topic Re: What low end card to try next? in Rebuilding Your Credit

What low end card to try next?

Anonymous — Tue, 26 Jul 2016 04:35:16 GMT

So I have the Cap 1 Platinum CL $1000 going on 6-8 weeks old, recently received pre approved Merrick at $750 which ended in s hard pull, but I got the card. I know I should just garden with these and the handful of Comenity stire cards, but waiting for the numbers to change is boring and I crave action.

What should I shoot for next and how soon? I think Cap 1 QS1 in Dec./Jan. Right now the scores appear to be in the low 600's with CCT Experian at 622....so 4 months out might be a bit better. Is there another card to keep my eye on or anything to look for in between?

I sure enjoyed the bump that Merrick addition seemed to produce.

I don't plan to do anything for at least 18 days when I can see my real TU and Equifax again. Just planning ahead.

Tell me just to stay in the garden, I need to hear it....but help me plan a timeline and a goal or two to look forward to.

Re: What low end card to try next?

Aduke1122 — Tue, 26 Jul 2016 05:23:21 GMT

Haven you thought about finding a local Credit union ? Or if you already have one , try for a card with them. I understand how nerve racking this thing can be , just checking every day waiting on the scores to go up..uugghh it gets so stressful .

Re: What low end card to try next?

MrsCHX — Tue, 26 Jul 2016 13:21:52 GMT

Don't do it.

I started in February, you can see my scores in my siggy. I was starting to climb and kept apping. Now I have SO many inquiries and just have to sit back and wait for them to disappear in 2 years.

Your scores can't support a bunch more apps. You're going to end up with a lot of HP for nothing. If you have 2 majors and a "handful" of store cards, you have to stop and just garden.

You don't need to app for a QS1. Why? You will be able to convert your Platinum to a QS in short order (same rewards, no annual fee). I opened my Platinum in February and in June converted it to a QS. May have been able to do it before then just never asked. And my starting CL was only $300 (up to $800 now and waiting on steps).

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 13:29:44 GMT

Hi Aduke, yes a card from one of my CU's is possible...I really don't want to approach that until its a sure thing. I wouldn't like fo rthem to tell me no. i think after the first of the year my credit picture should be a lot better. Great thought though!

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 13:35:26 GMT

MrsCHX, I know you're right! Liek you I app'ed way to much a few months ago before i did all my research. I have 7 on Experian, 4 on TU as we speak...it hadn't occuured to me that this is pulling me down significantly. I suppose I should be really thankful I managed the cards I have at the limits they granted...and both of those set to double at 6-7 months. I'm lucky really

Tell me more about the QS conversion, was that just a phone call? Did you go from Platinum to QS or QS1? I didn't think the QS was a real possibility, but now you have me thinking. The QS is the better no fee version correct?

Thanks for the response...

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 13:58:38 GMT

@Anonymous wrote:
MrsCHX, I know you're right! Liek you I app'ed way to much a few months ago before i did all my research. I have 7 on Experian, 4 on TU as we speak...it hadn't occuured to me that this is pulling me down significantly. I suppose I should be really thankful I managed the cards I have at the limits they granted...and both of those set to double at 6-7 months. I'm lucky really

Tell me more about the QS conversion, was that just a phone call? Did you go from Platinum to QS or QS1? I didn't think the QS was a real possibility, but now you have me thinking. The QS is the better no fee version correct?

Thanks for the response...

Yes, you can easily upgrade the Platinum to a QS with no AF. Just call CS and ask to have rewards added to your card.

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 14:03:10 GMT

I realize you're a REBEL and all.....But
If you re-read your question it should give you pause.

You're asking for how to stay in LOW TIER Hell? Huh?

Why would you want to guarantee yourself mediocre cards and limits? Rhetorical, I know how 'credit crack' affects our brains but you must RESIST, friend...put that pipe down😂

Look jk aside
2 of the top 3 important aspects of growing your scores, in order to get the Mountain Top ...can be the easiest to do but the hardest to manage to Just Do...

And that's keeping the debt ratio LOW &
letting TIME work it's magic!

You can't rush Aging but like it or not AGE is important and luckily it's FREE for the taking, of course it takes time to take it😃

Yeah, it sucks that it takes 10 months to show 10 months worth of history and after that it's still just 10 raggedy 10 months, which is 'cute' but still isn't even a freaking year.

