what should i do next?

mr_brendo · ‎03-18-2014

greetings all,

Currently i have one credit card with NavyFed (2800/4500), overdraft line of credit (500) and a car loan (14.8k left to pay on the original 20.2k)

3 years ago i closed a credit card that was fully paid off, not knowing at the time that it wasnt a good move. but i have never missed a payment, creditcarma has my score listed at 721, and my USAA credit monitoring service lists 719 as my score.

I have been steadily paying down the balance on my card, and would like to expand in the near future. should i ask for a CLI once my balance is lower, get a new card ( i was thinking maybe american express charge card) or possibly both.

My end goal is to increase my overall credit and of course raise my credit score.

Any and all adivce is welcome and more information can be provided is i left anything out. Thank you in advance.

Creditaddict · ‎03-18-2014

@mr_brendo wrote:
greetings all,

Currently i have one credit card with NavyFed (2800/4500), overdraft line of credit (500) and a car loan (14.8k left to pay on the original 20.2k)
3 years ago i closed a credit card that was fully paid off, not knowing at the time that it wasnt a good move. but i have never missed a payment, creditcarma has my score listed at 721, and my USAA credit monitoring service lists 719 as my score.
I have been steadily paying down the balance on my card, and would like to expand in the near future. should i ask for a CLI once my balance is lower, get a new card ( i was thinking maybe american express charge card) or possibly both.
My end goal is to increase my overall credit and of course raise my credit score.

Any and all adivce is welcome and more information can be provided is i left anything out. Thank you in advance.

Ask for CLI on Navcheck to $15k. (They will counter if they can't do full amount)

Get a new card with USAA and Amex charge or revolver if you want.

BT the navy to the new USAA if you have 0% for a bit and finish getting that paid off

then request CLI to $25k on the navy credit card. (again they will counter if they can't do the full amount)

striehl8212 · ‎03-18-2014

@Creditaddict wrote:
@mr_brendo wrote:
greetings all,

Currently i have one credit card with NavyFed (2800/4500), overdraft line of credit (500) and a car loan (14.8k left to pay on the original 20.2k)
3 years ago i closed a credit card that was fully paid off, not knowing at the time that it wasnt a good move. but i have never missed a payment, creditcarma has my score listed at 721, and my USAA credit monitoring service lists 719 as my score.
I have been steadily paying down the balance on my card, and would like to expand in the near future. should i ask for a CLI once my balance is lower, get a new card ( i was thinking maybe american express charge card) or possibly both.
My end goal is to increase my overall credit and of course raise my credit score.

Any and all adivce is welcome and more information can be provided is i left anything out. Thank you in advance.
Ask for CLI on Navcheck to $15k. (They will counter if they can't do full amount)
Get a new card with USAA and Amex charge or revolver if you want.
BT the navy to the new USAA if you have 0% for a bit and finish getting that paid off
then request CLI to $25k on the navy credit card. (again they will counter if they can't do the full amount)

^^^^This is a good plan!! +1

March 2014: EX 693 I EQ 672 I TU 694
September 2014: EX 721 I EQ 741 I TU 742

mr_brendo · ‎03-18-2014

i guess im just worried that doing all of that in too short a time period will work against me. your thoughts?

Creditaddict · ‎03-18-2014

@mr_brendo wrote:
i guess im just worried that doing all of that in too short a time period will work against me. your thoughts?

certainly month 1 after you do all that you might see a score dip because of new accounts and reducing AA but the util. offset and the financial savings if you move to 0% will outway that if you are not looking for any major purchases in the next 6 months and long term 6-12 months I think you will see FAR more positives to the moves then negatives.

ProV · ‎03-18-2014

@mr_brendo wrote:
greetings all,

Currently i have one credit card with NavyFed (2800/4500), overdraft line of credit (500) and a car loan (14.8k left to pay on the original 20.2k)
3 years ago i closed a credit card that was fully paid off, not knowing at the time that it wasnt a good move. but i have never missed a payment, creditcarma has my score listed at 721, and my USAA credit monitoring service lists 719 as my score.
I have been steadily paying down the balance on my card, and would like to expand in the near future. should i ask for a CLI once my balance is lower, get a new card ( i was thinking maybe american express charge card) or possibly both.
My end goal is to increase my overall credit and of course raise my credit score.

Any and all adivce is welcome and more information can be provided is i left anything out. Thank you in advance.

who was the closed credit card with? is it possible to call them and re-open?

If you're looking to improve your score, especially in the short term, call NFCU, or go online, and request increase in Navcheck (ask for $15k, they will counter.. this will help your utilization). If you need another card, wait for your increased NavCheck to report before going to either Amex or USAA (or whomever you choose to request credit with).

Also, after bringing down the balance on your NFCU CC, ask for CLI via the website.. ( http://ficoforums.myfico.com/t5/Credit-Cards/Can-we-have-quot-OFFICIAL-NFCU-CLI-HOW-IT-WORKS-quot/td... 136+ pages of great NFCU info)

mr_brendo · ‎03-18-2014

it was with citi bank. an Old MTVUniversity card they had a few years ago. i did not know that was possible but i guess its worth a try.

and i dont NEED another card, but i was under the impression that getting a new one or two would be a good thing.

ProV · ‎03-18-2014

@mr_brendo wrote:
it was with citi bank. an Old MTVUniversity card they had a few years ago. i did not know that was possible but i guess its worth a try.
and i dont NEED another card, but i was under the impression that getting a new one or two would be a good thing.

Having 3 CC's with positive Payment history is believed to help your score, and show you can manage multiple lines. This is important, as well as your credit mix (CC, Auto Loan, Mortgage, etc.)

I'm not sure if Citi still offers the old MTVU card, so you may not be able to re-open that. However, stick with NFCU, USAA, AMEX, and you should be good.

mr_brendo · ‎03-18-2014

just requested the full 15k, waiting for the senior approval team member to look it over. they said i should hear back from them in a couple of hours.