Trying to clean up my credit.

[SunriseEarth]

The topic of the thread is "trying to clean up my credit".   Theoretical discussions on credit tiers have been moved to a new topic in the "Understanding FICO Score" forum.

Please remain on-topic.  Further off-topic discussion will lead to editing/moving of posts and/or any further moderator action necessary to keep the discussion focused on the OP's topic. Discussion regarding this request must only be made directly with myself or any other moderator or administrator.  

[SunriseEarth]

---

@Anonymous wrote:

I get the gist of what RMN is saying. He makes some valid points and to be frank, his take on CAP1 is pretty relevant. If my lack of credit was enticing to the bigger, well established banks, they'd be all over me like a cheap suit. I've been banking with Chase for the last 25 years and couldn't get a card with them. Instead I went to CAP1. Yes, it's still valid credit and will still increase my scores if used correctly. The difference is if I had a Chase card, the pereption of my credit from other lenders would be in a better light and bear more weight than my credit from CAP1.In the end though, it still counts.

Everyones goal here is to improve upon what we have. We all need to start our journey's somewhere. For me it's CAP1. In the future, it will include other more established credit giving businesses. 

---

I disagree.  Cap One has products across all credit levels.   Their particular business model is more forgiving than other lenders in terms of getting in, but they're not handing out $30K Ventures with 12.9% APR to everyone who applies.  Chase won't let me in either, but that seems to be a Chase peculiarity.   You can look at my signature and see that other lenders have no such issue.  

While there are some basic guidelines for credit, there isn't a "one-size-fits-all" model.   Some lenders will be great for some and not for others.   Some need secured credit to build, where others have rebuilt using store cards to build history.   There are many different stories.  

[Anonymous]

Today the J CREW  account i got was reported to Experian.

COMENITY BANK/JCREWINC

Terms

Revolving

Date Opened

12/01/2015

Account Status

Open

Payment Status

Paid

Payment Status Details

Current

Status Updated

12/01/2015

Credit Limit

$250.00

Contact Address

PO BOX 182789, COLUMBUS, OH 43218

Ownership

Individual

[Anonymous]

My experian credit score went from 585 to 591

[SunriseEarth]

---

@Anonymous wrote:

My experian credit score went from 585 to 591

---

Congrats on the approval!   J Crew is a card that many members have seen grow very quickly.   Higher CLs (credit limits) will definitely help your overall UTIL(ization), so cards that can grow will help you get positive reporting.

[Anonymous]

Should i just stick with just this one account? or should I try and get more sct accounts?

[SunriseEarth]

---

@Anonymous wrote:

Should i just stick with just this one account? or should I try and get more sct accounts?

---

You can optimize with two credit card accounts, but some recommend a minimum of three cards total.   Have you checked out the Capital One prequalifier?  I think having at least one bankcard would help.   Is getting a secured card an option for you?

[azguy13]

---

@SunriseEarth wrote:

---

@Anonymous wrote:

Should i just stick with just this one account? or should I try and get more sct accounts?

---

You can optimize with two credit card accounts, but some recommend a minimum of three cards total.   Have you checked out the Capital One prequalifier?  I think having at least one bankcard would help.   Is getting a secured card an option for you?

---

I agree with Sunrise. I feel that managing three cards is your best bet at building. Plus, Cap1 is a great rebuilder. When my score was in the high 500s I was approved for a Cap1 Platinum with a $750 Cl. After 6 on-time payments, it was increased to $1,500. Out of all the rebuilders, I advocate for Cap1, just based on my personal experience. 

[Anonymous]

Thanks for the responses.

I plan on applying for a credit card through the bank that my employer uses.

I have been cashing checks there every 2 weeks and have failed to setup a bank account there.

Last time i went to Chex systems website to see if I had any reports that would excluded me from getting a bank account and they sent me a letter saying i was good to setup a bank account.

So i think I am going to be able to setup a bank account and at that time I am going to ask about getting a credit card that reports to the credit agencies. Either secured or unsecured. It looks like they offer a mastercard.

Should I also apply for the Cap1 everyone has been bringing up? If so should I do it before or after I try with the bank?

[Anonymous]

---

@Anonymous wrote:

Thanks for the responses.

I plan on applying for a credit card through the bank that my employer uses.

I have been cashing checks there every 2 weeks and have failed to setup a bank account there.

Last time i went to Chex systems website to see if I had any reports that would excluded me from getting a bank account and they sent me a letter saying i was good to setup a bank account.

So i think I am going to be able to setup a bank account and at that time I am going to ask about getting a credit card that reports to the credit agencies. Either secured or unsecured. It looks like they offer a mastercard.

Should I also apply for the Cap1 everyone has been bringing up? If so should I do it before or after I try with the bank?

---

If the bank will approve you for a secured card, that will boost your scores immediately as it will be your first revolving account. I would wait for that to show on your reports so you get that score boost, then do a double app for Cap One Platinum and QS1 cards. That should improve your chances and/or give you bigger starting limits on them.