topic Re: Some rebuilding questions in Rebuilding Your Credit

Some rebuilding questions

idshabazz — Sun, 16 Jun 2019 15:15:19 GMT

Hi all!

I'm in the process of rebuilding my credit after bk. I have already got a Captial One Platinium (unsecured) and was thicking about going for the QS 1 also. My question is should I do this? Id rather had the regular QS without the annual fee. Does the QS 1 graduate into the QS?

Also I thought about getting a secured loan but I am currently paying a student loan so I figure I proably don't need that.

Thanks.

Re: Some rebuilding questions

FireMedic1 — Sun, 16 Jun 2019 15:36:10 GMT

Stay away from the QS1. Its almost inpossible to upgrade where the Plat is much easier to get pushed to the reg QS. (If you have had about 3 months of the Plat start hitting this link to see if your can upgrade. https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade It would take alot of spending to get your $39 annual fee back with the QS1.

Check Disco and Merrick Bank pre-quals to see what pops up for your next card. You dont need a loan since your student fill the installment loan area for credit mix. What are your FICO scores. You can check at all 3 for a buck at credit check total and cancel and go back to the free EX version. Good Luck!

Re: Some rebuilding questions

idshabazz — Sun, 16 Jun 2019 16:35:23 GMT

So I tried the link and it worked! i'll receieve that card in the mail! Thanks for that!

I'll check out the other cards you mentioned. My Fico scores are in my singiture but they are EX: 643 EQ: 601 TU: 601. They are also all fico 8 scores.

Re: Some rebuilding questions

FireMedic1 — Sun, 16 Jun 2019 16:51:12 GMT

Cool. Congrats! Sorry I didnt read the scores. Give Disco a shot now. https://www.discovercard.com/application/prequal?&iq_id=r43700026351813315&gclid=EAIaIQobChMImvy957ru4gIVzYCfCh03QAc1EAAYASAAEgILyPD_BwE&gclsrc=aw.ds

Re: Some rebuilding questions

idshabazz — Sun, 16 Jun 2019 16:52:28 GMT

I would, but I burned them in my bk and i've tried lol..

Re: Some rebuilding questions

FireMedic1 — Sun, 16 Jun 2019 17:10:14 GMT

When where you DC'ed?

Re: Some rebuilding questions

idshabazz — Sun, 16 Jun 2019 17:27:54 GMT

In November of 2018

Re: Some rebuilding questions

Anonymous — Sun, 16 Jun 2019 19:13:16 GMT

I applied for and got approved for both the Venture 1 & QS1 about 2 years or less after my BK 13. Right now when I go to the Upgrade page on Cap 1 I can convert my Venture 1 to the regular QS. When I got the QS1 they gave me a good limit.....$3000 with scores in the low 600's so it worked well for me I was not complaining. It really depends on what your goal is with these cards I mean do you want reward points, cash back stuff like that. The venture 1 works for me because I get hotel rewards points. Get the card that has what you need like the reward points for stuff that you buy. Don't get a card for the sake of just getting the card.

Re: Some rebuilding questions

FireMedic1 — Sun, 16 Jun 2019 21:48:54 GMT

Well once your a year out you may be able to get back in with Disco. Or you try for the secured that will graduate. You'll want to get to 3 cards and you already have the loan. So the FICO bonus as I call it will kick in. If you have a loal credit union you could try a secured with them also.

Try Disco's Secured:

https://www.discovercard.com/application/displayLanding?pageFileId=double-paidsearch-secured&sc=KXNU&iq_id=r43700009689084264&cmpgnid=ps-dca-sc-google-brand-brandsecuredcard&gclid=EAIaIQobChMIi4nL9Pzu4gIVB4TICh3PuAieEAAYASAAEgIQa_D_BwE&gclsrc=aw.ds

Re: Some rebuilding questions

FireMedic1 — Sun, 16 Jun 2019 22:04:17 GMT

@Anonymous wrote:
I applied for and got approved for both the Venture 1 & QS1 about 2 years or less after my BK 13. Right now when I go to the Upgrade page on Cap 1 I can convert my Venture 1 to the regular QS. When I got the QS1 they gave me a good limit.....$3000 with scores in the low 600's so it worked well for me I was not complaining. It really depends on what your goal is with these cards I mean do you want reward points, cash back stuff like that. The venture 1 works for me because I get hotel rewards points. Get the card that has what you need like the reward points for stuff that you buy. Don't get a card for the sake of just getting the card.

Right now the OP needs a few starter cards to get going again. Rebuilding will have to go the starter card (bucket) way until some history is made and scores rise. Then you can get your dream cards for each catagory. Wont happen in the beginning of a fresh rebuild. Congrats on your success so far.

Re: Some rebuilding questions

idshabazz — Sun, 16 Jun 2019 22:34:25 GMT

any thoughts on Petal Visa CC? or Opensky secured? Both seem to have good reviews. Also I was pre-qaulified for the merrick dyl

Re: Some rebuilding questions

dynamicvb — Mon, 17 Jun 2019 15:38:42 GMT

I'm going to disagree with most on this thread. You don't really need any more cards. With the one you have and the loan, you have satisfied your credit mix. The only reason to have 3 is to do that AZEO method and personally, I think that is a waste of energy as it only counts in the month you keep them all except one at 0. Unless you have some big app coming up, then the few points you may gain is just not worth it in my opinion. Just make sure the one card you have never reports over 8.9% at statement cut.

I think you should just let what you have age and then once your youngest account hits a year, then maybe look at another card. While you are waiting, see what baddies you may be able to get excluded from your reports. Make sure there are not any tradelines from the BK that are not reporting correctly or anything else you can get gone.

If you do it like this, then once you go after another card you will get some decent starting limits instead of the 300-500 SL's most get right after a BK. Just my opinion and either approach is really okay.

Re: Some rebuilding questions

FireMedic1 — Mon, 17 Jun 2019 23:27:25 GMT

Respectfully disagree. The purpose of 3 cards is FICO doesnt like more than 50% of cards reporting. Two cards and 1 reports is the border. Three cards and 1 reports, forget AZEO. Then it's less than 50 % reporting. Theres more than just AZEO at stake here. One card and PIF doesnt do much. It isnt 1 card per year. Two yes 3 max in 1 year would do then take a break and let the 3 work for you. I didnt wait 8 yrs to get 8 cards. Took 3 yrs for 10 cards. Just space them out and you'll be fine.