What's the next step?

Anonymous · ‎01-04-2016

Hey guys,

So I've been through a lot during the past year. Removing some baddies, getting my finances in order, receiving a nice promotion and finally gettin my credit heading in the right direction. So now I've reached a point to where I don't know what I should do next to continue my credit growth.

Here are my scores.

EX - 633 TU - 665 EQ - 637

The only issue I have on my reports right now, are three student loans that are reporting six different times I believe. I've got three from Sallie Mae that are marked "Transferred," or "Unknown." Then three accounts from the US Dept of Education that are reporting as late. These are within the first month of rehabilitation, so hopefully in 10 months I see a nice improvement in score.

Otherswise, my CC accounts are listed below.

Capital One Secured Card - $500

Capital One Quicksilver One Card - $1500 (This was a Platinum card, but I recently called and got it upgraded to QS1 1.5% cash back)

Amazon Store Card - $3300 (5% rewards or 24 month special financing)

Chase Amazon Card - $2000 (3% Amazon, 2% Groceries, Gas, Etc.. 1% elsewhere)

WayFair Bank Card - $750

Fingerhut - $250

Currently my utlization was about 17%, but that's because of the holidays. I use the Capital One Secured card to pay my student loan payment, I guess I could probably switch that to a rewards card. I also put rent on my QS1 card for the $10 or so back I'll get from that. Other than that, no other cards carry a balance and are paid in full if I do use a card to purchase something.

Any advice on inching toward that 700 mark, or will that be next to impossible with the student loans reporting as baddies.

Anonymous · ‎01-05-2016

Bump. Anyone?

Anonymous · ‎01-05-2016

@Anonymous wrote:
Bump. Anyone?

I would say its time to close the Secured card and get another unsecured Cap One card.

Anonymous · ‎01-05-2016

I'm very close to your situation, and our scores are simimlar too. I would recommend trying to rectify your student loans. IMO that will be the weight holdng you back from reaching 700 ASAP. Outside of the student loans, I'm trying the secured installment loan from Alliant as several people have reported some success with this strategy which you might consider. If you search Alliant loan on this forum there are many posts on how to accomplish this. Feel free to PM me if you need any additional information. I don't think you need any new account and should probably garden for 6 months like I am. Race you to the 700's!

Anonymous · ‎01-05-2016

@Anonymous wrote:
I'm very close to your situation, and our scores are simimlar too. I would recommend trying to rectify your student loans. IMO that will be the weight holdng you back from reaching 700 ASAP. Outside of the student loans, I'm trying the secured installment loan from Alliant as several people have reported some success with this strategy which you might consider. If you search Alliant loan on this forum there are many posts on how to accomplish this. Feel free to PM me if you need any additional information. I don't think you need any new account and should probably garden for 6 months like I am. Race you to the 700's!

The student loans are on their way, unfortunately you have to pay the nine consecutive payments before they're rehabilitated. So it'll be October sometime before they aren't in default status anymore.

I'll look into it and see if the benefits are worth trying to get it. I don't need the extra money or anything, so it would purely be for a credit score increase.

elim · ‎01-05-2016

@Anonymous wrote:
@Anonymous wrote:
I'm very close to your situation, and our scores are simimlar too. I would recommend trying to rectify your student loans. IMO that will be the weight holdng you back from reaching 700 ASAP. Outside of the student loans, I'm trying the secured installment loan from Alliant as several people have reported some success with this strategy which you might consider. If you search Alliant loan on this forum there are many posts on how to accomplish this. Feel free to PM me if you need any additional information. I don't think you need any new account and should probably garden for 6 months like I am. Race you to the 700's!
The student loans are on their way, unfortunately you have to pay the nine consecutive payments before they're rehabilitated. So it'll be October sometime before they aren't in default status anymore.

I'll look into it and see if the benefits are worth trying to get it. I don't need the extra money or anything, so it would purely be for a credit score increase.

You can actually use these Share Secured Loans to start a nice side savings. You deposit whatever you're able to (500 and up) and they hand you a check (which I deposit in the same account) and you make small payments that free's up your original deposit. With all the student loans this may or may not increase your score.

I would say the next step in your rebuild is getting your limits up. I would try to prequal a Cap One Venture and app for a 10k+ Limit. Then work on increasing your other limits and close the secured. Time is the rest of the equation. Just garden awhile while in CLI mode and share your rebuild knowledge with others in need.

