Next Phase

[felyasocal]

Ok. No clue what just happened to my post so I am writing it again

1. Its been a year since I started cleaning up my credit. 
2. I have no collections, cleaned up as much as I could, old settled CCs still on report for a few more years. old student loan late payments still on report for a few more years (loan is current and being paid for with another bank)

3. 2 new credit cards, 2 car loans, AU on 1 CC, AU on CareCredit account, and AU on gas\store card

4. Everything being paid of on time and trying to keep credit utilization under 30%

5.  Score stuck at around the mid 600s. As high as 680 and as low as 630

What should be my next steps? Continue without applying for new credit and start applying for better CCs at the 2 year mark or start applying now? What will it take for me to get to 720+ ??? Feeling kind of frustrated. Have done almost everything right and I am still in the 600s where I was last year when I started. What would be the best strategy going forward? Again, I've done the initial cleanup for over a year. Everything is being paid for on time and only a few old baddies remain

[xaiduz114]

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@felyasocal wrote:

Ok. No clue what just happened to my post so I am writing it again Sometimes if you take too long to post, it will "time-out", ro something like that. I've had it happen a few times, and basically if I've taken more than a few minutes to type a post, I will copy the entire thing before I hit post. lol. Just in case.

1. Its been a year since I started cleaning up my credit. 
2. I have no collections, cleaned up as much as I could, old settled CCs still on report for a few more years. old student loan late payments still on report for a few more years (loan is current and being paid for with another bank)

3. 2 new credit cards, 2 car loans, AU on 1 CC, AU on CareCredit account, and AU on gas\store card

4. Everything being paid of on time and trying to keep credit utilization under 30% I'd try to maybe keep it below 10%. I see a LOT of suggestions for that. But it's just a suggestion.

5.  Score stuck at around the mid 600s. As high as 680 and as low as 630

What should be my next steps? The settled CC's you could maybe try GWing the OC to remove them for you. No idea on how they'll respond, but it's worth a try. Continue without applying for new credit and start applying for better CCs at the 2 year mark or start applying now? Many people have differing opinions on what is the magic revolving credit number, but I see three revolving bank cards and a store card brought up. I'm sure the AU accounts help, though, so long as they are in good standing. But maybe get one more CC and a store card that you will use? What will it take for me to get to 720+??? Probably having no derogs will help you tremendously there. I'd suggest again, sending GW letters to the OC to remove the negatives. Feeling kind of frustrated. Have done almost everything right and I am still in the 600s where I was last year when I started. What would be the best strategy going forward? Again, I've done the initial cleanup for over a year. Everything is being paid for on time and only a few old baddies remain

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 You might need to get those baddies removed for really getting a bump, I'm sure that's what's holding you back. Anyways, I know I'm not an expert in CCs but from what I've seen suggested to other folks, this is what I would recommend. Good luck!

[felyasocal]

I have tried many times to remove those baddies, but no luck. I will just have to wait 3 more years for them to be gone!

[Drsgwld]

Try asking for a GW removal on paid off lates. If they refuse, find any error and take it to consumer protection.gov. Keep pressing to get your student loan lender to do a GW. If you have a strong excuse while you were late push it. Failure to notify push it. They are the most difficult, but I attest that it can be done. Apply for unsecured. If you have them, ask for an increase. If you have a high auto loan you've been paying down, ask for a reduction on interest. Keep pushing. It's your money and your integrity. If your doing the right thing it deserves to be rewarded!!!

[Ellifino]

Who are your CCs? I agree with asking for a CLI. If they are subprime, check for preapproved prime cards and use the reconsideration lines to push the credit limits as high as possible.

[felyasocal]

I have CapitalOne and First PremierBank. Also Amex as AU

Not sure what you mean by "if they are subprime, check for preapproved prime cards and use the reconsideration lines to push the credit limits as high as possible"

[Ellifino]

They way I understand it, some cards are sort of considered better than others- both in terms of their target customers and the way they treat said customers.  in general, first premier is definitely subprime, and capital one is sort of borderline between subprime and prime.  Both have unforgiving policies and aren't likely to grow with you- and generally, no rewards.  In my opinion, and others should chime in here, you're ready for a prime card.  There's a ton of threads that have links to prequalified sites: lok for offers from cards like DiscoverIt, Barclaycards, Chase, etc. they'll likely start you with a limit in the $300-$500 range, but they should also grow with you, and having a prime card on your report is sort of a signal that you're ready for the next step. I guess it's possible to hit 700+ with subprime cards, but I've rarely heard of it happening.  If you bank with a big bank like chase or Bank of America, that would be a great place to start.  ...but seriously, I'm no expert, so wait and see what others say.

[felyasocal]

Thank you for the clarification. Totally helps me!

Before I apply for some prime cards, should I make sure that I  have no balances on any of CCs or gas\store cards or it doesn't matter at this point?

I guess you hit the nail on its head. That's my confusion now. I've done A LOT of research during the initial phase of rebuilding my credit, but I am kind of stuck right now.

I am not sure if I am ready to apply for a prime card. Don't want to apply and just add unnecessary inquires to my report. Or may be I am just being paranoid and I should in fact apply for example for a Barclays or Discover cards

Anyway, I'll do some research for prequalified card sites and hopefully can find something that will fit my situation. I

Thank you!

[felyasocal]

Can't seem to find any posts with links to prequalified card sites. If you know of any sites or posts on here, I would really appreciate it

Thanks!

[xaiduz114]

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@felyasocal wrote:

Can't seem to find any posts with links to prequalified card sites. If you know of any sites or posts on here, I would really appreciate it

Thanks!

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Bank of America: https://www.bankofamerica.com/credit-cards/customized-offers/find-customized-offer.go

Capital One: https://findmycard.capitalone.com/PageVersions/LandingPages/LP_QUICK_V01.aspx

Discover: https://www.discovercard.com/application/fmo?execution=e1s1

Us Bank: https://www.usbank.com/credit-cards/get-your-recommended-card-offers.html

Those are the ones I've found just through google.