10-19-2012 12:59 PM
I have been perusing this website for quite sometime and happy to finally post a little info about myself. I am in the process of rebuilding my credit after a bankruptcy (discharged dec 30, 2012). After I stubled on this website back then, I decided to start rebuilding as suggested with a secured credit card. I applied for a Cap One Secured card and was approved, which I was stunned because I had included then in my BNK. So farer having the secured card for a few months they offered me an unsecured card with a 500 cl. I was very happy about that and just worked with those cards. I believe my credit score was around 570 ( thats a guess because I remember trying to pen an account with PenFed and they would only open a savings account because of my credit score...it maight have been a little higher arounf 580) and they said that they would eventually allow me to open a checking account if my situation improved. I just closed the account. I already bank with USAA and NFCU, so there was no need. I just wanted an account I could use as a savings account which NFCU will do just fine. Anywho I have recently been arrpoved for a Barclays NFL Rewards card last week with a CL of $500 and a Walmart Card with a CL of $400...neither have the high credit limits I want, but figured I would have to start somewhere and the new cards decreased my utilizationto 44%! I know it isnt the ideal 30%, but I am working on that.
I think I will sit tight with what I have now and will open another secured card with USAA in 6 months....I dont want to keep the secured Cap One...what do you guys think about that?
BUt what was really exciting was getting my actual FICO score which is now a 625...yay! I will be ordering my EQ Fico score soon, but I am happy with the progress I have made in a little under a year. I applied for a JC Penney card and Old Navy but they both declined me! :-( Baby steps, Baby steps...soon enough I tell myself.
Another quick question: Does anyone have an idea of how long I should sit where I am at before applying for a new card? I have the BNK on my CBR now and will for 10 years, but I want to be able to get a card with a decent limit. How generous with CLI is Barclays and how long should I wait to apply? I plan on applying for an increase with Walmart in 5 months.
Any and all information is greatly appreciated!
Starting score: 580 (around there)
Current Score WalMart TUFICO 625
10-19-2012 02:48 PM
Hi. Congrats on your progress!
Thanks for posting about Cap One. I just got their secured card too. I've heard mixed things about whether they do increases or switch you to unsecured, so I'm happy to know it's a possibility and maybe that will happen to me down the road as well.
I can't answer your questions, but I saw you belong to NFCU. I've read such good things about them on this Board; they seem lenient and generous with their credit cards. Maybe you could try them when you decide to apply for another card.... Just a thought.
Starting Score 08/12: EQ 526 | EX 552 | TU 569
Current Score: EQ 613 | EX 574 | TU 632
Goal Score: 700 Club
10-20-2012 05:21 AM
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