7 months in, what next?

[Anonymous]

Approved for Amex Blue Cash Awards!

I might apply for Amazon Chase which most seem to recommend on the 1 year mark. At least it's a card I'd only use about every other month anyway.  Definitley going to try and get a product change to get rid of this Cap1 Secured which seems to drag for years for some.

[Anonymous]

 @ABCD2199  (or anyone) what does this mean: "the first three revolving accounts are free FICO points" ?

the full comment above was "No installment loans? Do the Alliant SSL technique before applying for cards as it'll boost your score more. Then add two prime cards to your arsenal since the first three revolving accounts are free FICO points."

Thanks!

[Sandman771]

in order to maximize your scoring with Fico, you would want a credit mix of revolver cards as well as installment loans. If you have a car loan or student loans or mortgage then you have an installment loan. Otherwise the SSL technique is the way to go for that and there are threads on it all over the board. 

The revolvers, you want three. Two always reporting a zero balance and the third reporting a balance of less than 9% for maximum scoring. This is the AZEO method. (All zero except one). Hope that helps but it is ten different threads in a two paragraph snapchat. 

[Anonymous]

So even though I am in with Amex... I should still get in with a CU for a SSL as my third account rather than anything by Chase?

Cap1 QS seems to be irrelevant as it wouldn't be a HP if it's a product change.


Not interested in Disco  and BOA won't happen.

[Sandman771]

I'd try the SSL along with two additional revolvers. So total of three revolving and a loan. You'll then see  a boost in two to three months. 

[Anonymous]

---

@Sandman771 wrote:

I'd try the SSL along with two additional revolvers. So total of three revolving and a loan. You'll then see  a boost in two to three months. 

---

But does it matter what order it's done in? That is what is confusing about the above comments.


I don't really have an extra $500 I can spare this month.

BOA and Citi seems to be out.  Cap1 will try for a conersion on Monday. Discover I'm waiting on for other reasons. Chase likes a year of history. lol it dosn't seem like anything is left.

[Gregory1776]

---

@Anonymous wrote:

---

@Anonymous wrote:

Having done the same thing - starting my rebuild with a Cap1 secured then getting the bump to $500 after 6 months - my $0.02 would be to app for the Cap1 QS1.  Literally the day after they bumped my secured card to $500 I applied for the QS1 and was instantly approved with a $1000 SL.  True, there is an annual fee, but the 1.5% cash back on every purchase more than makes up for it.  Just plan to product change before the next annual fee hits.  I was maybe mid-500 at that point.  I don't recall exactly, but my thinking was Cap1 now has 6 months of positive history with me, may as well give them a shot.  And it worked out.

Good luck and great job on the progress!

---

Interesting. Thanks. But what did you mean by product changing before the 2nd annual fee hits? Doesn't that just give you 2 closed accounts on your report doing it that way?

I was leaning towards Chase or Amazon (to get in with chase) but now it seems the general vote is that I need a year of history but a year of $500 is on the lame side

None of the other secured cards interest me. I read up on the installment loan trick but the 60 month proccess is a huge turn off even if it's $2 a month.

---

SSL Effects to your score are immediate, you don’t have to wait 60 months to see effects, and you don’t have to sign in to pay it every month. Just every 3-6 months once it’s down to 9%...

i got my SSL, next due date is 9/21 

the 60 months is just the length of the loan.