I agree, it's best to couple this hobby with ANOTHER one at the same time, one that can add more immediate gratification but this is more like dieting you aren't gonna SEE fast daily changes and if you try some dumb ish you're gonna screw yourself up and stay fat

Unless, you want to wallow around in the 600's crying about being STUCK with ish cards, scratching your head and kicking rocks.....

I'd suggest leaving those B.S. cards alone and retire your app trigger finger till at least after the next President takes an oath....trust me, it'll be better for you in the long run.

Practice keeping your debt ratios low and 'play' app with SP CLI request to soothe the urge.

Best of Luck

Re: What low end card to try next?

MrsCHX — Tue, 26 Jul 2016 14:26:59 GMT

@Anonymous wrote:
MrsCHX, I know you're right! Liek you I app'ed way to much a few months ago before i did all my research. I have 7 on Experian, 4 on TU as we speak...it hadn't occuured to me that this is pulling me down significantly. I suppose I should be really thankful I managed the cards I have at the limits they granted...and both of those set to double at 6-7 months. I'm lucky really

Tell me more about the QS conversion, was that just a phone call? Did you go from Platinum to QS or QS1? I didn't think the QS was a real possibility, but now you have me thinking. The QS is the better no fee version correct?

Thanks for the response...

Just did it over chat! Super easy!!!

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 15:09:29 GMT

Gemini 101, I KNOW your right....I'm not a patient guy. Will work to resist lol

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 15:13:38 GMT

Oh my gosh.....Norman and MrsCHX....just got upgraded to regular QS through the chat....you guys ROCk!

Re: What low end card to try next?

MrsCHX — Tue, 26 Jul 2016 16:23:42 GMT

@Anonymous wrote:
Oh my gosh.....Norman and MrsCHX....just got upgraded to regular QS through the chat....you guys ROCk!

BOOM!

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 19:36:10 GMT

@Anonymous wrote:
Oh my gosh.....Norman and MrsCHX....just got upgraded to regular QS through the chat....you guys ROCk!

Congratulations! I just did the Platinum MC to QS via chat just about 4 days ago as well. Super easy. It is really hard to wait to see results on the credit score, but I know it will pay off! Keep on keepin' on...

Re: What low end card to try next?

IncrsCreditScore1 — Tue, 26 Jul 2016 19:41:20 GMT

@Anonymous wrote:
So I have the Cap 1 Platinum CL $1000 going on 6-8 weeks old, recently received pre approved Merrick at $750 which ended in s hard pull, but I got the card. I know I should just garden with these and the handful of Comenity stire cards, but waiting for the numbers to change is boring and I crave action.

What should I shoot for next and how soon? I think Cap 1 QS1 in Dec./Jan. Right now the scores appear to be in the low 600's with CCT Experian at 622....so 4 months out might be a bit better. Is there another card to keep my eye on or anything to look for in between?

I sure enjoyed the bump that Merrick addition seemed to produce.

I don't plan to do anything for at least 18 days when I can see my real TU and Equifax again. Just planning ahead.

Tell me just to stay in the garden, I need to hear it....but help me plan a timeline and a goal or two to look forward to.

Staying in the garden will give you much more in the way of options in the future. Stay in the garden.

Re: What low end card to try next?

MrsCHX — Tue, 26 Jul 2016 19:45:11 GMT

@IncrsCreditScore wrote:
Staying in the garden will give you much more in the way of options in the future. Stay in the garden.

This.

Because the more HPs you get and the more new accounts you add, there won't be bumps, only drops. Ask me how I know! My inq's tally 15 EX, 16 TU, 19 EQ and I jumped almost 40 points and then came crashing back down, only 20 above where I started!!!

I'm firmly in the garden for 18 months.

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 20:11:31 GMT

@MrsCHX wrote:
@IncrsCreditScore wrote:
Staying in the garden will give you much more in the way of options in the future. Stay in the garden.
This.

Because the more HPs you get and the more new accounts you add, there won't be bumps, only drops. Ask me how I know! My inq's tally 15 EX, 16 TU, 19 EQ and I jumped almost 40 points and then came crashing back down, only 20 above where I started!!!

I'm firmly in the garden for 18 months.

This again ... I've seen a 100 point improvement, and yes, part of me wants to get ALL of the cards, because I too like action and "doing" because I feel like that's when I really make progress.

