use for and will look desperate with a bunch of toy limits. 

Try this: 

* Goodwill your late payment

* Pay down your balances

* Work on getting CLIs to get your existing limits higher

* How old are your inquiries? Let them age 6-12 months (possible small FICO bump after 12 months)

* Let your AAoA grow. Some lenders want to see more than 1 year

 When you apply for new credit some creditors will try to match or beat your existing CLs. 

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+1

[Anonymous]

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@codimom wrote:

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@Anonymous wrote:

That is already in the works, I could pay off all cards in a month or two if I didnt put money anywhere else but the simulator on experian said it would only bump it up to a 620-630 range

---

(insert sarcastic font here) Do you enjoy overpaying for things in your life? (font off).  I jokingly ask this but in reality thats what you're doing if you continue to pay interest.  If it were me, i would pay these off as soon as possible...Kill the highest interest rate first then snowball down the line until they are gone.  Then i would close the First Premier and the Credit one.  Use your other cards, keeping the util down and PIF each month.   Sadly, regaining credit score points can be like a diet... you can't really fix either overnight, but slow and steady will get you to your goal.  NO NEW CREDIT for (in my opinion) at least the next 6-12 months, to let your accounts age.

good luck

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 I hate intrest  lol however I have other areas where money needs to go so im trying to balance paying it down and other financial goals 

you make a lot of sense and i like this approach as apposed to getting more pulls, 13 is alot in the first year of credit... smh 

[Anonymous]

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@-Cal- wrote:

If I were you, I would stay away from the shopping cart trick. I'm sorry but that is not good advice, you'll be stuck with a bunch of trade lines you probably wont have use for and will look desperate with a bunch of toy limits. 

Try this: 

* Goodwill your late payment

* Pay down your balances

* Work on getting CLIs to get your existing limits higher

* How old are your inquiries? Let them age 6-12 months (possible small FICO bump after 12 months)

* Let your AAoA grow. Some lenders want to see more than 1 year

 When you apply for new credit some creditors will try to match or beat your existing CLs. 

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I agree , the inquries are maybe 3-4 mo old . sounds like there is no quick fix , maybe i was looking for one lol

[codimom]

okay, then sit down and make your plan.  Use one of the snowball calculators you can find online.  I'm sure the forum peeps are tired of me preachin it, but it does work.  Just gotta stick with it.   Take your credit cards, list the interest , the balance and the min amts due.  Make the minimum payments (ON TIME) to all your cards except the one with the highest limit, and throw every single extra penny you have at the highest one til its gone, then roll it on to the next one.

[Anonymous]

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@codimom wrote:

okay, then sit down and make your plan.  Use one of the snowball calculators you can find online.  I'm sure the forum peeps are tired of me preachin it, but it does work.  Just gotta stick with it.   Take your credit cards, list the interest , the balance and the min amts due.  Make the minimum payments (ON TIME) to all your cards except the one with the highest limit, and throw every single extra penny you have at the highest one til its gone, then roll it on to the next one.

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Sounds like dave ramsey debt snowball and It's great advice, thanks