Congrats on the great year :]

Anonymous · ‎01-05-2016

@elim wrote:
@Anonymous wrote:
@Anonymous wrote:
I'm very close to your situation, and our scores are simimlar too. I would recommend trying to rectify your student loans. IMO that will be the weight holdng you back from reaching 700 ASAP. Outside of the student loans, I'm trying the secured installment loan from Alliant as several people have reported some success with this strategy which you might consider. If you search Alliant loan on this forum there are many posts on how to accomplish this. Feel free to PM me if you need any additional information. I don't think you need any new account and should probably garden for 6 months like I am. Race you to the 700's!
The student loans are on their way, unfortunately you have to pay the nine consecutive payments before they're rehabilitated. So it'll be October sometime before they aren't in default status anymore.

I'll look into it and see if the benefits are worth trying to get it. I don't need the extra money or anything, so it would purely be for a credit score increase.

You can actually use these Share Secured Loans to start a nice side savings. You deposit whatever you're able to (500 and up) and they hand you a check (which I deposit in the same account) and you make small payments that free's up your original deposit. With all the student loans this may or may not increase your score.

I would say the next step in your rebuild is getting your limits up. I would try to prequal a Cap One Venture and app for a 10k+ Limit. Then work on increasing your other limits and close the secured. Time is the rest of the equation. Just garden awhile while in CLI mode and share your rebuild knowledge with others in need.

Congrats on the great year :]

Interesting. I read up on a few threads to do so, but would it really increase my scores by that much? I'd love to hit 700's before my loans finish rehab, but I don't think it's possible at this point.

I recently got a CLI on the Amazon Store card($800 > $3300), was denied a CLI by Chase on the Amazon card, and the unsecured CO card had a CLI in November to $1500. So right now I may be up creek without a paddle.

When you say prequal a Cap One Venture card, you mean checking the prequalify site until it shows up on one of my offers?

elim · ‎01-05-2016

Yes when Venture shows up on the prequalify page grab it. The 43k bonus can be used when needed and it's a great start to 10k limits.

Your scores will come in time. We all try to rush and only time (and cleaning reports) helps.

Anonymous · ‎01-05-2016

@Anonymous wrote:
@elim wrote:
@Anonymous wrote:
@Anonymous wrote:
I'm very close to your situation, and our scores are simimlar too. I would recommend trying to rectify your student loans. IMO that will be the weight holdng you back from reaching 700 ASAP. Outside of the student loans, I'm trying the secured installment loan from Alliant as several people have reported some success with this strategy which you might consider. If you search Alliant loan on this forum there are many posts on how to accomplish this. Feel free to PM me if you need any additional information. I don't think you need any new account and should probably garden for 6 months like I am. Race you to the 700's!
The student loans are on their way, unfortunately you have to pay the nine consecutive payments before they're rehabilitated. So it'll be October sometime before they aren't in default status anymore.

I'll look into it and see if the benefits are worth trying to get it. I don't need the extra money or anything, so it would purely be for a credit score increase.

You can actually use these Share Secured Loans to start a nice side savings. You deposit whatever you're able to (500 and up) and they hand you a check (which I deposit in the same account) and you make small payments that free's up your original deposit. With all the student loans this may or may not increase your score.

I would say the next step in your rebuild is getting your limits up. I would try to prequal a Cap One Venture and app for a 10k+ Limit. Then work on increasing your other limits and close the secured. Time is the rest of the equation. Just garden awhile while in CLI mode and share your rebuild knowledge with others in need.

Congrats on the great year :]
Interesting. I read up on a few threads to do so, but would it really increase my scores by that much? I'd love to hit 700's before my loans finish rehab, but I don't think it's possible at this point.

I recently got a CLI on the Amazon Store card($800 > $3300), was denied a CLI by Chase on the Amazon card, and the unsecured CO card had a CLI in November to $1500. So right now I may be up creek without a paddle.

When you say prequal a Cap One Venture card, you mean checking the prequalify site until it shows up on one of my offers?

No, not so much. FICO looks for one installment loan for your credit mix. Additional ones don't help you score wise.

Anonymous · ‎01-08-2016

Appreciate all the advice and help given to me!

I've said goodbye to the account that help me start this journey. I paid off the balance on my Capital One secured card, and closed the account. Should be receiving the initial funds in the mail pretty soon. This card really wasn't doing anything for me, and may have prevent me from being approved for other cards. When I apped for another Cap1 card, I received a letter stating that there were too many capital one accounts. So I decided to close the secured CC and hopefully move forward with a Venture if it ever pops up in my pre-qualified offers.

Again, thanks for all the help guys.