Much like others on this site, I lurked for quite some time and learned quite a bit. With that being said, I thought I would share my tactics in growing my credit and the results of those efforts.
My BK was discharged in February 2015. This was caused primarily due to divorce, but also not being an informed, educated consumer. After the BK, I had nothing but a bank account. Credit Score was in the low 600's.
Timeline (Applied and Approved for) -
March 2015 -
- Capital One QS1 - initial CL: $500 (as of today - 4K Limit)
- Capital One Platinum - intial CL: $500 (as of today - 4K Limit and upgraded to QS)
- Kohl's - initial CL: $300 (as of today - $700 Limit)
April 2015 -
- Credit One Bank - initial CL: $400 (I closed the account as of 4/19 as the CL was never increased and I simply do not use the card, doesn't make sense to pay an annual fee)
June 2015 -
Walmart (SYNCB) - initial CL: $400 (as of today - $500)
July 2015 -
- Capital One SONY Card - initial CL: $500 (as of today - 4K) *(Disclosure, I only wanted this card for the Sony Rewards)
November 2015 -
- Dell Financial Services Account - CL: $1500 (as of today - $3000)
February 2016
- Discover IT Card - CL: $1600
- Amazon Prime Store Card (SYNCB) - CL: $700
March 2016
- Chase Auto Loan for a 2016 vehicle. 30K @ 4.94%............Yup you read that right, Chase actually approved a guy 1 year out of BK (Needed a new vehicle due to old one costing more to drive than it was worth and needing a reliable vehicle for work)
My method:
I use each card every month and keep the charges under 25% of the available limit, with the exception of Dell & the Chase Auto Loan.
- I pay each account in full each month. No balance = No interest.
- Typically I break up the usage based on the bills it auto pays.
- For instance, two of the Cap One Cards pay the utility bills (electric, cable, cell phone etc.).
- The third Cap One Card pays for groceries,
- The Discover Card is now used for any dining out , travel or gas (my company reimburses me monthly prior to the due date).
- The Walmart, Kohl's and Amazon cards are used for any shopping I do (pretty rare, but the perks with Kohl's and Amazon are pretty nice)
As of now, I am just going to let these accounts ride and grow some history and no more will be opened. I rarely use my bank account now except to pay these items. I figured that I spend the money each month, might as well get credit for it. Household bills get paid automatically each month, then I log into credit cards and pay the balance, rinse, wash and repeat.
Looking to buy a house this time next year, so if any of you guys have advice on prepping the credit for that, I am always open to it.
Thanks again for all of the help all of you on these forums have provided thru posts. I don't think I'd be in this place without these tools available to me.
