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what should i do from here?

New Member

what should i do from here?

Hey verybody short tIme thread stalker fIrst tIme poster. Im just lookIng for a lIttle advIce.I received my first credit card in late January . A secured card from cap1 with a limit of 200. ReAlly low but I had to start somewhere. Fastforward to late June early july went on an app spree declined for all except for American eagle issued by gecrb with a cl of 150 :'( . So I'm coming up on 9 mos with cap1 and 3 mos with ae. Sometimes I do these find pre approved offers things but to no avail it would seem there's no hope. Anyways as of September my eq fico was 676 wIth 12 InquIrIes datIng back to dec 2011. If it helps my ck fako currently sits at 626. No late payments or unsettled debts. What do I do now?
Message 1 of 5
4 REPLIES
Valued Contributor

Re: what should i do from here?

At this point you just need to wait.

 

After a few months, you can apply for another card. Get your utilization down as low as possible one month prior to approval. Then go to the bank you have a checking account with, and see if they will give you a credit card. If they do, treat it well and PIF every month. After 6 months ask for an increase. Then after another six months apply for another card. Do this until you have the cards and limits you want.

 

Be patient, good credit takes time.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 2 of 5
Established Contributor

Re: what should i do from here?

You already have the magic number of 2 cards. Given that, I would recommed waiting 6 months so your AAoA raises to 1 year. If possible, getting added as AU to an old account with the purpose of increasing lenght of credit history will help.

Once there, It will be easy to shoot for Citi, Discover, Amex charge(and if instantly approved, also a revolver).

Don't expect big limits, probably around 1k.

Citi can CLI with SP over the phone at 6 months, if lucky.

Discover likes to see heavy use, so if you treat them well, they may like you and boom CLI.

Amex grows quickly with good use and pif as you can request up to 3 times your current CL after 2 months of opening the account and 6 months thereafter. All CLI with SP!!

As for Chase, every CLI is HP so I don't recomend it until you already have cards with good limits in your portfolio.

 

I would suggest forgetting about Cap One CLI but going back to that GE American Eagle you have; take advantage of it!!

GE can be generous with CLIs. Request every 4-6 months calling the Undewritting # in the sticky post.

 

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Message 3 of 5
Regular Contributor

Re: what should i do from here?


Dustink wrote:

At this point you just need to wait.

 

After a few months, you can apply for another card. Get your utilization down as low as possible one month prior to approval. Then go to the bank you have a checking account with, and see if they will give you a credit card. If they do, treat it well and PIF every month. After 6 months ask for an increase. Then after another six months apply for another card. Do this until you have the cards and limits you want.

 

Be patient, good credit takes time.


I agree. Just be patient and take it step by step. As stated above patient is the key. Good luck with your credit voyage.

Message 4 of 5
Moderator Emeritus

Re: what should i do from here?

+1  Garden a bit, let those accounts age and some of those Inqs fall off.   

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 5