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best next step

Established Contributor

best next step

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)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 1 of 5
4 REPLIES
Established Contributor

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
Message 2 of 5
Established Contributor

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)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 3 of 5
Established Contributor

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).

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 4 of 5
Established Contributor

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)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 5 of 5