Reply
Established Contributor
Posts: 545
Registered: ‎03-20-2009
0

best next step

[ Edited ]

So I've just opened a secured USAA AmEx account.  I'm waiting on my card to arrive.  What should my next step be?  I want to open at least 1 more secured card maybe 2.  Should I open a USAA MC or open one with a different lender??  Or should I try to increase my deposit/CL on my USAA AmEx?

 

I'm trying to re-build my credit.  I have several 30 day lates and a number of charge-offs.  (I'm working on these currently)  But also trying to think ahead on how to get my credit re-built as well.  I don't have any open CC except this USAA one when it arrives in the mail. 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Established Contributor
Posts: 792
Registered: ‎08-30-2011
0

Re: best next step

It is hard to say without knowing more of your credit profile. Like score, AAoA, baddies and other CC limits?
Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Established Contributor
Posts: 545
Registered: ‎03-20-2009
0

Re: best next step

My score is really bad right now.  I believe it was low 500s last time I checked.  I have no other open CC.  I have 2 closed in good standing with NFCU that I continue to pay on and several closed that were charged off and/or in collections.  (all of which I've made payment arrangements with or have settled already).  I have a current auto loan with NFCU that has 3 30 day lates but none in the last year.  I also have Sallie Mae (student loans) for over 10 years that I had a 60 day late 6 years ago.  (they won't remove through goodwill letter even though I was going through forbearance at the time). 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Established Contributor
Posts: 932
Registered: ‎06-12-2012
0

Re: best next step

I'd reccomend a BoA Secured card because it generally graduates into a unsecured card after 8-12 months. It will also give you the opportunity to earn rewards via 3-2-1 (3% gas, 2% groceries, 1% everything).

JP Morgan Select $10k | Citi TY Premier $15k | PenFed PlatRewards $22k | BofA AMEX $15k | Chase Freedom $20k | Discover IT $10k | Barclay Arrival+ 25k | AMEX SPG $10k | NASA Platinum-Advantage $10k | CapOne Quicksilver $5k | Amazon Card $10k | NASA PLOC $30k @ 8.25% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!
Established Contributor
Posts: 545
Registered: ‎03-20-2009
0

Re: best next step

So I'm almost ready to open my 2nd secured CC.  Someone else had mentioned getting the USAA secured MC but is it better to get my 2nd card with a different lender??  USAA seems to have very reasonable AF and interest rates so it is tempting to open a 2nd card with them but didn't know if maybe a different creditor would somehow look better.  I'm also continuing to increase my CL on my USAA AmEx card each month as well.  Also for rebuilding my credit would a 3rd secured card be recommended or is two enough to just garden for awhile as I clean up my other credit issues and some of my late payments age on my credit report?

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.