topic Re: Credit card path - which roadmap do you suggest? in Credit Cards

Credit card path - which roadmap do you suggest?

rosco75 — Mon, 25 Oct 2021 15:15:42 GMT

Hello all,

I have over the past few months been repairing/rebuilding credit and as part of that process I have been upgrading my credit card profile. I started with a secured card and a cap1 Quicksilver card.

I have closed out the secured card, it was a 500 CL card with an AF so I did not want to keep it. I only used it as a vehicle to better cards and it has served its purpose. My current cards and limits are as follows:

Capital one Quicksilver card 3k credit limit no AF (I fluxuate between 3% and 11% utilization because Ive been told to use this a lot as thats how cap1 gives CLI's based on usage, and I like the 1.5% cash back)

Mission Lane Visa card 1.5k credit limit no AF (I keep a $0 balance on this, only use it once a month to stay active)

Ollo Platinum Mastercard 1k credit limit no AF (I keep a $0 balance on this, only use it once a month to stay active)

My question is - what is the suggested route to go as far as best prime cards to target and at which points? Any CLI's that I should be going after and for which cards? What other reccomendations should I be planning for in regards to credit cards and usage?

My current Fico 8's are as follows:

TU: 680

EQ: 697

EX: 677

I have 1 installment loan in the form of my current auto loan. perfect pay history, 27k balance.

The only degrogs on me is a ch7 BK which got discharged 7 months ago and some student loans that were TPD discharged. I also co signed on an ex's auto loan that had a repo and 3 30 day lates, but I am in the process of getting that removed.

Not many inquires except the credit cards and maybe one other. The new cards have dropped my average age of accounts to around 6 years.

At this point I feel like I have hit a wall and I dont know which direction I should go or what I should be going after. Increase my credit lines on current cards? Go after better cards? Bury my head in the sand and wait for the BK to age? Do nothing?

Any advice would be appreciated

Re: Credit card path - which roadmap do you suggest?

dragontears — Mon, 25 Oct 2021 15:42:50 GMT

@rosco75 wrote:
Hello all,

I have over the past few months been repairing/rebuilding credit and as part of that process I have been upgrading my credit card profile. I started with a secured card and a cap1 Quicksilver card.

I have closed out the secured card, it was a 500 CL card with an AF so I did not want to keep it. I only used it as a vehicle to better cards and it has served its purpose. My current cards and limits are as follows:

Capital one Quicksilver card 3k credit limit no AF (I fluxuate between 3% and 11% utilization because Ive been told to use this a lot as thats how cap1 gives CLI's based on usage, and I like the 1.5% cash back)
Mission Lane Visa card 1.5k credit limit no AF (I keep a $0 balance on this, only use it once a month to stay active)
Ollo Platinum Mastercard 1k credit limit no AF (I keep a $0 balance on this, only use it once a month to stay active)

My question is - what is the suggested route to go as far as best prime cards to target and at which points? Any CLI's that I should be going after and for which cards? What other reccomendations should I be planning for in regards to credit cards and usage?

My current Fico 8's are as follows:
TU: 680
EQ: 697
EX: 677

I have 1 installment loan in the form of my current auto loan. perfect pay history, 27k balance.

The only degrogs on me is a ch7 BK which got discharged 7 months ago and some student loans that were TPD discharged. I also co signed on an ex's auto loan that had a repo and 3 30 day lates, but I am in the process of getting that removed.

Not many inquires except the credit cards and maybe one other. The new cards have dropped my average age of accounts to around 6 years.

At this point I feel like I have hit a wall and I dont know which direction I should go or what I should be going after. Increase my credit lines on current cards? Go after better cards? Bury my head in the sand and wait for the BK to age? Do nothing?

Any advice would be appreciated

With a 7 month old BK, 3 revolving accounts and 1 installment account, you should do absolutely nothing for the next 6-12 months. Let everything age. Getting "prime" cards this close to your bk is rather difficult.

Re: Credit card path - which roadmap do you suggest?

rosco75 — Mon, 25 Oct 2021 16:21:04 GMT

@dragontears wrote:
With a 7 month old BK, 3 revolving accounts and 1 installment account, you should do absolutely nothing for the next 6-12 months. Let everything age. Getting "prime" cards this close to your bk is rather difficult.

Thats what I was afraid people would say lol

The hardest part of a rebuild is waiting. I suppose I will use the wait time to make sure my reports are accurate. is there a timeframe I should be shooting for as to when I begin going after CLI's or prime cards?

Re: Credit card path - which roadmap do you suggest?

HeavenOhio — Mon, 25 Oct 2021 17:32:38 GMT

I'd suggest waiting until your newest card is at least six months old and your second newest card is at least a year old.

Re: Credit card path - which roadmap do you suggest?

SouthJamaica — Tue, 26 Oct 2021 01:26:05 GMT

@rosco75 wrote:
Hello all,

I have over the past few months been repairing/rebuilding credit and as part of that process I have been upgrading my credit card profile. I started with a secured card and a cap1 Quicksilver card.

