cancel
Showing results for 
Search instead for 
Did you mean: 

Rebuild Plan - your thoughts?

tag
Anonymous
Not applicable

Rebuild Plan - your thoughts?

I started rebuilding pretty close to June 2015. I've been able to raise my scores about 50 pts since then but there is nothing more I can do until our house closes next week. So before my mortgage reports, which will drop my score a little, we are intending on doing a few things that will raise my scores over time to "good" scores. Here is my plan, and I'm just looking for feedback on if there is anything else you would suggest or any potential score points in leaving on the table. What helps is my husband has scores in the 660-680 range so much of this we can app together. He has only one cc and 1 car loan. I have only 2 cc's with low limits and 1 car loan and student loans.

US:

App: NFCU: refi both cars (rates at 8% abd 13% right now), and app for rewards card
BofA - app for Dodgers rewards MC. We have a joint acct there

Me:
App for Barclay rewards, CAP1 Plat and QS (maybe try for Venture), try for DiscoverIt (ya never know!).

Then garden until we refi the house loan. It's VA so as long as we don't take equity out, we can do a streamlined refi for a rate reduction after 6 months on time payments. The Feds didn't raise the rate and ours is currently locked at 4.125% - high because of my credit scores.

Anything I'm missing? In a year from now, I should have a decent credit history on the cards (we will run monthly expenses through and PIF for the rewards and score bump), a mortgage, car loans, student loans. I'm hoping for 700+ across the board.
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Rebuild Plan - your thoughts?

Just keep those CC's under 10% util and you should be golden a year from now. Sounds like a good plan.

Message 2 of 6
Anonymous
Not applicable

Re: Rebuild Plan - your thoughts?

What are the two cards you have now?


@Anonymous wrote:
I started rebuilding pretty close to June 2015. I've been able to raise my scores about 50 pts since then but there is nothing more I can do until our house closes next week. So before my mortgage reports, which will drop my score a little, we are intending on doing a few things that will raise my scores over time to "good" scores. Here is my plan, and I'm just looking for feedback on if there is anything else you would suggest or any potential score points in leaving on the table. What helps is my husband has scores in the 660-680 range so much of this we can app together. He has only one cc and 1 car loan. I have only 2 cc's with low limits and 1 car loan and student loans.

US:

App: NFCU: refi both cars (rates at 8% abd 13% right now), and app for rewards card
BofA - app for Dodgers rewards MC. We have a joint acct there

Me:
App for Barclay rewards, CAP1 Plat and QS (maybe try for Venture), try for DiscoverIt (ya never know!).

Then garden until we refi the house loan. It's VA so as long as we don't take equity out, we can do a streamlined refi for a rate reduction after 6 months on time payments. The Feds didn't raise the rate and ours is currently locked at 4.125% - high because of my credit scores.

Anything I'm missing? In a year from now, I should have a decent credit history on the cards (we will run monthly expenses through and PIF for the rewards and score bump), a mortgage, car loans, student loans. I'm hoping for 700+ across the board.

 

Message 3 of 6
Anonymous
Not applicable

Re: Rebuild Plan - your thoughts?

I have a Home Dept card and a QS1 that I just PC'd from a Plat. Except when it was a Plat it had a $39 AF and the new Plat I will app for have no AF.

Message 4 of 6
Anonymous
Not applicable

Re: Rebuild Plan - your thoughts?

Thanks SoutEast, that's what I am going to be really careful about. My issues with ccs in the past was that I always used them for frivolous "extra" stuff, and that's ok once in awhile but if you use them to buy things because you don't have the case -and you don't really need the things - unless you suddenly earn more money or get a settlement or something you really will not have the cash to PIF and you end up carrying large balances for months. Hurts your util and your finances. My plan is to use them regularly for normal household expenses that are within budget and pay close to in full or in full. Every now and then I'll use for a frivolous expense - like a trip - and put it on a no interest card and let it float and pay down at my leisure since i'll be gardening and not hyper watching my credit scores. Just to show the cc's I can handle a bigger balance so hopefully I can grow the cards into prime cards over time. But NFCU and BofA will be as close as I can get unless by some miracle Venture and DiscoverIt approve me.

Message 5 of 6
Anonymous
Not applicable

Re: Rebuild Plan - your thoughts?


@Anonymous wrote:

I have a Home Dept card and a QS1 that I just PC'd from a Plat. Except when it was a Plat it had a $39 AF and the new Plat I will app for have no AF.


Good plan. The no AF platinum card will upgrade to full QS card. You can then combine the lines if you want.

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.