Data Points for Phillips 66 Gas card.....

[Anonymous]

Hello, I have been finishing up a rebuild and began to aggressively reestablish starting in May of last year. I decided to garden after getting a Credit Strong account on 1/1. I plan on waiting until at least 4/1 for my next application, which I am currently looking at the Phillips 66 gas card. It is my belief that this is a Synchrony card. The reason for this card is I live in a market that typically has the lowest gas prices in the country, so stacking the card discounts with their mobile app will make make more sense than most 5x back options.

So, my two main questions are to confirm this is a Synchrony bank card and, if so, who will they pull from?

I ask because I applied for a JCP card around the holidays and was denied. Likewise, I was surprised that they it was also a Synchrony card who pulls from EX, as I thought all of their pulls were TU.

Any other data points would be appreciated.

Finally, for what it’s worth, my current scores are TU - 629, EQ - 611, EX 627. Can provide other pieces of my scoring profile if needed.

[FinStar]

Hi @Anonymous, welcome to the forums.

The Phillips 66, Conoco and 76 cards are part of the Drive Savvy Rewards program and are underwritten by Synchrony Bank.

They can pull EX or TU. There's no rhyme or reason on which CR they'll use so be sure that neither of them are frozen when you apply.

[Anonymous]

Awesome! Thanks. Any idea on minimum score required?

[FinStar]

Unfortunately, not familiar with the required minimum scores so perhaps someone who has these products will be able to chime in.

Do you have any other positive tradelines besides Credit Strong? Are there any other lingering negatives on your CRs? What's your AAoA?

Out of curiosity, are the scores you provided upthread FICO scores or from what source?

[Anonymous]

Sure, so here’s my profile.....

The scores provided above are free FICO 8 scores given to me by Credit Strong, Citi and Experian respectfully. My VS’s are sub-600 at the moment, EQ 9 is 651 and TU Bankcard is 648.

AAoA - around 9 months on open accounts; 34 months total (per Experian).

Started my rebuild in March 2019. At that point, I was anywhere from the 48X - 53X range. Had no positive accounts reporting, except for some deferred student loans. Had up to 15 negative items. At this point, two have been settled (Discover and Merrick), one was a small paid medical collection last updated 6/19 that I am currently disputing to do a VFD, and all others have been deleted.

The big issue keeping me down is I made a lot of mistakes in the beginning concerning reestablishment, which I’ve already addressed. The new accounts are as follows (listed with open dates and closing dates as applicable):

1. Cap1 Secured - 5/19
2. Merrick Secured - 6/19; 1/20
3. OpenSky - 6/19; 10/19
4. Citi Secured - 6/19
5. First Premier Bank - 6/19; 11/19
6. Total Visa - 6/19; 12/19
7. US Bank Secured - 7/19
8. Bremer Secured - 7/19
9. Indigo - 8/19; 11/19
10. Credit One - 8/19; 12/19
11. MyJewelers - 9/19 (will not renew)
12. H-D Visa Secured - 11/19
13. NFCU Secured - 11/19
14. Target RedCard - 11/19
15. Kohl’s Charge - 12/19
16. SDFCU Secured - 12/19
17. Credit Strong - 1/20

Current TRCL is just shy of $8k.

The two student loans were opened 8/16 with a current combined balance of $12.5k on a $10k principal after being deferred with no payments for about two years. However, they report 100% payment history and, though deferred, I am making payments now.

No car note or mortgage. Exactly 50 inquiries reporting per CK and Experian apps - 20 in the last six months, an additional 16 in the last 12 and 13 falling off within the next six months. The later were questionable inquiries and all for a perspective auto purchase. The rest are legit, so I have not been motivated to remove them.

That all said, I’m pretty convinced that my biggest issue is age, mix, aggressive reestablishment and recent closures in no particular order. My rationale for being aggressive was due to some older accounts reporting on my AAoA that will be falling off in the next 6-24 months and I’m trying to counteract those in the future by a simple law of averages.

Only other thing worth mentioning is, with exception to the C1S, all open secured cards will graduate and less than half are reporting as secured.

[FinStar]

Given the aggressive nature of acquiring so many accounts in a 6-12 month period and the number of inquiries in such a short span of time, I can't see an approval happening to be honest.

