topic Re: How should I build my card portfolio? in Credit Cards

How should I build my card portfolio?

Anonymous — Fri, 16 Apr 2021 03:00:41 GMT

Hey Fam,

I am finally going to take this credit thing seriously. By that I mean being consistent and not just focusing on it when I need to use it. With that said what cards are best to build my portfolio?

So far I have:

Credit1 Platinum $500 CL (SL $300)

Credit1 Platinum $600 CL

Cap1 QS1 $300

Cap1 QS $500 (Converted Plat SL $300)

Navy Cash Rewards $500

Vicki Secret $250 (SL $1500 reduced due to non usage, decided to use it so it wouldn't be closed and missed 2 payments 🥴🥴)

Express $500 (SL $1000 reduced due to non usage, decided to use it so it wouldn't be closed and missed 2 payments 🥴🥴)

Navy Signature AU $25000 (just added will hit within next week or so)

Scores:

EQ F8 669

TU F8 663

EX F8 627

Income: $98,500

DTI: 9% (New car loan hasn't hit my reports yet)

Installment loan: $62% Util

Util: 22.5% currently AZEO

Baddies:

3 30days 3 60days Mar/Apr 2020 all from Comenity across all reports

1 paid collection on EQ (supposed 2b deleted within next few weeks)

So great MyFico Fam teach me your ways which way should I go? Any guidance would be greatly appreciated.

Re: How should I build my card portfolio?

AllZero — Fri, 16 Apr 2021 03:16:07 GMT

Your'e in with a great credit union, NFCU. If you have not done so, for your reading pleasure. Navy Federal Thread for CLI and Additional Cards

I would recommend building your profile with them to start.

During your down time in the garden, perhaps writing some GW Good Will letters to clean up your report. You'll want to be on a derogatory, delinquency free, score card to improve your odds at approvals and higher starting limits.

Re: How should I build my card portfolio?

Anonymous — Fri, 16 Apr 2021 03:22:39 GMT

@AllZero wrote:
Your'e in with a great credit union, NFCU. If you have not done so, for your reading pleasure. Navy Federal Thread for CLI and Additional Cards

I would recommend building your profile with them to start.

During your down time in the garden, perhaps writing some GW Good Will letters to clean up your report. You'll want to be on a derogatory, delinquency free, score card to improve your odds at approvals and higher starting limits.

Thanks for the input. And all I have heard was great things about Navy, I'm excited to get in the door.

I'm waiting for my 91/3 to get a CLI and 2nd card with Navy, I may have read every post in that thread thrice lol

On my 2nd round of GW letters with Comenity now. Tried FB Messenger no reply and Twitter they just gave me the mailing address. I am not deterred. Would you have the CEO email or physical address by chance?

Re: How should I build my card portfolio?

AllZero — Fri, 16 Apr 2021 03:58:57 GMT

@Anonymous wrote:
Thanks for the input. And all I have heard was great things about Navy, I'm excited to get in the door.

I'm waiting for my 91/3 to get a CLI and 2nd card with Navy, I may have read every post in that thread thrice lol

On my 2nd round of GW letters with Comenity now. Tried FB Messenger no reply and Twitter they just gave me the mailing address. I am not deterred. Would you have the CEO email or physical address by chance?

That is great you have read those posts. There is a lot of useful data points that will get you to your credit goals.

You have a decent income and your DTI is inline too. Since NFCU started you off at $500, my suggestion would be to hold out until at least 6 months to apply for a 2nd card. I think those few extra months may be beneficial for a higher starting limit. Obviously, you can request a CLI at 91/3 on your 1st card.

Unfortunately, I do not know about Comenity emails or physical addresses.

I find that credit unions can be a little bit more generous with starting limits compared to banks. I would suggest you look around and see what other credit unions you can be a member of. Consider becoming a member and let your account marinate while you are planning your next steps.

Re: How should I build my card portfolio?

Anonymous — Fri, 16 Apr 2021 15:15:40 GMT

@AllZero wrote:
@Anonymous wrote:
Thanks for the input. And all I have heard was great things about Navy, I'm excited to get in the door.

I'm waiting for my 91/3 to get a CLI and 2nd card with Navy, I may have read every post in that thread thrice lol

On my 2nd round of GW letters with Comenity now. Tried FB Messenger no reply and Twitter they just gave me the mailing address. I am not deterred. Would you have the CEO email or physical address by chance?
That is great you have read those posts. There is a lot of useful data points that will get you to your credit goals.

You have a decent income and your DTI is inline too. Since NFCU started you off at $500, my suggestion would be to hold out until at least 6 months to apply for a 2nd card. I think those few extra months may be beneficial for a higher starting limit. Obviously, you can request a CLI at 91/3 on your 1st card.

Unfortunately, I do not know about Comenity emails or physical addresses.

