Taking Baby Steps!!

[Anonymous]

Hi just thought I would share. I have just started rebuilding my credit after some bad life choices. I have several derogs on my CR and am working on getting those paid off and removed with the help of this board. My FICO is 542 and will hopefully be going up so I can get a better interest rate on my current car loan and hopefully someday buy a new home.

I thought I would try some baby steps first and apply for a few cards just to help establish something good on my CR. Well today I have just gotten approved for a Cap 1 Secured card ($200 limit, I will be adding more funds over the next few months) and my first store card since 2014 Maurices ($150 limit, baby steps right).  Hooray!!

 I just wanted to say thank you for everyone posting on here and giving really great feedback and advice. I have been reading alot of posts and getting some very valuable information and insight.

[crrredit]

Congrats! If you are going to have cash to use to increase your secured card limit, consider instead opening a second secured card instead. You'll have three cards reporting that way, which will have a greater impact on your score. 

[Anonymous]

Cap 1 no longer allows you to add money to your secured card down the road ... you have to do it at the outset or not at all. 

Consider the Discover secured card if you're interested ... they do allow you to add down the road, and it should graduate to an unsecured card after 12 months. 

[Anonymous]

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@crrredit wrote:

Congrats! If you are going to have cash to use to increase your secured card limit, consider instead opening a second secured card instead. You'll have three cards reporting that way, which will have a greater impact on your score. 

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Thanks! I will totally do that. I want to get this one to a $500 CL then I will open another and work it up to a $500 CL too!

[RonM21]

Congrats. You handle it well and you will start to see things open up for you. You're on the right track!

[Anonymous]

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@Anonymous wrote:

Cap 1 no longer allows you to add money to your secured card down the road ... you have to do it at the outset or not at all. 

Consider the Discover secured card if you're interested ... they do allow you to add down the road, and it should graduate to an unsecured card after 12 months. 

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I didn't know that about Cap 1.... Thank you! I will look into the Discover for my next one then.

[Anonymous]

Good luck on your journey.  It can be done.  Both my husband and I started with 2 secured cards about six months ago.  We've both managed to raise our scores about 100 points and go from a car with a 9.9% interest rate to a new car purchased last week for 1.9%.  It can be done.  My advice is don't be discouraged since sometimes credit repair is a waiting game.  

[Anonymous]

Cap One also do Auto-CLI on secured cards sometimes. Not always, but theres a chance there, In my case they Auto-CLI mine 6th statement. Good luck in your journey!!

[Anonymous]

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@Anonymous wrote:

Cap One also do Auto-CLI on secured cards sometimes. Not always, but theres a chance there, In my case they Auto-CLI mine 6th statement. Good luck in your journey!!

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General consensus is they do (sometimes) a CLI from $200 to $500 after the 6th statement on a secured card. Not everyone gets it, but most do

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Cap One also do Auto-CLI on secured cards sometimes. Not always, but theres a chance there, In my case they Auto-CLI mine 6th statement. Good luck in your journey!!

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General consensus is they do (sometimes) a CLI from $200 to $500 after the 6th statement on a secured card. Not everyone gets it, but most do

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I will be watching for that then as well. 

I am really getting excited about this whole credit repair stuff!!  LOL  I have referred a few co-workers to this site that have mumbled here and there about credit stuff. Hopefully they will join and get the help they need too.