Unfortunately, the 'law of averages' doesn't really translate the same as to how lenders view your entre credit profile. That said, if you don't mind burning a HP and see whether it sticks, you're welcome to try and see what that yields.

[FireMedic1]

Hit the brakes! More credit doesn't mean higher scores. I wouldn't apply for another account until 2021 TBH. You got way too much too soon. Rebuilding is a slow and steady process. All these new accounts need to age and all the HP's and hits to your AAoA's also have to age. Let some of the secured cards graduate. And if they have a fee close them once they hit a year old before the next fee hits. For example just the OpenSky card was open for only 3 months. So 1 card lowered your AAoA's more and you have nothing to show for it. Please stop applying for more credit. Your killing the rebuild. Now its a rebound time.

[Anonymous]

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@Anonymous wrote:
Sure, so here’s my profile.....

The scores provided above are free FICO 8 scores given to me by Credit Strong, Citi and Experian respectfully. My VS’s are sub-600 at the moment, EQ 9 is 651 and TU Bankcard is 648.

AAoA - around 9 months on open accounts; 34 months total (per Experian).

Started my rebuild in March 2019. At that point, I was anywhere from the 48X - 53X range. Had no positive accounts reporting, except for some deferred student loans. Had up to 15 negative items. At this point, two have been settled (Discover and Merrick), one was a small paid medical collection last updated 6/19 that I am currently disputing to do a VFD, and all others have been deleted.

The big issue keeping me down is I made a lot of mistakes in the beginning concerning reestablishment, which I’ve already addressed. The new accounts are as follows (listed with open dates and closing dates as applicable):

1. Cap1 Secured - 5/19
2. Merrick Secured - 6/19; 1/20
3. OpenSky - 6/19; 10/19
4. Citi Secured - 6/19
5. First Premier Bank - 6/19; 11/19
6. Total Visa - 6/19; 12/19
7. US Bank Secured - 7/19
8. Bremer Secured - 7/19
9. Indigo - 8/19; 11/19
10. Credit One - 8/19; 12/19
11. MyJewelers - 9/19 (will not renew)
12. H-D Visa Secured - 11/19
13. NFCU Secured - 11/19
14. Target RedCard - 11/19
15. Kohl’s Charge - 12/19
16. SDFCU Secured - 12/19
17. Credit Strong - 1/20

Current TRCL is just shy of $8k.

The two student loans were opened 8/16 with a current combined balance of $12.5k on a $10k principal after being deferred with no payments for about two years. However, they report 100% payment history and, though deferred, I am making payments now.

No car note or mortgage. Exactly 50 inquiries reporting per CK and Experian apps - 20 in the last six months, an additional 16 in the last 12 and 13 falling off within the next six months. The later were questionable inquiries and all for a perspective auto purchase. The rest are legit, so I have not been motivated to remove them.

That all said, I’m pretty convinced that my biggest issue is age, mix, aggressive reestablishment and recent closures in no particular order. My rationale for being aggressive was due to some older accounts reporting on my AAoA that will be falling off in the next 6-24 months and I’m trying to counteract those in the future by a simple law of averages.

Only other thing worth mentioning is, with exception to the C1S, all open secured cards will graduate and less than half are reporting as secured.

---

I'd expect a denial for the Phillips 66 card if you were to apply now. Scores are on the low side and inquiries are through the roof. 

To be blunt, your aggressive credit seeking is a prime example of a rebuild done wrong.   No one needs, and it serves no purpose other than needlessly tying up your money, to have so many secured cards. Add the other predatory cards in there and your card line up is a thing of horror movies.

I don't say any of that to be mean. I say it because I hope you'll stop trying to add more useless cards, like this gas card, to your wallet. It's high time you sit back for a few years and start repairing the damage you've done.

best of luck! 

[Jnbmom]

I have to agree you don't need 9 secured cards, that way too many.

I would close some of those secured cards and STOP applying. You need to let your profile age.

Good luck

[silver_idle]

You dont need anymore credit right now. Let what you have age, and graduate, otherwise you wont see any improvements in your score and will still be considered a high risk in the eyes of creditors. This isnt a way to rebuild credit. You even have unsecured cards now so you dont need anymore until those plus everything else have aged otherwise im 99% sure you will be denied.