I have closed out the secured card, it was a 500 CL card with an AF so I did not want to keep it. I only used it as a vehicle to better cards and it has served its purpose. My current cards and limits are as follows:

Capital one Quicksilver card 3k credit limit no AF (I fluxuate between 3% and 11% utilization because Ive been told to use this a lot as thats how cap1 gives CLI's based on usage, and I like the 1.5% cash back)
Mission Lane Visa card 1.5k credit limit no AF (I keep a $0 balance on this, only use it once a month to stay active)
Ollo Platinum Mastercard 1k credit limit no AF (I keep a $0 balance on this, only use it once a month to stay active)

My question is - what is the suggested route to go as far as best prime cards to target and at which points? Any CLI's that I should be going after and for which cards? What other reccomendations should I be planning for in regards to credit cards and usage?

My current Fico 8's are as follows:
TU: 680
EQ: 697
EX: 677

I have 1 installment loan in the form of my current auto loan. perfect pay history, 27k balance.

The only degrogs on me is a ch7 BK which got discharged 7 months ago and some student loans that were TPD discharged. I also co signed on an ex's auto loan that had a repo and 3 30 day lates, but I am in the process of getting that removed.

Not many inquires except the credit cards and maybe one other. The new cards have dropped my average age of accounts to around 6 years.

At this point I feel like I have hit a wall and I dont know which direction I should go or what I should be going after. Increase my credit lines on current cards? Go after better cards? Bury my head in the sand and wait for the BK to age? Do nothing?

Any advice would be appreciated

Keep the cards, use them, pay 2 of them off before statement cut, let the Capital One report a small balance before you pay it off.

Do this for 3-6 months and see where your scores are.

Do not apply for credit during that period, you have been busy lately, need to let it rest.

Re: Credit card path - which roadmap do you suggest?

Gollum — Tue, 26 Oct 2021 09:35:23 GMT

@rosco75 wrote:
Hello all,

I have over the past few months been repairing/rebuilding credit and as part of that process I have been upgrading my credit card profile. I started with a secured card and a cap1 Quicksilver card.

I have closed out the secured card, it was a 500 CL card with an AF so I did not want to keep it. I only used it as a vehicle to better cards and it has served its purpose. My current cards and limits are as follows:

Capital one Quicksilver card 3k credit limit no AF (I fluxuate between 3% and 11% utilization because Ive been told to use this a lot as thats how cap1 gives CLI's based on usage, and I like the 1.5% cash back)
Mission Lane Visa card 1.5k credit limit no AF (I keep a $0 balance on this, only use it once a month to stay active)
Ollo Platinum Mastercard 1k credit limit no AF (I keep a $0 balance on this, only use it once a month to stay active)

My question is - what is the suggested route to go as far as best prime cards to target and at which points? Any CLI's that I should be going after and for which cards? What other reccomendations should I be planning for in regards to credit cards and usage?

My current Fico 8's are as follows:
TU: 680
EQ: 697
EX: 677

I have 1 installment loan in the form of my current auto loan. perfect pay history, 27k balance.

The only degrogs on me is a ch7 BK which got discharged 7 months ago and some student loans that were TPD discharged. I also co signed on an ex's auto loan that had a repo and 3 30 day lates, but I am in the process of getting that removed.

Not many inquires except the credit cards and maybe one other. The new cards have dropped my average age of accounts to around 6 years.

At this point I feel like I have hit a wall and I dont know which direction I should go or what I should be going after. Increase my credit lines on current cards? Go after better cards? Bury my head in the sand and wait for the BK to age? Do nothing?

Any advice would be appreciated

My advice is to keep paying your bills on time and be patient. Your current auto loan is helping to improve your FICO scores every month that you pay on time.

I think Capital One is likely to give you automatic credit limit increases as time goes on. I don't know anything about Mission Lane or Ollo.

I would wait for at least one year after your last application for credit before applying for a different credit card. I am more conservative regarding applying for credit than other posters on this forum.

Re: Credit card path - which roadmap do you suggest?

rosco75 — Tue, 26 Oct 2021 12:19:15 GMT

Thank you all so much =)

Re: Credit card path - which roadmap do you suggest?

NYC_Fella — Tue, 26 Oct 2021 13:03:29 GMT

OP, I understand your impatience. It took me 4 years post-BK filing to get what I would consider a "prime" card, which was from Barclays. Within a year after that I was able to get a WF Platinum Visa (SL $22K), an Amex BCP ($15K), and a PenFed Platinum Rewards Signature Visa ($7.5K). Oh, and I was able to get a Discover Cash Back ($5K) ~2.5 years post-BK.

Once you are 5 years post-BK filing, you will find a lot of doors opening for you as long as they were not IIB. But keep in mind that Chase and BofA are tougher on BKs, even if not IIB. I'm not sure about Citi.

There really is no shortcut to the passage of time.