Rebuilding Credit // Credit Cards - Next Steps

[Anonymous]

in regards to self lender; just stick with the 48.50 payment plan.  Its just to diversify your portfolio and the amount lended to you is not going to matter if its the 48.0 plan, 99 plan or the 149 plan.  Stick to the 48.50 that way after reporting for a few moths, if you cant make the smaller payments anymore; it will be easier to just pay off the loan.

[Anonymous]

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@Anonymous wrote:

in regards to self lender; just stick with the 48.50 payment plan.  Its just to diversify your portfolio and the amount lended to you is not going to matter if its the 48.0 plan, 99 plan or the 149 plan.  Stick to the 48.50 that way after reporting for a few moths, if you cant make the smaller payments anymore; it will be easier to just pay off the loan.

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HI! Thanks for responding

WIll do!

Do you recommend opening Self Lender and another one for a small amount - like the Alliant for $520. Or just stick to one secured loan - Self Lender for now?

[Anonymous]

you already have 2 secured cards.  If you dont have a mortgage or car loan then doing the self lender will be a big help.  The only other thing i can think of is getting an unsecured credti card and thats where the shopping cart trick comes in.  Its a un secured card with no hard inquiry.

get your util down

do self lender

get un secured CC via SCT......... Then you're done.  Just ask God for patience because at this point its all a waiting game to see what your scores do.

[Anonymous]

i am in the same boat as you.  I am fixing my credit so I can buy a second house.  i got added as AU to 3 of my oms cards who has outstanding credit.  i then got open sky, self lender, 2 department store cards via SCT and then i got preapproved for capital one platinum.   I also paid most of my collections off doing PFD.  i still owe mitsubishi 8k and care credit, fingerhut and wells fargo Mor furniture........  Just do what you can and dont over extend yourself.  i want things done tomorrow but i know realistically this is about a 1 year plan.

[Anonymous]

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@Anonymous wrote:

you already have 2 secured cards.  If you dont have a mortgage or car loan then doing the self lender will be a big help.  The only other thing i can think of is getting an unsecured credti card and thats where the shopping cart trick comes in.  Its a un secured card with no hard inquiry.

get your util down

do self lender

get un secured CC via SCT......... Then you're done.  Just ask God for patience because at this point its all a waiting game to see what your scores do.

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Thanks! 

At this time, I have one regular/unsecured Bank of America Cash Rewards and one secured OpenSky.  So, going to get my BOA CC down to zero balance before I apply for another secured or unsecured CC.

I am opening the Self-Lender account today I am going to wait on the Opt-In/Shopping Card Trick - and stay Opt-Out.  As I saw an increase in my credit score when I opted out the first time.

Good luck on everything!  Like you,  I am in no rush, just want to make sure I am doing things correctly.  

[Anonymous]

thats weird because i watched a few videos today about how OPTING OUT does not and will not increase or decrease your credit score.

[Anonymous]

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@Anonymous wrote:

thats weird because i watched a few videos today about how OPTING OUT does not and will not increase or decrease your credit score.

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I watched a few videos as well when I first started rebuilding early last year - as I wanted it to increase by Opting Out.  And it did.

It definitely raised my score by Opting Out.  Same thing for my mother.  She opted out and her score increased. I can remember by how much but 5-10 point range.

But, maybe for some it doesn't and for some it does.  Credit scoring is unique and weird anyway.  

[ShawnF9339]

Where can I find information about the opt-in/shopping cart trick?

Thanks