topic Re: Next Steps for rebuild/repair? Helllllp in Rebuilding Your Credit

Next Steps for rebuild/repair? Helllllp

Anonymous — Thu, 13 May 2021 03:46:43 GMT

So I need to figure out the best course of action moving forward. All cards with CL 1000 or below are 0 balance as of today, as well as the 2600 FH account. When balances update, I’ll be at 64% Util, the ones above 1000 CL are at 80-90% each and I’m actively working to pay all of them down. I haven’t missed a single payment on any account, but have rarely PIF.

Ideally I’d like to condense down and have a small handful (or even 1-2) big boy CL cards and then a few others based on rewards.

What should I be looking to do over the next few months as my balances start to get under control? I’m conflicted because some of my oldest accounts are some of the smallest CL I have.. I considered closing the two non brand Cap1 and trying for a better card/SL, but I don’t want that hit to my AAoA if they won’t end up giving me one.

Full transparency, below is what I’m working with. Guide me oh mighty Credit Gurus!!

As of today (reporting 77% usage) TU8 634 EQ8 634 EX8 624

Cap1/Menards Store Card 2.5k 11/2019

Cap1/Walmart 550 11/2019

Cap1/QS1 700 2/2017

Cap1/Platinum 750 (Originally 300 Secured) 2/2016

Credit1 Platinum 600 1/2019

Credit1 Platinum 650 6/2017

DiscoverIt Chrome 1200 11/2019

KayJewelers Store Card 1000 2/2020

KwikTrip (regional conv store card) 1000 11/2019

Merrick DYL 1400 (originally 700) 6/2017

Amazon Store Card 750 11/2019

PayPal Credit Acct 1600 11/2019

Target Store Card 1600 6/2017

Fingerhut Credit Acct 2600 6/2017

Platinum MC from my CU 5k 10/2019

LOC backing my CU checking acct 1500 1/2019

5 TU inqs (3 roll off 12/2021)

9 EQ inqs (6 roll off 12/2021)

13 EX inqs (9 roll off 12/2021)

No BKs ever, 1 collection reporting only on EX, should be dropping off soon based on DoOD

3 closed in good standing installment loans (Auto)

Re: Next Steps for rebuild/repair? Helllllp

AllZero — Thu, 13 May 2021 03:56:47 GMT

@Anonymous wrote:
So I need to figure out the best course of action moving forward. All cards with CL 1000 or below are 0 balance as of today, as well as the 2600 FH account. When balances update, I’ll be at 64% Util, the ones above 1000 CL are at 80-90% each and I’m actively working to pay all of them down. I haven’t missed a single payment on any account, but have rarely PIF.

Ideally I’d like to condense down and have a small handful (or even 1-2) big boy CL cards and then a few others based on rewards.

What should I be looking to do over the next few months as my balances start to get under control? I’m conflicted because some of my oldest accounts are some of the smallest CL I have.. I considered closing the two non brand Cap1 and trying for a better card/SL, but I don’t want that hit to my AAoA if they won’t end up giving me one.

Full transparency, below is what I’m working with. Guide me oh mighty Credit Gurus!!

As of today (reporting 77% usage) TU8 634 EQ8 634 EX8 624

Cap1/Menards Store Card 2.5k 11/2019
Cap1/Walmart 550 11/2019
Cap1/QS1 700 2/2017
Cap1/Platinum 750 (Originally 300 Secured) 2/2016
Credit1 Platinum 600 1/2019
Credit1 Platinum 650 6/2017
DiscoverIt Chrome 1200 11/2019
KayJewelers Store Card 1000 2/2020
KwikTrip (regional conv store card) 1000 11/2019
Merrick DYL 1400 (originally 700) 6/2017
Amazon Store Card 750 11/2019
PayPal Credit Acct 1600 11/2019
Target Store Card 1600 6/2017
Fingerhut Credit Acct 2600 6/2017

Platinum MC from my CU 5k 10/2019
LOC backing my CU checking acct 1500 1/2019

5 TU inqs (3 roll off 12/2021)
9 EQ inqs (6 roll off 12/2021)
13 EX inqs (9 roll off 12/2021)

No BKs ever, 1 collection reporting only on EX, should be dropping off soon based on DoOD

3 closed in good standing installment loans (Auto)

First and foremost if your intention is to start credit seeking behavior is get your individual and aggregate utilization % to optimal levels; e.g. no individual account over 29% and aggregate not over 9% utilization. With your current utilization ratios makes you a prime candidate for immediate denial.

If you close a revolving account, it will not affect your AAoA for the time being. Closed accounts may stay on your credit reports for up to ~10 years.

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread, pub.5.17.20

Re: Next Steps for rebuild/repair? Helllllp

Anonymous — Thu, 13 May 2021 04:02:38 GMT

I think you gotta throw money at these. You'll see a nice boost once you're below 70%, then 50%, then 50%, then 10%.