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Next move in rebuild process...

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Anonymous
Not applicable

Next move in rebuild process...

Thanks to everyone on this site, I have improved my score from high 500's to high 600's in just over a year. Currently my utilization is at 20%. When it dropped from 34 to 20 my scores went up 15, 21, and 38 points, so I am paying them down under ten when my statements cut at the beginning of March. I'm at 674 EQ, 677 TU (CK vantage 3.0) and 687 EX straight from EX's credit tracker. My immediate goal is to refinance my car loan. I am at 6.99 currently and neighborhood CU has 2.99 if I canget above 680 EX. Since I am not sure which FICO they use, I figure I'll wait the 2 weeks to be safe. After that I plan to try for a decent (chase/discover/barclay) BT card (to xfer some of wife's cc debt to lower rate). I also want to get a playstation card from capitol one, for the 5,000 bonus points (saving for a better tv), get a blue nile card for some earrings for my wife, and raising the cc limit on my Best Buy card from citi. It was one of the first cards I got when I started rebuilding my credit and it's still stuck on a 300 CL. The rewards points are nice though, and I run $12k a year through it due to my daughter's daycare. It's a pain making a payment EVERY week though.

 

My question is: I am looking at 5+ inquiries on this little app spree as well as a decrease in AAoA. I am at 2 yrs 10 mos on TU, 3 yrs 11 months at EQ and 7 years (I know?) at EX. I am thinking a one day app spree is the way to go, but wanted to see what you guys think first. (I am at 10-15 inq's on each bureau, none in last 6 months though)

Also: do i prioritize the apps to the ones I care about the most, or do I go in order of which lender has the toughest standards first? The car refinance is definitely going first, since I know I need to score 680 on EX.

 

 

Message 1 of 6
5 REPLIES 5
Burned2manybridgesB4
Valued Contributor

Re: Next move in rebuild process...


@Anonymous wrote:

Thanks to everyone on this site, I have improved my score from high 500's to high 600's in just over a year. Currently my utilization is at 20%. When it dropped from 34 to 20 my scores went up 15, 21, and 38 points, so I am paying them down under ten when my statements cut at the beginning of March. I'm at 674 EQ, 677 TU (CK vantage 3.0) and 687 EX straight from EX's credit tracker. My immediate goal is to refinance my car loan. I am at 6.99 currently and neighborhood CU has 2.99 if I canget above 680 EX. Since I am not sure which FICO they use, I figure I'll wait the 2 weeks to be safe. After that I plan to try for a decent (chase/discover/barclay) BT card (to xfer some of wife's cc debt to lower rate). I also want to get a playstation card from capitol one, for the 5,000 bonus points (saving for a better tv), get a blue nile card for some earrings for my wife, and raising the cc limit on my Best Buy card from citi. It was one of the first cards I got when I started rebuilding my credit and it's still stuck on a 300 CL. The rewards points are nice though, and I run $12k a year through it due to my daughter's daycare. It's a pain making a payment EVERY week though.

 

My question is: I am looking at 5+ inquiries on this little app spree as well as a decrease in AAoA. I am at 2 yrs 10 mos on TU, 3 yrs 11 months at EQ and 7 years (I know?) at EX. I am thinking a one day app spree is the way to go, but wanted to see what you guys think first. (I am at 10-15 inq's on each bureau, none in last 6 months though)

Also: do i prioritize the apps to the ones I care about the most, or do I go in order of which lender has the toughest standards first? The car refinance is definitely going first, since I know I need to score 680 on EX.

 

 


Why not try some of the prequalifications now on the CC's that have on their pages?

IMO, I'd take care of the refinance first, then do the CC's by your priority (while the ink is drying), before the loan shows up from the CU. Stop apps when you get a denial, as I see you're most likely borderline.

Message 2 of 6
Anonymous
Not applicable

Re: Next move in rebuild process...

the only pre approval site that is currently approving me is capitol one - for venture card, quiksilver, which i already have,and platinum something (prestige?). the credit card match tool from creditcards dot com also shows 3 amex cards, which i'm skeptical of. i believe being aroun 690 or so should get me in for chase freedom and discover it, judging by other people's posts on here and elsewhere.

Message 3 of 6
Burned2manybridgesB4
Valued Contributor

Re: Next move in rebuild process...


@Anonymous wrote:

the only pre approval site that is currently approving me is capitol one - for venture card, quiksilver, which i already have,and platinum something (prestige?). the credit card match tool from creditcards dot com also shows 3 amex cards, which i'm skeptical of. i believe being aroun 690 or so should get me in for chase freedom and discover it, judging by other people's posts on here and elsewhere.


I'd post your stats, and ideal cards in CC section, and watch the masters bombard you with options. They'll decypher the prequals, and whether they're legit, or "random."

Message 4 of 6
Burned2manybridgesB4
Valued Contributor

Re: Next move in rebuild process...

 
Message 5 of 6
Anonymous
Not applicable

Re: Next move in rebuild process...


@Burned2manybridgesB4 wrote:

@Anonymous wrote:

the only pre approval site that is currently approving me is capitol one - for venture card, quiksilver, which i already have,and platinum something (prestige?). the credit card match tool from creditcards dot com also shows 3 amex cards, which i'm skeptical of. i believe being aroun 690 or so should get me in for chase freedom and discover it, judging by other people's posts on here and elsewhere.


I'd post your stats, and ideal cards in CC section, and watch the masters bombard you with options. They'll decypher the prequals, and whether they're legit, or "random."


will do - thanks!

Message 6 of 6
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