topic Re: What should I do next? in Rebuilding Your Credit

What should I do next?

Anonymous — Sat, 07 Nov 2015 01:47:10 GMT

Okay, so for those of you who caught my post yesterday, due to an AU account, overnight I went from no score to a score of 680 (EX).... well today around 9 CCT alerted me of a 63 point jump due to my last collection falling off and now im sitting at 743. I currently have a 200 limit cap1 secured (not reporting yet), an opensky 200 (reporting) and a fingerhut fresh start account (reporting) in addition to the AU discover card (10k)..... So is there something else i should do? I have my 3 revolving now. I hate that 2 are secured and that i didn't do the AU account thing before applying for credit cards, but what is done is done. Do I want to apply for unsecured cards? But, that will muck up the AAoA. BUT, it would be beneficial in the long term b/c i dont plan on keeping the AU account forever, i just wanted it for the head start. Any advice anyone has would be appreciated. My long term goal is building a solid credit report of MY accounts, my short term goal is getting a motorcycle, so I'm trying to do whatever I can to be motorcycle worthy as soon as possible, even if that means paying a higher interest rate on it (and no, i dont mean some BS 30% rate either)

sham

Re: What should I do next?

9CLINE — Sat, 07 Nov 2015 02:18:23 GMT

Congrats on progress so far,, w/your score range you should be able to qualify for a loan now before getting any unsecured cards... at any rate, your AAoA is gonna take a hit whenever you make your move it would seem that the soon the better so it can start to rebound..JM2CW....let's see what some more experienced ficoers think...

Good Luck on your quest !!!!!!!!!!!

edit* typos

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 03:30:56 GMT

@Anonymous wrote:
Okay, so for those of you who caught my post yesterday, due to an AU account, overnight I went from no score to a score of 680 (EX).... well today around 9 CCT alerted me of a 63 point jump due to my last collection falling off and now im sitting at 743. I currently have a 200 limit cap1 secured (not reporting yet), an opensky 200 (reporting) and a fingerhut fresh start account (reporting) in addition to the AU discover card (10k)..... So is there something else i should do? I have my 3 revolving now. I hate that 2 are secured and that i didn't do the AU account thing before applying for credit cards, but what is done is done. Do I want to apply for unsecured cards? But, that will muck up the AAoA. BUT, it would be beneficial in the long term b/c i dont plan on keeping the AU account forever, i just wanted it for the head start. Any advice anyone has would be appreciated. My long term goal is building a solid credit report of MY accounts, my short term goal is getting a motorcycle, so I'm trying to do whatever I can to be motorcycle worthy as soon as possible, even if that means paying a higher interest rate on it (and no, i dont mean some BS 30% rate either)
\
sham

Don't worry about AAoA, apply for some new unsecured cards NOW. Cap One QS and Venture One would be my first choice. Discover would be another good choice. Maybe try for a Citi Double Cash just for the heck of it.

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 03:37:18 GMT

I don't think I'll qualify for any loans any time soon. When someone sees my credit report they're going to see that my score is all based on that one AU account. Unless someone knows of lenders that don't look at AUs like that

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 03:38:25 GMT

Norman, should I really have 6 or 7 cards lol

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 03:51:48 GMT

I guess I could do the quicksilver n ventureone, cuz I can do em back to back and only take one hit

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 03:55:59 GMT

@Anonymous wrote:
Norman, should I really have 6 or 7 cards lol

The idea is to close the secured accounts when you get the unsecured accounts. Its also a good idea to have various "flavors" of credit cards - I.E., VISA, MC, Discover, AMEX. So I would suggest a couple of Cap One cards, a Discover card, and maybe one more - AMEX, or a VISA.

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 03:57:15 GMT

I literally just got the secured accounts and gave up a lot of money for them lol, they're staying until I can get my money back

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 03:59:42 GMT

This is seriously gonna screw my inquiries up, my TU is already at 4

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:00:56 GMT

@Anonymous wrote:
I literally just got the secured accounts and gave up a lot of money for them lol, they're staying until I can get my money back

LOL - well typically, unless they graduate (and Cap One and Open Sky don't) - you *have* to close them to get your money back. So if you are able to get some unsecured cards, it makes no sense to keep them open at all.

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:03:11 GMT

@Anonymous wrote:
This is seriously gonna screw my inquiries up, my TU is already at 4

Inquiries are a temporary issue. Most people worry WAY too much about them. You simply can't get accounts established without getting them. The sooner you get them, the sooner they go bye-bye.

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:03:17 GMT

Wait, u mean I could close them now and get my money back? I figured theyes had to be open for a certain amount if time to get my money back

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:04:28 GMT

Btw, I understand I'd rather have unsecured than secured, I was just worried about losing my money

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:09:29 GMT

@Anonymous wrote:
Btw, I understand I'd rather have unsecured than secured, I was just worried about losing my money

No, they can't legally keep your money, unless the accounts are in default.

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:10:42 GMT

Man you always helpful as hell, ima add you on Facebook one of these days and we gon be friends

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:17:11 GMT

I suppose I should have mentioned I have one unpaid collection of 378 on TU and EQ and and a paid for 16 on EQ, EX is clear.... if that makes a difference in where I should apply

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:40:07 GMT

@Anonymous wrote:
I suppose I should have mentioned I have one unpaid collection of 378 on TU and EQ and and a paid for 16 on EQ, EX is clear.... if that makes a difference in where I should apply

You might ask around the CC forum, folks there may be able to guide you better on who pulls what CRA. All I know for sure is that Barclays pulls TU, and Discover pulls EQ.

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:45:25 GMT

Cap 1 pulls all 3 bc they just wanna piss me off

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:46:02 GMT

What flavor is barclays

Re: What should I do next?

Anonymous — Sat, 07 Nov 2015 04:58:43 GMT

Barclays has mostly MC products but they also have some VISA cards as well. I've got the Rewards MC, and apped for one of the VISA cards but was denied. I may try again when I get my UTI back down next month, since TU is my best score.