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Some advice needed

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Anonymous
Not applicable

Some advice needed

I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?
Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Some advice needed

1200 not 120 limit
Message 2 of 11
Revelate
Moderator Emeritus

Re: Some advice needed

I'd take it, that BOFA partially secured card will graduate and you can keep it forever.  Truly no downside, and you can add a rewards package to it immediately and people have been able to get any AF removed too post graduation.




        
Message 3 of 11
youdontkillmoney
Valued Contributor

Re: Some advice needed


@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?

^^^^^^^

Focus on paying the debt you owe.

If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt. 

Message 4 of 11
Revelate
Moderator Emeritus

Re: Some advice needed


@youdontkillmoney wrote:

@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?

^^^^^^^

Focus on paying the debt you owe.

If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt. 


Biggest mistake people make when building credit is opening too few tradelines in my opinion; I'd argue even the mass SCT trickage which I personally think is a bad path is less problematic than that.  Really I'd advocate 3-4 right off the bat and an absolute minumum of 2, why delay future credit goodness any longer than necessary?  Only constants are time passes and payment history is king, and it's a suboptimal use of time not to establish better payment history as soon as you decide you want to get better credit.

 




        
Message 5 of 11
youdontkillmoney
Valued Contributor

Re: Some advice needed


@Revelate wrote:

@youdontkillmoney wrote:

@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?

^^^^^^^

Focus on paying the debt you owe.

If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt. 


Biggest mistake people make when building credit is opening too few tradelines in my opinion; I'd argue even the mass SCT trickage which I personally think is a bad path is less problematic than that.  Really I'd advocate 3-4 right off the bat and an absolute minumum of 2, why delay future credit goodness any longer than necessary?  Only constants are time passes and payment history is king, and it's a suboptimal use of time not to establish better payment history as soon as you decide you want to get better credit.

 


^^^^

That is one valid perspective if one can be responsbile with multiple tradelines. The OP is consolidating already, which may be a sign of too much debt. If this is the case and if more tradelines exacerbate the debt problem then, the advice:

 

Biggest mistake people make when building credit is opening too few tradelines in my opinion

 

Can be rewritten:

 

Biggest mistake people make when building credit is opening too MANY tradelines in my opinion....if one is not disciplined enough to not take on too much debt than can be handled and get deeper into financial problems.

Message 6 of 11
Revelate
Moderator Emeritus

Re: Some advice needed


@youdontkillmoney wrote:

@Revelate wrote:

@youdontkillmoney wrote:

@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?

^^^^^^^

Focus on paying the debt you owe.

If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt. 


Biggest mistake people make when building credit is opening too few tradelines in my opinion; I'd argue even the mass SCT trickage which I personally think is a bad path is less problematic than that.  Really I'd advocate 3-4 right off the bat and an absolute minumum of 2, why delay future credit goodness any longer than necessary?  Only constants are time passes and payment history is king, and it's a suboptimal use of time not to establish better payment history as soon as you decide you want to get better credit.

 


^^^^

That is one valid perspective if one can be responsbile with multiple tradelines. The OP is consolidating already, which may be a sign of too much debt. If this is the case and if more tradelines exacerbate the debt problem then, the advice:

 

Biggest mistake people make when building credit is opening too few tradelines in my opinion

 

Can be rewritten:

 

Biggest mistake people make when building credit is opening too MANY tradelines in my opinion....if one is not disciplined enough to not take on too much debt than can be handled and get deeper into financial problems.


The Goldilocks theory of creditbuilding? Smiley LOL




        
Message 7 of 11
Anonymous
Not applicable

Re: Some advice needed

I have 0% utilization on everything. I've learned my lesson. I've charged a few things and paid them off before statements hit.
Message 8 of 11
Anonymous
Not applicable

Re: Some advice needed

My goal is to get rid of the sub standard cards I have ie capital one, merrick bank and replace with higher standard ones as I can
Message 9 of 11
securingourfuture
Established Contributor

Re: Some advice needed


@youdontkillmoney wrote:

@Revelate wrote:

@youdontkillmoney wrote:

@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?

^^^^^^^

Focus on paying the debt you owe.

If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt. 


Biggest mistake people make when building credit is opening too few tradelines in my opinion; I'd argue even the mass SCT trickage which I personally think is a bad path is less problematic than that.  Really I'd advocate 3-4 right off the bat and an absolute minumum of 2, why delay future credit goodness any longer than necessary?  Only constants are time passes and payment history is king, and it's a suboptimal use of time not to establish better payment history as soon as you decide you want to get better credit.

 


^^^^

That is one valid perspective if one can be responsbile with multiple tradelines. The OP is consolidating already, which may be a sign of too much debt. If this is the case and if more tradelines exacerbate the debt problem then, the advice:

 

Biggest mistake people make when building credit is opening too few tradelines in my opinion

 

Can be rewritten:

 

Biggest mistake people make when building credit is opening too MANY tradelines in my opinion....if one is not disciplined enough to not take on too much debt than can be handled and get deeper into financial problems.


I agree with both of you. Now that I'm older and wiser, my mindset is so different. I have 10x the credit I had before and half the debt. If someone is immature/irresponsible and/or materialistic, just a few cc will go a long way.

8/22/18: BK7 filed EXP 490 TU 430 EQ 429
11/28/18: BK7 discharged EXP 586 TU 578 EQ 527
06/08/21: EXP 656 TU 643 EQ 701
Message 10 of 11
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