Needing Advice to Move Forward

[professor_g]

HI Everyone, 

Thanks to all the info on these forums I've had some success rebuilding my credit.  I've come to the point where I need some advice to best strategize my next moves.  Some background on me:  Recently graduated PhD and recently started a job as a tenure-track position after a year working temporary instructor gigs.  I'm in huge debt from graduate school and really let my credit go during my last year of undergrad when I maxed out my cards and had a load of CA's after me.   Fastforward to now, after I got my job I decided to take hold of my finances.   In June of this year I pulled my credit report and have been bombarding CA's and OC for PFD and GW to get rid of some late payment marks.  Fast forward to now:

1. I have gotten letters from CA's saying that they are going to delete the tradelines (I'm waiting until Mid Sept to pull all three credit reports and intiate disputes if those tradelines aren't gone by then). 

2. I applied for and was approved for a Cap One Secured Card (Haven't had a CC since 2004!)

3. I applied for and was approved for a Personal Loan from my Credit Union (I needed a small loan to make it through the summer until the school year began). 

4. I have not pulled scores recently but scores on CK and Credit Sesame (I know these scores are bogus and looked down upon here) have consistently reported score increases.  CK: 680 and CSesame: 700.   Initial Scores in June were:  EX 586 EQ 741 TU 583 (Experian score had gone up to 633 when CU pulled it for my loan)

Here are my goals for the next 6mo: 

1. Increase the CL on the Cap One Secured to $750 - and consistently keep a 25-30% balance. 

2. Pay off the Personal Loan before the end of the year, balance is $450

3. Pay off a student loan that was not eligible to be consolidated by March 2013, balance is $1300

My main question to folks are, do you think I would be in a position to apply for and successfully be approved for a decent credit card with rewards at the 6 month mark (Maybe Chase Freedom, or any other suggestions)?  This is assuming I've met all my goals, kept paying all loans, CC on time and that the bad tradelines are off the Credit Reports by then.    More info about me: Student Direct Loan Balance is about 180,000.00; Annual Salary is 71,500.00 

Any Advice, suggestions, or insight would be very welcomed and helpful.   Thank again to everyone for all the amazing information you all have given me so far! 

[llecs]

I wouldn't apply for any new accounts, especially adding 2 new accts.

I'd focus on repair and in a year reconsider adding a 2nd CC because any damage for the new accts would have aged off by then.

I'd PIF the CC monthly. When you app again, get it to report a balance of under 9% of the CL. 25% is too high.

[professor_g]

Great! Thanks for the Advice.   Also I do have two hard inquiries that will be falling off my report in the next 6 months. 

[LIGHTNIN]

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@professor_g wrote:

Great! Thanks for the Advice.   Also I do have two hard inquiries that will be falling off my report in the next 6 months. 

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Inquiries report for 2 years, but only hurt credit score for 1 year.

If these 2 inquires are going to drop off in 6 months, they are already not hurting your score.

Just thought, you may like to know.

[professor_g]

LIGHTNIN, 

Thanks, that's really good to know!  As always, learning so much from this forum.