No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Although everyone's situation is different, I think there are some better ideas and worse ideas. For example, one big matter of debate is number of inquiries. If one is just trying to grab a bunch of credit when rebuilding at the beginning, perhaps an app spree is not the biggest deal in the world. If one is trying to get some of the more premium cards within 2 years of rebuilding, maybe it's not a great idea. I discovered the Chase 5/24 rule a few months later after going on a spree the first year. Especially with the CSR out now, I wish I had not gotten a few cards. Also another matter of debate are SCT and store cards. The arguement could be made that for some people a lot of them are useful, but the cost of getting alot of those are that you will have a harder time getting the premium cards for the next couple of years. There are always trade-offs, and it's good to know what those are before apping/opening those new accounts.
I think general guidelines are a good idea. One can make their own decision, but that will require doing a lot of searches, reading posts, and possibly creating posts. But that's why this forum is so strong is because the wealth of diverse information from people from all walks of life. Anyways, my 2 cents...
@Anonymous wrote:Although everyone's situation is different, I think there are some better ideas and worse ideas. For example, one big matter of debate is number of inquiries. If one is just trying to grab a bunch of credit when rebuilding at the beginning, perhaps an app spree is not the biggest deal in the world. If one is trying to get some of the more premium cards within 2 years of rebuilding, maybe it's not a great idea. I discovered the Chase 5/24 rule a few months later after going on a spree the first year. Especially with the CSR out now, I wish I had not gotten a few cards. Also another matter of debate are SCT and store cards. The arguement could be made that for some people a lot of them are useful, but the cost of getting alot of those are that you will have a harder time getting the premium cards for the next couple of years. There are always trade-offs, and it's good to know what those are before apping/opening those new accounts.
I think general guidelines are a good idea. One can make their own decision, but that will require doing a lot of searches, reading posts, and possibly creating posts. But that's why this forum is so strong is because the wealth of diverse information from people from all walks of life. Anyways, my 2 cents...
Foss...with your score now you should be able to close QS1 soon and comenity next if it has AF
My Comenity Blue Nile card has no AF. I used it for interest free financing for 2 months for an engagement ring which I paid off. They gave me a nice SL which is boosting my total credit limit. I don't have a compelling reason to close it for now. I'm going to merge my QS One into my QS one soon. They are being stubborn on my 1 year CLI for my QS One. I'm going to try again next month and merge regardless of the outcome. My Delta Gold is probably going to be gone before the 1 year mark as well. I got tempted by the nice into bonus miles (just got two free round trip tickets to SFO though.)
My suggestiong is a DO not a DON'T. Make a budget and stick to it. All you need is about three credit cards to pay and keep current. After finding these boards I used my two secured cards and Care Credit to benefit me the most. I always had paid in full, then began charging again so my utilization was terrible! After reading on this forum, I payed at the best time and left a small amount on my cards.
At the same time I began cleaning up my credit reports. It took three full months of daily diligence to have items removed that should have fallen off. That made my scores skyrocket. In the end, however, it is all up to you and what path you wish to take.
Just an aside. I didn't begin apping for more cards until my scores peaked and those cards had great CL and Interest rates. Good luck to everyone who is rebuilding. It was a year for me last May. You can do it!