But sometimes "doing" means using the cards you have smartly, paying your bills on time, buildin a history that only comes with, well, time, and history. I was like you, decided a didn't need credit so I didn't bother with it. Now I have to bide my time. Build a long term of on-time payments, prove I can manage credit correctly. It takes time.

Low end cards, as Gemini has noted, are just that, low end cards that you're wasting HPs on, adding additional inquiries to your report, getting small limits, really don't help you and in this case, may hurt you.

I'd recommend heeding the warnings you're getting, by those that have been there and done that.

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 20:32:24 GMT

Alright, you've convinced me. With the cash back no fee card on its way I'm relatively content now. Off to figure plan how to keep utilization in the single digits and automate everything.

Re: What low end card to try next?

Grafton88 — Tue, 26 Jul 2016 20:55:44 GMT

@Anonymous wrote:
Alright, you've convinced me. With the cash back no fee card on its way I'm relatively content now. Off to figure plan how to keep utilization in the single digits and automate everything.

I know it is hard to do nothing but sometimes it is the best thing. What did Paul Newman say in that movie Cool Hand Luke? "Sometimes nothing is a real cool hand".

Do you have any installment loans on your reports? A secured loan can help your credit mix. I started my rebuild last year with a secured CC and a secured loan.

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 21:16:54 GMT

I think if you wait for those accts to age for 6 months, your scores should go up and you will stand a better chance at some better cards. I know it's hard waiting. Believe me, I can't stand sitting in the garden.

Re: What low end card to try next?

Anonymous — Tue, 26 Jul 2016 21:31:46 GMT

Thanks for the encouragement, Grafton88....yes I did open an installment loan, a credit builder through local CU, thanks!

Re: What low end card to try next?

Anonymous — Wed, 27 Jul 2016 04:20:15 GMT

@Anonymous wrote:
Thanks for the encouragement, Grafton88....yes I did open an installment loan, a credit builder through local CU, thanks!

1) Congrats on the QS upgrade!

2) Love that you have the credit builder loan...which allows you to address

on-time payments (35%)

debt ratio (30%)

age (15%) and

credit mix (10%)

That's 90% of the model

And the (10%) those new credit/HP's ...is what it is.

But by addressing 90%...you are WINNING!

3) The only thing I'm gonna wag my old guy finger at and smh at is

"Off to figure plan how to keep utilization in the single digits and automate everything. "

Using my Marine Corp boot camp DI's mantra

...

"PLAN boy...ain't no PLAN yo as just got to DO" (I'm ribbing but he wasn't freaking around, when he said it)

Seriously, just don't charge it up, period...that is the easiest way to KEEP IT DOWN.....

Just don't charge that ish up in the 1st place....

Real talk....you have a $1000 limit, the way I teach my clients is that means your MAX is $300, period...simple, end of discussion and THAT is freaking taboo, during the building stage...again IF the GOAL is to build BIG DADDY/MOMMA Credit, if not get all excited and pee your pants b/c the limit has 4 digits.

IMO the RULE should be 20% at best, that'salready $200 that needs to be paid in short order..the 1.5% cash-back is 'cute' but CHASING $1.50 per $100 isn't worth, even a POSSIBLE problem during this stage of the game.

At 25% red lights, sirens and pinching one's self should commence as a WARNING to CHILL 'DA EFF OUT....Stop swiping this freaking card.......

* You keep your payments on-time mixed with that secured PL and the 6 months left in this year, and like I said earlier ...next year when the new President swears in, in late Jan you will smelling like roses.....but the best way to keep that debt load down is to use, those crads for 'bubble gum and candy ONLY' for the rest of the year.

Don't freaking X-Mas shop or any other 'non-got-the-money-by next-Friday' type purchases and you're good...

(Now if want to buy an electronic item or something just to run it thru for the extra protections afforded a CC transaction, that's ok...as long as you have the payment to PAY-DAT-ISH as soon as it post...if not...that means you're 'borrowing' and you should NOT be 'borrowing' money at this stage....too risky, set a bad tone

Just see your QS as a $200 usable limit and you've 'figured out' every-freaking-thing you need to 'figure'out ...no difficult PLAN....just What 'da eff to DO

Ur welcome ...now go get 'em ...i know you can Nike it (Just Do it...get it)