topic Re: Expanding my portfolio... in Credit Cards

Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:02:55 GMT

Hey everyone,

Long story short in 2009 I was an irresponsible college student racking up CC debt and neglecting it. I had three chargeoffs, Discover, Citi, and BofA. I ended up settling on all three of these accounts. I found my local credit union willing to get a 24 month loan for me to pay these settlements off. That was about 1 year ago. Since I took the loan, I have been working for Wells Fargo for over a year, making good money, and trying to reestablish my credit that I neglected as a college student. I'm going to hit the "garden" as you guys say, at least for a while.

Cap One were the first ones willing to take the risk with me to rebuild my credit and that was with a $300 CL card. Since then (Sept 2011) this is what I have established:

Capital One $1,000 CL .....($0 Bal)

Wells Fargo Rewards $4,600 CL .....($220 Bal - PIF bi-weekly)

Barclays Apple Visa $2,000 CL .....($0 Bal)

Chase Amazon VISA $700 CL .....($105 Bal - PIF bi-weekly)

WalMart Store Card $500 CL .....($0 Bal)

Cabela's VISA (don't know limit yet, just applied and instant approval tonight)

Equifax - 655

Transunion - 707

Experian - 662

My scores may not be the best, but when I took out my loan last September the credit union pulled a 592, so they have jumped a good deal in 11 months.

If anybody has any recommendations for me on how to continue to improve my credit, they are greatly recommended!

Thanks everybody!

Re: Expanding my portfolio...

mtrsprt — Tue, 14 Aug 2012 06:06:20 GMT

I am surprised you have scores that high with multiple charge-offs in 2009. Your on your way.

Re: Expanding my portfolio...

Revelate — Tue, 14 Aug 2012 06:10:07 GMT

There's nothing really you can or should do FICO wise, except perhaps pickup an Amex for future backdating (except maybe get a car loan or a mortgage, and those are rather expensive options for FICO admittedly).

You're doing fine, you have plenty of cards, you don't "need" any others unless there's some rewards which fits your spending profile... most of the top tier cards are probably still long shots for you, but you have a nicely rounded set anyway. More inquiries / accounts are just going to continue to depress your score.

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:10:32 GMT

You have enough tradelines to build your credit. Only thing is if you can find use for Amex zync, I would recommend getting in with Amex early. Amex backdating is powerful for later in life. And Amex cli policy on revolvers is great for growing credit lines however you would have problems getting one right now. Also, are your scores real fico scores or fakos? Might want to get eq fico score from here if you have fakos.

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:12:12 GMT

I am comfortable with where I am at right now. I never put money on any of my cards unless I have the money in my checking account to pay it off in full. I make multiple payments a month to keep my utilization lower.

I am kind of stoked I got approved for Cabela's. I used to work for World's Foremost Bank in Lincoln, NE so I know the whole system as far as credit limit increases go. I can't remember exactly, but I do hear they start you off with pretty good credit limits.

Anyway, how long do inquiries and chargeoff accounts stay on your credit report?

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:15:39 GMT

@Crashem

I use Enhanced Identity Theft Protection where I can pull a full copy of all 3 of my credit reports monthly. It is a service through Wells Fargo. Is that considered a FAKO then?

As far as Amex Zync, I got declined about a week ago. Didn't do any recon for the sole purpose that I read they don't like chargeoffs especially. I'm still new to this forum and am gathering alot of good information. If you, or anyone, has any for me, please let me know.

Thanks.

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:15:44 GMT

Inquires= 2 years but only count against score for 1 year. Charge off stays on for up to 7 and half years after dofd (date of first delinquency).

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:17:30 GMT

@Anonymous wrote:
@Anonymous

I use Enhanced Identity Theft Protection where I can pull a full copy of all 3 of my credit reports monthly. It is a service through Wells Fargo. Is that considered a FAKO then?

As far as Amex Zync, I got declined about a week ago. Didn't do any recon for the sole purpose that I read they don't like chargeoffs especially. I'm still new to this forum and am gathering alot of good information. If you, or anyone, has any for me, please let me know.

Thanks.

yes those are fakos. Get your eq fico here and post it. Amex can be sensitive about charge offs, but would like to get idea where your fico is. Don't buy tu fico. But the eq fico as it uses fico 04 scoring model

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:18:22 GMT

Oh go to your walmart account and get your monthly free tu fico score. That is using fico 08 scoring model. Post it here.

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:20:06 GMT

All those cards besides the Wells Fargo and Cap One are new within this past week. My inquiries are going to be higher but I was looking to improve my utilization and have the purchasing power available if needed.

Do you recommend the fico standard, score watch, or quarterly monitoring?

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:28:06 GMT

You already have monitoring service. So I would just buy a one time score which I think is called standard. No need to but the other ones as hey are more for monitoring than anything else. You just want to get idea how your fakos compare to fico

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:32:18 GMT

If I app'd tonight for Cabela's VISA and it shows me what the lender pulled on Equifax, would that be a FICO score?

Curious before I spend $20 on what could be the same/similar score.

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:35:31 GMT

Yes. Although they could use an internal score that would be built off fico. Why do you think they will give you score? Only will if rejected or do not get most favorable terms.

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:37:20 GMT

I app'd for Cabela's VISA tonight and got instantly approved. In the electronic disclosures they had my score that was pulled as well as the bureau reporting it. It was a 655 from Equifax.

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:47:27 GMT

That is fico although we don't know which fico model. No need to buy then. Also, go to Walmart for the free tu fico 08 score and post it.

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:49:16 GMT

Sounds good my man, appreciate the input and help.

I see you have a Palladium card...I just googled it, very impressive. What do you do for a living?

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 06:55:51 GMT

Dealing with startups now. I know vague. Don't believe every you read on web. Card is nice but diluted a bit.

Re: Expanding my portfolio...

migliogiorni — Tue, 14 Aug 2012 08:45:05 GMT

congrats, your on your way and you should let your accounts age let your score grow. As you already know keep your uti low and Pif when you can, GL.

Re: Expanding my portfolio...

Anonymous — Tue, 14 Aug 2012 20:06:58 GMT

Thanks.

I called Cabelas VISA to figure out what my CL is but apparently they can't give it out over the phone you have to wait to receive it.

On another note, is it worth it to me to keep my Cap One open with $1,000 CL and a $39 AF? I have it to help with my utilization but not much else. Thanks.

Re: Expanding my portfolio...

RockinRay — Tue, 14 Aug 2012 20:11:45 GMT

@Revelate wrote:
There's nothing really you can or should do FICO wise, except perhaps pickup an Amex for future backdating (except maybe get a car loan or a mortgage, and those are rather expensive options for FICO admittedly).

You're doing fine, you have plenty of cards, you don't "need" any others unless there's some rewards which fits your spending profile... most of the top tier cards are probably still long shots for you, but you have a nicely rounded set anyway. More inquiries / accounts are just going to continue to depress your score.

+1 - you are doing a great job. I would site back and let these cards age. Use them and they will grow. Maybe on the slow side but patients will be your best friend.

Good job by the way!