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Suggestions on next steps in rebuild?

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Anonymous
Not applicable

Suggestions on next steps in rebuild?

Hi all,

 

I'm approaching 2 years since BK7 discharge and trying to figure out my next steps. I have been somewhat lazy in my "rebuild". I just signed up for myFico Premier, and I'm ready to get serious about improving my scores, as I'd like to prepare myself for having a family, buying a home, etc. in the next decade.

 

BK7 discharge: 4/10/18

 

Burned: Chase, Citi, and Discover. My scores went from mid 700's pre-BK to mid 600's post-BK. Everything was IIB except for student loans.

 

Post BK Credit:

1) Approved for Cap One Plat 1/2019 with $3,000 CL, auto-increased to $3,500 at 6 months. I continue to let this statement cut at <8.9% every month and pay in full.

2) I have ~$10K in outstanding student loans with Mohela on monthly autopay, which I believe satisfies the desired "installment loan"

3) FICO 8 Scores as of today (12/13/19): Eq-691, TU-648, Ex-671

 

What does everyone here recommend as next steps? I realize I should probably have another card or two? Any informed opinions would be greatly appreciated (@firemedic I see you). I am excited to become more proactive in improving my scores and participating here in the forums.

 

Message 1 of 14
13 REPLIES 13
FireMedic1
Community Leader
Mega Contributor

Re: Suggestions on next steps in rebuild?

Where? Who me? Smiley Very Happy

Welcome @Anonymous .You are far out enough now to try for the Miss Disco classic pre-qual. See what pops up for ya. Even if its the secured. So what. It will graduate and give you a CLI at the same time and your back in. Get that Cap1 Plat upgraded to the QS so you can get some cash back finally here:

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade  

If you get the Disco. Wait around 4-6 months for your 3rd card. By then you should be approching 700. Then maybe the PP MC from sync which i use the heck out of it. Especially when Disco doesnt cover the 5% catagory. Then maybe the BB&T cash back card for 3% gas which get a lot of usage out of me. So give Missy a shot and report back once you see what she says. She been very giving this holiday season.

https://www.discovercard.com/application/website/prequal?mpip=true&adobe_mc_sdid=SDID%3D44A661D321736F8F-7E647F49CEA94A0C%7CMCORGID%3D0D6C4673527839230A490D45%40AdobeOrg%7CTS%3D1576277564&adobe_mc_ref=https%3A%2F%2Fwww.google.com%2F&=&iq_id=r43700047049303615&adName=PreApp3&gclid=EAIaIQobChMIp8_8vduz5gIViLzACh0dTQGLEAAYASAAEgKMf_D_BwE&gclsrc=aw.ds 


Message 2 of 14
Anonymous
Not applicable

Re: Suggestions on next steps in rebuild?

Thanks @FireMedic1!

 

A few things:

 

1. What do you mean by Miss Disco? Is this shorthand for something, or just being funny? : )

 

2. The first link for the upgrade does not work. Also, I was under the impression that the platinum is better than the quicksilver. Doesn't the QS have an annual fee? Also, if it does upgrade to the QS, do I close the Platinum? How does that work.

 

3. I don't see any sync cards in your signature - why not?

 

Message 3 of 14
FireMedic1
Community Leader
Mega Contributor

Re: Suggestions on next steps in rebuild?


@Anonymous wrote:

Thanks @FireMedic1!

 

A few things:

 

1. What do you mean by Miss Disco? Is this shorthand for something, or just being funny? : ) The Discover card. We just call Discover Miss Disco.

 

2. The first link for the upgrade does not work. Also, I was under the impression that the platinum is better than the quicksilver. Doesn't the QS have an annual fee? Also, if it does upgrade to the QS, do I close the Platinum? How does that work. No the QS is better than the Plat. You get nothing in return for using the Plat. The QS is 1.5% cash back on everything.

 

3. I don't see any sync cards in your signature - why not? The PayPay Mastercard is Sync

 


There has been a burp with the upgrade website lately. Call Cap1 on the back of the card. Ask if there are any offers to upgrade to the QS for you. Aviod the QS1 at all cost. Thats $39 a year for the same cash back bonus. Once again report back if it went thru. Good Luck!


Message 4 of 14
Anonymous
Not applicable

Re: Suggestions on next steps in rebuild?

@FireMedic1 I tried the Discover Prequal and got denied for the following reason:

STATUS OF EXISTING / PRIOR DISCOVER CARD ACCOUNT

 

Bummer. Any other suggestions for a second card?

Message 5 of 14
FireMedic1
Community Leader
Mega Contributor

Re: Suggestions on next steps in rebuild?

They didnt even offer you a secured version? Odd. Well since you have a relationship with Cap1. You could try since you have a history now with them. I went thru 5 cards with them and ended up with 3. Before any other card I got. Dont forget to call and ask to have your Plat upgraded to a QS. Try Cap1's pre-qual and see if they have any offers. Even if its the QS, not the QS1. Hopefully they will open up combining cards again one day. Then you can have 1 QS with a halfway decent CL. Trying to keep you out of the secured card region since its been a couple years.

https://www.capitalone.com/credit-cards/prequalify/ 


Message 6 of 14
Anonymous
Not applicable

Re: Suggestions on next steps in rebuild?

@FireMedic1

 

Just did the CapOne Prequal and it gave me 4 card offers to apply for:
QS Rewards
SavorOne
VentureOne
Platinum Preferred

 

Any thoughts? Also, you had suggested that I "upgrade" my Platinum to the QS. What is the difference between upgrading vs. just applying for the QS seperately?

 

Also, do the agencies care if your 3 cards are from different banks vs. one?

Message 7 of 14
FireMedic1
Community Leader
Mega Contributor

Re: Suggestions on next steps in rebuild?


@Anonymous wrote:

@FireMedic1

 

Just did the CapOne Prequal and it gave me 4 card offers to apply for:
QS Rewards This one would be the best as you sit now. The others you probably wont get approved for. And you dont need 2 Plat's.
SavorOne
VentureOne
Platinum Preferred

 

Any thoughts? Also, you had suggested that I "upgrade" my Platinum to the QS. What is the difference between upgrading vs. just applying for the QS seperately? You'd have 2 cards with the same name. Doesnt matter. Its the # of accounts that you want to please FICO and future creditors. Your building a history. Plus both will give you cash back. Get paid to use the banks card.

 

Also, do the agencies care if your 3 cards are from different banks vs. one? No


FICO doesnt look at the name on the cards and they dont care how high your credit limits are. Its how many cards report a balance and what amount or % you have report. Once you have 2 cards you only want 1 to report a balance of say $10. Then pay in full before the due date. The other. Use it but pay it off before statement date. Then you'll be on the border of less than 50% of cards reporting a balance. Adding a second card will bump your scores up after the initial new account ages.


Message 8 of 14
Anonymous
Not applicable

Re: Suggestions on next steps in rebuild?

Okay good news @FireMedic1

The upgrade link for CapOne worked for me and I was able to upgrade from Platinum to QS.

 

Based on this, what do you think is my best bet for a second card? Keeping in mind that Disco didn't offer me anything.

Message 9 of 14
FireMedic1
Community Leader
Mega Contributor

Re: Suggestions on next steps in rebuild?

Excellent! Congrats. Like I said earlier. You had a pre-qual for Cap1 QS. Go ahead and give a whirl. Then you'll have 2 accounts. Yes they will be the same. Hopefully Cap1 brings back combining cards. Then wait 6 months then go after Disco's pre-qual again.


Message 10 of 14
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