#1 stop applying for store cards, they dont help that much, if at all for your FICO score.
#2 Do you have any installment accts? Think Car loan, student loan, etc, if not look into Self Lender. FICO likes to see at least 2 installment loans with 12-24 months history
#3 do you have ANY late pays, collections or Public records? If so, work to get those off!
#4 Read here DAILY, even HOURLY, lots of good info!
#5 Get your FICO score, MyFico is AMAZING, scores really are Different, FAKO is WAKO, you wont have a REAL picture of what you need to do until you see the true scores!
#6 WELCOME!!
wrote:I am in the 3rd month of my rebuild, currently I do not have a FICO, but have been pretty successful with obtaining cards (0 denials *knock on wood*). My question to this great board is what cards do you suggest I app for in the next 6 months? Who has lenient approvals, higher limits, and good perks? I have no preference when it comes to brand, I would love rewards, and my main goal is to have a healthy & robust credit profile.
Datapoints:
FAKOs: 638 TU / 637 EQ / 640 EX
AAoA: 2 months
Util %: 20% (Credit1/NavyFed hasn't posted yet)
INQ: 4 TU/ 4 EQ / 6 EX
Baddies: 0
CC Limits: Express $250 / Cap1 $400 / Credit1 $300 / NavyFed $3700
Any help would be greatly appreciated. Thanks.
@Fr3sh, you've had a great week and a good run, congrats again!
This is just my very humble opinion. Consider using the heck out of Cap1 and the new NFCU card and then PIF each month before the statement cuts. You might consider something like all fuel purchases on Cap1 and then use the Navy card for all groceries and utilities. By using those two cards for the things you normally have to buy, you won't have a problem paying them off in full each month.
In the first year of my rebuild, I kept a log of accounts and when the statements cut so I would know to stop using each card about a week before the statement came out, so I could have everything post and then paid it a couple of days before the cut to make sure the statements posted at zero. I would pay off the charges several times each month, just to stay at zero most of the time. IMHO, I would think about continuing to do that for the next six months with those two cards. Cap1 will most likely give you an auto bump after the sixth statement cuts and you already know the Navy drill of 3-6 statements and 90+ to 180 days.
Consider using the Credit One card for one thing a month and then pay it off as soon as it posts and throw it back in the sock drawer until the next month. As soon as your year is up, close the account and don't pay their sky high annual fee any longer. The card will have done what it needs to do in one year. Adios.
Fico likes to see a mix of cards and so your store card with Express is fine. Check what others have posted here in threads about getting CLI's on the card. It's Comenity, so you should be able to hit the luv button each month (just don't check the box that says it's okay to pull a credit report if needed)...they will give you an auto bump without ever having to pull another report. So, just keep trying to increase the available credit on the Express and don't carry a balance. Some Commenity cards (if not all) don't even require usage to get an increase. I have increased my Overstock card to $11K by hitting the luv button every month and have only used the card twice in 20 months and PIF right away. Sometimes you get the bump, some months you don't, but they will grow.
As far as an installment loan, it sounds like you have that handled? It can be a car, student loan, shared secure loan like Alliant, it doesn't matter the amount, just so long as you're establishimg the payment history.
So what to do next. This is the best part. Pay off the balances you currently have and if those cards that have balances are maxed then make that a priority and please consider not charging anything else you can't PIF until those cards are at zero. As the payments are made and several months go by, you will see your scores start to shoot up. TIME is the most important thing right now. I would suggest not applying for one more thing until it's time for you to make a decision on a 2nd Navy card, CLOC at NFCU or a CLI on the first card. Let your scores recover from the new HP's, let consistant payments work their magic and you won't believe what a difference 6 months will make.
Sure you can apply for a bunch of low limit Comenity cards right now but a profile that is full of cards with $200-$500 limits is not what you're after. Navy opened the door to you being able to get cards with higher SL's but you'll need to give it some time to build the history.
I'm so excited for you in 2018 and I know that this time next year you'll be looking very different on your credit reports. You have done a great job of laying the ground work and now the tough part...waiting it out in the garden. You have this my friend!
Chapter 7: Discharged November 2015
Total Revolving Credit Lines 1 month post discharge: $2600
Total Revolving Credit Lines 1 Year post discharge (Nov. '16): $86K, Total with installment loans: $174K
Total Revolving Credit Lines 24 months post discharge (Nov '17): $207K, Total with installment loans: $350K
11/15 Fico 8: EQ-585, TU-550, EX- 551
01/18 Fico 8: EQ-707, TU-704, EX-691
Inquires: Next subject please.
Awards: World's VERY worst gardener x 1000! 'I'd like to thank the academy...'
wrote:#1 stop applying for store cards, they dont help that much, if at all for your FICO score.
#2 Do you have any installment accts? Think Car loan, student loan, etc, if not look into Self Lender. FICO likes to see at least 2 installment loans with 12-24 months history
#3 do you have ANY late pays, collections or Public records? If so, work to get those off!
#4 Read here DAILY, even HOURLY, lots of good info!
#5 Get your FICO score, MyFico is AMAZING, scores really are Different, FAKO is WAKO, you wont have a REAL picture of what you need to do until you see the true scores!
#6 WELCOME!!
@capricornchanges, welcome to the community, it's great that you joined us!
@I totally agree with you about knowing true FICO scores once @Fr3sh has them start to report after six months. I monitored real FICO scores daily for the first 18 months of my rebuild and it was amazing how different they were from CK and the others. Even though it was spendy, I just considered that it was much needed info and looked at it as the cost of doing business. While waiting to have actual scores start to report, a FAKO will at least give an idea of scores going up/down/staying the same and who is pulling credit.
I will look very forward to seeing you around the boards and following your journey! Have a great weekend ahead!
wrote:
@Anonymous Man I am at a loss for words, you are so helpful. I really can't thank you enough and your credit journey is truly inspirational. I'm going to take your advice and use my cards accordingly. Off to the garden I go.
@Anonymous @Fr3sh, look for me there, I'm usually in the 'beer garden' section lol! It makes the time go by faster!!