@Anonymous wrote:
I just started working on repairing my credit. My current scores are EX 599 TU 604 and EQ 584 (Fico Score 8 from CCT). I have a few baddies that need to be taken care of. The first one is a Capital One charge off for less than $200. I was thinking of calling to pay and the GW the executive office however, does anyone know if Capital One will do a PFD?
My second question is whether anyone knows if opening too many store cards will tank my credit or affect being approved for prime cards down the line? Last month no one would give me credit to save my life but somehow I was pre-approved for a Torrid card from Comenity (350 SL). I've had the card for a month and it started posting on my CR. Since then I've been able to open up a Credit One card (not excited about those fees) and just today was able to use the shopping cart trick to get lines from Overstock ($250 SL) and J Crew ($250 SL). I plan on using one card a month and letting it post a balance of $15 or so just to keep my utilization going. I was thinking of just rotating between those four cards until I can prequal for something a little better. Is 3 store cards too many?
Thank in advance!
I'm not a fan of store cards, they are scored slightly less than bank cards. BUT, when rebuilding you get what you can get. Forget about any complicated "four card balance rotation" scheme. All you will do is generate headaches and bounce your score around. Just let the Credit One card report a small balance each month, and PIF the other ones before their statement close date. Make sure they each get used at least once every six months. No need for them to show a balance when used, its just for the lender to keep them active.
Pay the Cap one charge off as soon as you can - don't sweat getting a PFD for it, you need to get it settled before it spawns a separate collection, and its balance hurts your UTI.
