Sorry for the lengthy story but I want to give you my background so that you have an idea of what my overall credit profile is like.
In summary, I have the following negatives appearing on my credit reports...
- Two 60 lates from October 2015 from ACS (student loans)
- One closed auto loan with Cap One (with at least one 30 day late from December 2015)
- One open CA with Calvary from July 2015 for $1080 that reports monthly (for a Cap One card) DOFD: 11/13
- One closed CA with PRA that shows Settled for Less than full for Discount tire (paid off in April 2016) DOFD: 01/13
- Lesson Learned: Negotiate that they will NOT insert comments if you decide to settle with a company.
- A chargeoff showing on my reports from Sync that reports monthly (formerly GECRB for Discount Tire)
- Recent student loan consolidation (first payment due August 2016) - result is that all 16 of my student loan tradelines are combined into a single one
Positive Open Tradelines:
- Fingerhut: $900; Opened: 12/15
- Golden 1 Secured Card: $300 Opened: 4/16
- Cap One QS (upgraded from Plat): $800 Opened: 4/16
- Cap One QS1: $800 Opened: 4/16
- Overstock: $250 Opened 4/16 (regret this one)
I consolidated my student loans into a single account in June. It was unavoidable because I could not afford the monthly payments if they remained separate. My scores increased with all three CRA by roughly 20-30 points. The consolidation loan will not show up on my credit reports until next month.
I've heard that loan consolidations can drop your score by as much as 40 points. My scores are already low. If they drop that much, I'm not sure how long it will take for them to recover and for me to be able to get additional credit.
My oldest open credit line is the Fingerhut which was opened in December 2015. The remaining cards were all opened in April 2016.
Is it reasonable to apply for an additional card right now while trying to take advantage of my current scores? If yes, who should I apply with?
Should I wait for my cards to age? If so, how long should I wait?
Thank you in advance for any practical advice you can offer.
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Thanks for your insight. It makes sense to remain calm and not rack up needless inquiries.
@Anonymous wrote:
+1
I'd suggest some overalls for the garden 4 of the 5 recently opened accounts you have now have only, what 3 reported cycles?
Take the hit and the rest of the year to 'baby' your garden, handle some weeds, nurture your positive accounts, allow the negs to age as well.
No need to blow any more apps in 2016, keep debt ratios on those young low limit cards LOW...make 'em pretty N smile for the camera
I'm assuming both, those Cap-1s are on the Step program, which will auto grow (either way, you can grow them via SP....but No HP's for your profile)
Chill out 6, 9 months even better by then all those accounts will have aged nicely and given time for dust to cake up on some negs
Couple that with how,the Cap 1s would have grown (along with any rehab done on negs) and you'll be cooking with grease.
Think of it this way, you're only about 9 months or one school year away from being really nice, too many ppl stagnant themselves trying to continue with TWCs instead of letting the kids grow Up N Deep before going hard (TWC = Training Wheel Cards)
You've got enough to work with right now, don't blow it
Remember
1) On-time payments 35%
2) Low Debt Ratio 30%
3) Aging 15%
That's addressing 80% of the model, on-time payments go w/O saying...where too many drop the ball is debt/ratio manipulation and letting TIME do it's thing for you for FREE!
If I can impress anything upon you it'd be RESPECT the debt/ratio % of those low limit cards like your Life depended on it... NEVER charge more than 25% on them and Never ALLOW even 1 to report more than 20%....10% would be better
Some will say 'well with those limits and those restrictions one can barely USE the cards' and my answer is your GD right they are Training Wheel Cards like I said earlier
Those that have read me before know, that my position is at this point your only Auditioning for bigger better credit down the line, these little cards/limits are NOT where you want to look thirsty at.
If you look like you're struggling and NEED to use high % at $800 , who wants to chance $8k with you?
Slow down, walk down the hill and get MORE than trying to RUN down with a toy bike, chill out awhile and you'll get the big roles and a Harley😉
Thank you so much for the great advice! I love hearing what it takes in order to not repeat what put my credit in the mud in the first place. The education I'm getting in these forums is helping to turn things around for me.
I appreciate the support! 