topic Re: Rebuilding in Credit Cards

Rebuilding

tbatt — Sat, 01 Feb 2014 18:06:45 GMT

Hi everyone, I love this forum and I am looking for some guidance. I have been rebuilding my credit and am looking to get a few additional cards to help with utilization. Here is what I have in my wallet:

Recently approved about a month ago

WAL-MART 800 limit

Target 300 limit

Amex Optima 2300 this is their rebuild card

Cap 1 4300

Cap 1 750

Limited 1650

Victoria's secret 630

I would love another visa or mastercard and maybe one more store card. My scores are 625 (TU) 615 Equifax 631 experian.

Any suggestions? Thx!

Re: Rebuilding

Leadberry — Sat, 01 Feb 2014 21:07:16 GMT

Were I in your position, I would focus on giving the current cards time to grow rather than trying to app for new ones.

Re: Rebuilding

bobbay — Sat, 01 Feb 2014 21:11:16 GMT

^ 1+

Re: Rebuilding

Chris679 — Sat, 01 Feb 2014 23:18:25 GMT

Agree with these guys and I would avoid store cards going forward and stick to major credit cards. Store cards almost always have lower limits, higher rates and limited rewards if any. You're off to a good start and should have no trouble getting approved once you let these accounts hit 6 mo to 1 yr.

Re: Rebuilding

-Wade- — Sat, 01 Feb 2014 23:20:47 GMT

@tbatt wrote:
Hi everyone, I love this forum and I am looking for some guidance. I have been rebuilding my credit and am looking to get a few additional cards to help with utilization. Here is what I have in my wallet:

Recently approved about a month ago
WAL-MART 800 limit
Target 300 limit

Amex Optima 2300 this is their rebuild card
Cap 1 4300
Cap 1 750

Limited 1650
Victoria's secret 630

I would love another visa or mastercard and maybe one more store card. My scores are 625 (TU) 615 Equifax 631 experian.
Any suggestions? Thx!

You need to garden and let the accounts age!!! You dont want to open to many accounts at a time

Re: Rebuilding

Anonymous — Sat, 01 Feb 2014 23:41:43 GMT

@tbatt wrote:
Hi everyone, I love this forum and I am looking for some guidance. I have been rebuilding my credit and am looking to get a few additional cards to help with utilization. Here is what I have in my wallet:

Recently approved about a month ago
WAL-MART 800 limit
Target 300 limit

Amex Optima 2300 this is their rebuild card
Cap 1 4300
Cap 1 750

Limited 1650
Victoria's secret 630

I would love another visa or mastercard and maybe one more store card. My scores are 625 (TU) 615 Equifax 631 experian.
Any suggestions? Thx!

Having found myself in a very similar situation, I can tell you that you probably won't get approved for any thing else. If you do, the terms will be as crummy as the starting limits. You're going to have to wait at least 6 months before any one will be likely to give you a decent card with more than a tiny limit.

Re: Rebuilding

tbatt — Sun, 02 Feb 2014 11:43:03 GMT

Thanks everyone! The newest cards are Wal-Mart and target, I have had the others for a while, over a year but sounds like I should wait to apply for anything else?

Re: Rebuilding

_jb_ — Sun, 02 Feb 2014 12:00:59 GMT

@tbatt wrote:
Thanks everyone! The newest cards are Wal-Mart and target, I have had the others for a while, over a year but sounds like I should wait to apply for anything else?

Yes. If your reason for applying for new cards is to reduce utilization, chances are that your current utilization will keep you from getting the terms/CL that you want.

Re: Rebuilding

coldnmn — Sun, 02 Feb 2014 12:13:37 GMT

@tbatt wrote:
Thanks everyone! The newest cards are Wal-Mart and target, I have had the others for a while, over a year but sounds like I should wait to apply for anything else?

Welcome to the forum! Definately garden the cards you have. Join the Garden Club and let your seedlings grow. Credit is a journey not a race. If you are approved for anything right now it probably would be a toy limit card. Making you look desperate for credit and no one will be willing to give you CLI on your current cards. As always YMMV. Good Luck in your journey!

Re: Rebuilding

baller4life — Sun, 02 Feb 2014 14:24:43 GMT

Garden another 5 months to a yr and keep util low. If you have any baddies left work on getting those removed. You want your profile to look as good as possible when you apply for prime cards so you won't waste inquiries or get stuck with toy limits