Need a better CC mix but apprehensive after BK7

[Anonymous]

Seeking opinions on tightening up my profile and growing my credit mix. I would like a Jet blue plus, and a good rewards card for gas and groceries.

Thanks for taking the time to read my situation and provide any input. I'll try to treat this like bedside report and get to the point.



PMH: discharged BK7 January 2017 and the only remaining account was a $750 student loan in deferment from 2014-2015 and didn't touch my credit for 6 months. No savings, but finished college at the end of 2016, good income with a clean slate to work off of with no baddies besides the BK7 showing as a public record.



+ 5/2017 Fico noted baseline scores of 605 EX 631 TU 611 EQ

+ 7/2017 applied and received Capital One secured card with 500 SL and revolved a single digit UTL since then with a few mishaps recently that was swiftly rewarded with deductions (learned my lesson).

+ 9/2017 my score upgraded to 645 EX 666 TU 644 EQ. I went into a new car dealership and with the help of a motivated finance manager and good income was approved for a 27k auto loan with an APR of 6.74%

+ From 9/2017 to 2/2018 I've paid on time on my auto loan and paid a year ahead. It's about time for me to start back up making regular payments and I took this time to start saving and get other affairs in order. I currently owe 20k of the initial 27k.

+ 11/2017 with pretty much same scores applied for Kay (commenity) to buy things for the wife. SL of $4k and 0% for 12 months on first purchase. Made a $600 purchase and have been paying on time with $115 left to pay off.

+ 5/2018 paid off my $600 student loan and received swift negative fluctuations but I was tired of carrying that being out of deferment.

+ Total of 3 inquiries in 2/2018 and 6/2018 for CU auto loan refi and care credit that I didn't take. The CU wanted to approve but I'm a contract worker and I'm never with a hospital more than 13 weeks so for that reason I looked risky even though my income is six figures. According to my current file, I have 3 inquiries one on each agency so I have been gardening since 6/2018.


Current scores/situation:

+ 708 EX 700 TU 703 EQ

+ Cash on hand 50k

+ Cap 1 card graduated 6 months ago with an increase from $500 to $800 and requested a CLI one month ago and granted to $1300 not sure if this will be a bucket or not. UTL 11% (thoughts?)

+ Kay card (commenity) UTL 2.5%



Goals:

+ Ultimately clean 760 + scores across the board and to increase my credit card mix.

+(Priority 1) Would love to refinance my 2017 vehicle to a lower interest rate and take advantage of new principal balance

+ (Priority 2) Would love to acquire Jet Blue Plus Barclays card.

+ Would like to acquire a third card with a good grocery store/gas rewards plan.

+ Mtg/renovation loan 2020 for a Katrina New Orleans property purchase and renovation.

+ I'm very apprehensive to apply for another card with my relatively thin but productive file and would like feedback on potentially applying for the Jet Blue plus card. I presume later on down the line once I acquire the jet blue or rewards card the other card will come easier. My other concern I don't want my thin file and BK7 hold me back from getting a sizeable SL. I'd be happy with 5k on all my credit cards just for UTL purposes.


Please add input if you feel my priority items should occur in a different order for favorable approval. This is just how I want things done in my mind but I am pliable.

[RonM21]

Op, I apologize that there has not been any replies to this yet. From what I am seeing, you have made strides in getting your credit scores up and strengthening your profile. You have some $$ to work with as well, so overall you appear to have a nice foundation to work off of.

Any specific reason as to why you want the Jet Blue card in particular, other than the obvious? While ymmv, I have seen more or less that to get the Jet Blue card, the average score needed would be around 700. Then, 750 for the Jet Blue Plus. Now this is just reading up on articles with what they believe the average scores needed were. With your current scores, maybe the Jet Blue is more in range??

On refinancing the vehicle, if you can find a rate that makes sense for you financially then maybe it is worth it.

Getting a third card would be good for you, whether it is Jet Blue or something else. But for any app, I would suggest that you do searches on different lenders in the forums here, like Barclays for instance, and read up on how they are for people with past BK's. Also, search for approvals of specific cards to get some of the data points of what each profile looked like. Gain as much helpful info in your favor ahead of time.

[Anonymous]

Congrats op on your progress! 

I just want to add another option for you, I would try the discover pre-qual as well. You can choose between the Chrome or IT card. 

As for the Jet Blue, there have been approvals for those with BK. They typically like to see at least a year of credit history after discharge. 

Good luck.

[Anonymous]

Ron thanks for the response! Honestly, the wife and I fly jet blue everywhere. The rewards benefit and the bonus points of the plus is very intriguing. I'd consider waiting, garden more, and wait for a 730-750 TU credit card FICO score. The regular jet blue card doesn't interest me.

Most important thing for me I don't want another card that falls into a bucket with a low SL. I've been apprehensive to put any apps out. I've been gardening for about 6-8 months now. Outside of the Jet blue plus card I'd like a good gas and grocery reward card. That's where I spend the most money. I'm not much of a consumer goods guy. Any suggestions on that type of rewards card that would match with my situation?

[Anonymous]

Thanks, I appreciate it JAG73. I need to look I to their rewards can program because I'm looking for the best on grocery and gas. Also, a card that will give me a decent SL and not bucket me out of the gate.