topic Re: Trying to Rebuild NEED HELP!! in Rebuilding Your Credit

Trying to Rebuild NEED HELP!!

Anonymous — Sat, 29 Aug 2015 12:46:35 GMT

Ok, I have been trying to rebuild my credit but I think I'm going about it the wrong way: EQ: 623 TU:685 (just updated) EX:655. I have MERRICK:1000 CREDIT1: 600 CAP1 Sec: 500 (6 years), CAP1 Plat: 500 QUICKSILVER1: 500 and then store cards: VS: 550 ON:200 Walmart:150 Meijers: 500 Macy's:400 Carson's: 350 Kohls:300 Kay and Jared: 3000

Outside of my VS all of my store cards were opened this August plus the Cap Plat and Quicksilver. I want a credit card that's not just a store card with a decent limit...am I reaching to high? The only reason I got the store cards was because I couldn't get a regular unsecured card with an OK limit.

Derog: VZW 2013 and Santander 2013
No collections or public records

Thanks in advance for you guys input!!!

Re: Trying to Rebuild NEED HELP!!

Anonymous — Sat, 29 Aug 2015 13:22:07 GMT

@Anonymous wrote:
Ok, I have been trying to rebuild my credit but I think I'm going about it the wrong way: EQ: 623 TU:685 (just updated) EX:655. I have MERRICK:1000 CREDIT1: 600 CAP1 Sec: 500 (6 years), CAP1 Plat: 500 QUICKSILVER1: 500 and then store cards: VS: 550 ON:200 Walmart:150 Meijers: 500 Macy's:400 Carson's: 350 Kohls:300 Kay and Jared: 3000

Outside of my VS all of my store cards were opened this August plus the Cap Plat and Quicksilver. I want a credit card that's not just a store card with a decent limit...am I reaching to high? The only reason I got the store cards was because I couldn't get a regular unsecured card with an OK limit.

Derog: VZW 2013 and Santander 2013
No collections or public records

Thanks in advance for you guys input!!!

is your credit card utilization a bit high perhaps?

Re: Trying to Rebuild NEED HELP!!

Anonymous — Sat, 29 Aug 2015 13:23:00 GMT

It's currently at 11%

Re: Trying to Rebuild NEED HELP!!

Anonymous — Sat, 29 Aug 2015 13:30:32 GMT

hmmm the only thing I can think of is that your CC's are new so their account age is low and their payment history has not yet been reported to the CRA's

I presume that you would see an increase as you establish a history of on-time payments with the CC's to offset previous derogs

Re: Trying to Rebuild NEED HELP!!

Anonymous — Sat, 29 Aug 2015 13:36:08 GMT

@AhmedInVA wrote:
hmmm the only thing I can think of is that your CC's are new so their account age is low and their payment history has not yet been reported to the CRA's
I presume that you would see an increase as you establish a history of on-time payments with the CC's to offset previous derogs

Thank you for responding. I'll lay off the apps and work with the cards I have to build my credit. Thanks again for your help!!!

Re: Trying to Rebuild NEED HELP!!

Anonymous — Sat, 29 Aug 2015 13:40:31 GMT

Best of luck!

Re: Trying to Rebuild NEED HELP!!

Anonymous — Sun, 30 Aug 2015 20:27:07 GMT

@Anonymous wrote:
Ok, I have been trying to rebuild my credit but I think I'm going about it the wrong way: EQ: 623 TU:685 (just updated) EX:655. I have MERRICK:1000 CREDIT1: 600 CAP1 Sec: 500 (6 years), CAP1 Plat: 500 QUICKSILVER1: 500 and then store cards: VS: 550 ON:200 Walmart:150 Meijers: 500 Macy's:400 Carson's: 350 Kohls:300 Kay and Jared: 3000

Outside of my VS all of my store cards were opened this August plus the Cap Plat and Quicksilver. I want a credit card that's not just a store card with a decent limit...am I reaching to high? The only reason I got the store cards was because I couldn't get a regular unsecured card with an OK limit.

Derog: VZW 2013 and Santander 2013
No collections or public records

Thanks in advance for you guys input!!!

You need to sock drawer most of that junk and start working with your Cap One cards to increase their limits. Start using the QS1 card for your everyday living expenses, and pay it down each week or every other week. Put at least 1.5 times its limit through it every month, and only allow a small amount to show as a statement balance. All other cards should report $0 statement balance. After the next statement go online and request a CLI through the account management page.

The platinum card needs to see good usage as well - but since it does not give rewards, you don't need to run as much money through it - about half it limit each month should be fine, with payments made at least twice a month and PIF before the statement date. Start requesting CLI's after the next statement date, and if the account is over 6 months call and ask if its eligible for an upgarde to QS or QS1

Re: Trying to Rebuild NEED HELP!!

Anonymous — Sun, 30 Aug 2015 21:14:34 GMT

@Anonymous wrote:

You need to sock drawer most of that junk and start working with your Cap One cards to increase their limits. Start using the QS1 card for your everyday living expenses, and pay it down each week or every other week. Put at least 1.5 times its limit through it every month, and only allow a small amount to show as a statement balance. All other cards should report $0 statement balance. After the next statement go online and request a CLI through the account management page.

The platinum card needs to see good usage as well - but since it does not give rewards, you don't need to run as much money through it - about half it limit each month should be fine, with payments made at least twice a month and PIF before the statement date. Start requesting CLI's after the next statement date, and if the account is over 6 months call and ask if its eligible for an upgarde to QS or QS1

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That makes a lot of sense. I'll be paying them of and using your suggestion with the 2 CAP cards. Is it possible to combine them? At what point should I consider doing it if so?