Six months into rebuilding, should I app spree or garden?

[Anonymous]

Hi all, I've been learning a lot here and hope I can get some perspective on my next steps.

I started rebuilding at the beginning of March after a divorce and BK (which no longer shows on any report) and so have very little credit history remaining.

Scores have risen in that time from mid 500s to 667/660/673.

My only neg is a nearly 7 year old $80.00 medical that I'm trying to PFD.

First card was a CapOne secured, followed by a CreditOne and Overstock, Combined balances $1600. I keep reported util at 1% and PIF multiple times per month.

Also have an auto loan and student loans all current.

CapOne shows me prequal for QS1 and Platinum and I'm past the 6 months since opening the secured with them.

Amex shows me prequaled for Gold Delta SkyMiles.

CardMatch doesn't show anything else pre-approved.

I want to work on my aaoa so unless I hear some strong negative reasons I'm planning to go for the QS1 prequal so that I have a permanent card that can grow.

Should I also go for the CapOne Platinum at the same time?

I'm thinking I should also go for the Amex and maybe try for a Blue Cash at the same time.

My main goal right now is to get a larget CL than the $300 on the secured CapOne and since I'm going to take an HP for that it seems that I might as well app spree and then wait a bit. I've got no plans for a home mortgage within the next two years and feel like I'm ok for an auto loan if I need one.

What does the community think of this plan?

Are there any other obvious cards I should go for in my app spree? Like maybe an Amazon (either store or visa) since I spend a fair bit there. I'm not really interested in more store cards at this point unless it can really help my credit score.

Thanks!

[Anonymous]

NEVER app spree. Your apps should always be carefully planned out ahead of time.

[Anonymous]

Thanks @NormanFH... I guess technically I am planning this out and am just trying to come up with the *best* plan   so maybe app spree is the wrong term to use here. In reality I'm just trying to take advantage of having all of my hard pulls happen close together in time. 

[Anonymous]

I would not do the Cap One QS1. It has annual fees. Better to get the Platinum, then call and have rewards added to the card. Then you have a no-AF QS card.

[Anonymous]

Secured Cap1 can graduate to unsecured with time and good payment history. Unless you want multiple Cap1 cards (that you'd then try to combine later?) I might just hold out and save the inq. Also they do CLI's at certain points with good payment history and if you ask them, although I have read that people have difficulty past the 1-2 year mark getting much growth out of their card beyind the first 1-2 CLIs. They are good to us BK'ers in the beginning but don't grow with everyone (this may not be a universal experience)

Really, my first course of action might be just to call Cap1 and ask if you are elig for unsecure and CLI yet. What I have read is they unsecure at 6-18mo. I thought the CLI happened auto at 6mo but I may be mistaken. Worth a call. Remember it's your choice before you authorize any HPs.

[Anonymous]

As far as "app now or garden," well, if you plan to make multiple apps, then yes, make them together if possible so the accounts can age together, but look into who you are apping because some lenders are known to be sensitive about inqs so you may want to schedule them last. 

Personally, I prefer to stick with fewer cards but I know some folks like to have a thicker file. 

Here's my opinion. Others may vary.

CreditOne is going to start billing you the AF if you don't cancel before the year, right? So make sure you cancel by month 11.

Overstock is fine. (1)

Cap 1 - either call as I said above, or app for an unsecured and ask to combine if approved (if you prefer one card over two, up to you). (2, possibly 3)

Amex Gold - no opinion. If you do plenty of travel it might be fine. (3 or 4)
Amex Blue - (4 or 5) 

I would not add any others to this list. 4-5 cards is plenty. (IMO) Then it's garden time.

[Anonymous]

Thanks @capabk appreciate the ideas!