I find that credit unions can be a little bit more generous with starting limits compared to banks. I would suggest you look around and see what other credit unions you can be a member of. Consider becoming a member and let your account marinate while you are planning your next steps.

I'm gardening so I will wait that 6months and just CLI 91/3...Do you suggest I wait to apply for CLOC in 6 months also it 91/3 would be cool?

Re: How should I build my card portfolio?

AllZero — Fri, 16 Apr 2021 16:26:27 GMT

NFCU CLOCs start out as $500 unless you are active military. You'll have to weigh that against a new account and hard pull inquiry. Personally, I would pass.

Re: How should I build my card portfolio?

Zosimus — Fri, 16 Apr 2021 17:23:14 GMT

Personally, I don't understand the question. Is your goal to get better cards or more available credit? When I started out, I took any card that offered 0% intro, and now I have a bunch of cards I don't use. I'm rethinking my strategy and trying to aim for more rewarding cards. I must say, I detest cards that offer 1.5% cash back and you have to hit $50 in cash back before you can redeem anything. Currently considering Crystal Visa 3% cash back, Citibank Double Cash, or FNBO 2% cash back even though I'm not in a position to apply for anything at the moment.

On the other hand, I'm not eligible for NFCU.

Re: How should I build my card portfolio?

Anonymous — Fri, 16 Apr 2021 17:39:30 GMT

@Zosimus wrote:
Personally, I don't understand the question. Is your goal to get better cards or more available credit? When I started out, I took any card that offered 0% intro, and now I have a bunch of cards I don't use. I'm rethinking my strategy and trying to aim for more rewarding cards. I must say, I detest cards that offer 1.5% cash back and you have to hit $50 in cash back before you can redeem anything. Currently considering Crystal Visa 3% cash back, Citibank Double Cash, or FNBO 2% cash back even though I'm not in a position to apply for anything at the moment.

On the other hand, I'm not eligible for NFCU.

I would like to build a well rounded portfolio not just collect cards. Such as quality cashback, travel rewards, and dining cards. With my file I was asking what were the best cards I should focus on as my scores improved.

Re: How should I build my card portfolio?

Remedios — Fri, 16 Apr 2021 17:51:37 GMT

@Anonymous wrote:
@Zosimus wrote:
Personally, I don't understand the question. Is your goal to get better cards or more available credit? When I started out, I took any card that offered 0% intro, and now I have a bunch of cards I don't use. I'm rethinking my strategy and trying to aim for more rewarding cards. I must say, I detest cards that offer 1.5% cash back and you have to hit $50 in cash back before you can redeem anything. Currently considering Crystal Visa 3% cash back, Citibank Double Cash, or FNBO 2% cash back even though I'm not in a position to apply for anything at the moment.

On the other hand, I'm not eligible for NFCU.
I would like to build a well rounded portfolio not just collect cards. Such as quality cashback, travel rewards, and dining cards. With my file I was asking what were the best cards I should focus on as my scores improved.

Your question was perfectly clear.

As far as what to do, I'm going with credit card forum anathema...do nothing.

Your scores did improve, but those lates happened today in credit time.

Giving it more time while allowing what you have to age (along with lates) will probably yield better results.

I don't know if CU stuff will work or not, but with more traditional lenders, you're looking at toy limits and/or denials.

I'd personally give it more time.

Re: How should I build my card portfolio?

Anonymous — Fri, 16 Apr 2021 18:32:32 GMT

@Remedios wrote:
@Anonymous wrote:
@Zosimus wrote:
Personally, I don't understand the question. Is your goal to get better cards or more available credit? When I started out, I took any card that offered 0% intro, and now I have a bunch of cards I don't use. I'm rethinking my strategy and trying to aim for more rewarding cards. I must say, I detest cards that offer 1.5% cash back and you have to hit $50 in cash back before you can redeem anything. Currently considering Crystal Visa 3% cash back, Citibank Double Cash, or FNBO 2% cash back even though I'm not in a position to apply for anything at the moment.

On the other hand, I'm not eligible for NFCU.
I would like to build a well rounded portfolio not just collect cards. Such as quality cashback, travel rewards, and dining cards. With my file I was asking what were the best cards I should focus on as my scores improved.
Your question was perfectly clear.

As far as what to do, I'm going with credit card forum anathema...do nothing.
Your scores did improve, but those lates happened today in credit time.
Giving it more time while allowing what you have to age (along with lates) will probably yield better results.
I don't know if CU stuff will work or not, but with more traditional lenders, you're looking at toy limits and/or denials.
I'd personally give it more time.

Thanks for the advice, off to the garden I go. I will try to grow these limits and foster my relationship with Navy. Maybe start applying for traditional cards in a year or when I finally get someone to say yes to my GW notices.