topic Re: When to take the next step in Credit Cards

When to take the next step

Evel_Knievel — Wed, 21 May 2014 00:57:04 GMT

Finally feeling like I'm getting off the gravel road of recovery and hitting smoother pavement.

Started out last fall with no c cards and a couple baddies on my CR and a TU Vantage of 636 and CKarma of 530.

Past 2 years I've had a secured loan on my car that started at $4k with no late payments. Now down to under $2K. One paid judgement on CR that will fall off in 2015. Never a BK.

Waitied until the 2 baddies fell of in Dec and apped for a Barclays NFL and got denied.

Turned around within a few days and apped for a Cap1 QS and was approved for an unsecured $300 CL.

Now with 5 Cap1 PIF payments they prematurely gave me an auto increase to $1800!!

Now my CK score is 678 and TU Vantage 822. I'm excited about that.

Looking to take the next step and not sure if now is the time, and if it is which way to go?

Main priority is to continue to build a responsible credit history. But would like a few cards to use every day and PIF every month. Rewards or cash back would be nice. I don't travel much but would like the cards in case of a needed emergency flight since more and more family has moved out of state.

CK says I have a good chance at a Citi Dividend Platinum Select Visa, and Barclays Rewards MC. Yet the Barclays Pre appr site doesn't say prequalified for anything.

The preapp Discover site says I have an offer for a Discover IT.

What to do? I know my score will take a hit when I app. Should I wait awhile longer or app a few cards now? App spree or more reserved? If a go or when it's a go, who to app?

Thanks for all your help! You people have helped tremendously. Also it's reassuring to see all the positive stories here.

Re: When to take the next step

Josh2942 — Wed, 21 May 2014 01:08:22 GMT

I wouldn't go by the vantage score. I feel like the CK would be more accurate at this moment. An 800+ takes years and years of positive history. And I mean a strong 800 solid let alone an 822. I would try the average credit barclay rewards master card or the discover it card

Re: When to take the next step

xsvspd — Wed, 21 May 2014 01:12:37 GMT

@Evel_Knievel wrote:
Finally feeling like I'm getting off the gravel road of recovery and hitting smoother pavement.

Started out last fall with no c cards and a couple baddies on my CR and a TU Vantage of 636 and CKarma of 530.
Past 2 years I've had a secured loan on my car that started at $4k with no late payments. Now down to under $2K. One paid judgement on CR that will fall off in 2015. Never a BK.
Waitied until the 2 baddies fell of in Dec and apped for a Barclays NFL and got denied.
Turned around within a few days and apped for a Cap1 QS and was approved for an unsecured $300 CL.
Now with 5 Cap1 PIF payments they prematurely gave me an auto increase to $1800!!
Now my CK score is 678 and TU Vantage 822. I'm excited about that.

Looking to take the next step and not sure if now is the time, and if it is which way to go?
Main priority is to continue to build a responsible credit history. But would like a few cards to use every day and PIF every month. Rewards or cash back would be nice. I don't travel much but would like the cards in case of a needed emergency flight since more and more family has moved out of state.

CK says I have a good chance at a Citi Dividend Platinum Select Visa, and Barclays Rewards MC. Yet the Barclays Pre appr site doesn't say prequalified for anything.
The preapp Discover site says I have an offer for a Discover IT.
What to do? I know my score will take a hit when I app. Should I wait awhile longer or app a few cards now? App spree or more reserved? If a go or when it's a go, who to app?
Thanks for all your help! You people have helped tremendously. Also it's reassuring to see all the positive stories here.

Your thin file will likely keep you from getting high CL right now thru the usual banks. Have you thought about going thru a CU? I seem to recall having read that CU tend to give higher limits than banks.

If you're PA'd with Discover, that's a nice card to have, and it has rewards, and no AF. It will grow with you over time. You may want to check with Chase for any PA too. The Freedom card is a great rewards card. I've seen initial CL from 500 to 8,000 from other members on here, but as always, YMMV.

You're going in the right direction though. Time is on your side. Keep making your payments, PIF as much as you can. If you can get another card, hang out in the garden for six months or so, then try for another one. I think you'll have better results further down the road.

FWIW, I started out in a similar way just two years ago, I didn't think I'd ever get where I'm at. My highest CR was 3k until last tuesday. I went on an app spree on Tuesday and got the last five cards you see in my sigy. When I apped, my AAoA was 6.75 years, util was ~ 1%, 1 paid collection on my CR, income at 58k.

Hang in there, you'll get there too!

Re: When to take the next step

Bman70 — Wed, 21 May 2014 01:35:45 GMT

What's your Myfico score? That would give a better idea.

Your last paid judgment falling off should give a nice bump. Have you tried a goodwill letter for that one? Those are often surprisingly successful - you can google some sample letters and edit.

Re: When to take the next step

TRC_WA — Wed, 21 May 2014 18:11:51 GMT

Yes a CU will show more love.

I can say with 100% certainty that I wouldn't have my rewards card and auto loan from BoA or Chase.

Love my BECU!

Re: When to take the next step

Evel_Knievel — Wed, 21 May 2014 10:24:08 GMT

I didn't know you could send a goodwill request on a judgement. I thought it was reported by the court?

the judgement is from Élan financial. I had a $1K secured card with my CU years ago. They eventually unsecured it. Things were going great as I was making my payments on my CU websites mobile banking. Then they sold it to Élan and suddenly it was more difficult to make payments and one thing led to another and I was in court with Elans attorney.

I payed it in full in court.

I wonder since it was actually élan I burnt the bridge with if my CU doesn't see it as a burnt bridge with them?

still ticks me off they sold it out like that.

Lesson learned, no more burnt bridges!

Re: When to take the next step

Bman70 — Wed, 21 May 2014 17:41:04 GMT

Well it's paid in full right, those ones are usually easier since they got the money they really wanted.

Im not sure about the reporting agency, maybe it is the court. Here's a quick search result of someone GWing a judgment:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Goodwill-letter-to-Vacate-a-Judgement-worked/td-p/2556429

Either way it's not long til it drops

Re: When to take the next step

Evel_Knievel — Thu, 22 May 2014 01:25:54 GMT

Thanks Bman! Good thing is by the time I may or may not need a mortgage that judgement will be long gone.

On another note. I splurged and bought a couple FICO scores from here. I just had to know.

The results:

Equifax 680

Trans union 711

These are FICO scores bought right here at myfico. As another poster suggested, I knew my TU Vantage score of 822 was high and not even close to an actual FICO, but it's a long way from where I started.

With that in mind, you would think I could get a Discover IT or more?