Well I started the rebuilding process in early 2013 with an auto loan for 5k ,added a couple of cards later on that year (First premier). I now have a few cards and the auto loan is paid in full with excellent payment history.
My current cards and loans: First premier $300 (can't wait to cancel but it's my oldest account). Also have another FPB CC $700. Hate it.
Navy federal (LOVE THEM! ) Cash Rewards CC 4.5k, Navy Federal Go rewards CC 1.5k, Navy federal CLOC 2K. I also have a month old personal loan for 1k with them. Currently a $700 balance.
Capitol One Quick Silver One CC $300. Debating on closing due to stunted growth.
Just was approved for Barclays Carnival world MC. (I cruise on this line frequently) 2K limit.
Starting scores were all very low 500's. Scores as of yesterday: TU 630 Fico
EX 620 Fico
EQ627 FAKO (CREDIT KARMA)
I'm at about 15% UTI
SO WHAT'S MY NEXT STEP TO IMPROVE? I'm trying to hit 700 by the end of the year. Is this possible? I also have a 5 year old judgment for 5k on TU and EQ but it's paid in full. No baddies on EX at all.
It was my favorite card at one point, I used it thoroughly but being new to managing multiple accounts, I let a payment slip by ONE DAY! Stupid mistake, I know but I was immediately kicked from the credit steps program and was told my credit line would stay at $300 indefinitely for at least 9 months ( when capitol one forgives missed payments)
Ok, with that said, I'll keep the QS1 for now and see how that strategy works. I was cycling through my limit multiple times a month making full payments accordingly but that 1 day late derailed me. I'll give it one more shot. It won't be as much cycled through the card this time around as you can see I have other great cards that get most of my attention lol
Also, do you have any experience with chase? They just denied me, but barely! Only reason was my oldest account was only a little over 2 years old. That's why I chose barclay after. I'm on the fringe of getting prime cards and dumping the sub prime ones.
I would dump those FPs if you are paying monthly/annual fees, AAoA is not affected immediately only utilization is and if its under control there would be no blowback from closing those cards. Closed good accounts stay around for up to 10 yrs post close
That's excellent advice. But I've called to close those accounts before and in turn FP agree to waive all fees for this year. These cards have a 0 balance on both FP cards. I figured why not sock drawer those cards and allow the history to mature providing they're no fees associated with this strategy. However I don't need them for utilization as I'm around 17% without them. They're ultimately destined for closure as this crap bank won't grow an inch with me but I'll squeeze every bit of good I can get out of it for now I think. (Just because I've paid tons of fees for these accounts and I no longer have to). Does that seem like sound logic??
@biglista88 wrote:
That's excellent advice. But I've called to close those accounts before and in turn FP agree to waive all fees for this year. These cards have a 0 balance on both FP cards. I figured why not sock drawer those cards and allow the history to mature providing they're no fees associated with this strategy. However I don't need them for utilization as I'm around 17% without them. They're ultimately destined for closure as this crap bank won't grow an inch with me but I'll squeeze every bit of good I can get out of it for now I think. (Just because I've paid tons of fees for these accounts and I no longer have to). Does that seem like sound logic??
As long as they will waive the fees then SD them, eventually they will close them for non use.