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Ready to Jump out of Garden...I think?

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Anonymous
Not applicable

Re: Should I pull the trigger?

It's been a couple of months since I last posted here, so here's an update.

 

FICO 8 Scores: 608 Equifax, 627 TransUnion, and 611 Experian.  My one open credit card (secured...I wish it would unsecure already) has been open for just over 2 years now, and I'm an authorized user on a card that's been open for 5 years, neither one has any derogatory marks.  I have 3 collection accounts that are falling off within the next 6 months, and my old closed credit card will finally have a $0 balance within 4-6 months.

 

The issue is that my credit score has largely plateaued, and I'm not sure which direction to take.  Should I garden another 6 months and see what happens?  Or should I apply for another card, or maybe a small loan?

 

Any tips would be appreciated.

Message 11 of 20
Anonymous
Not applicable

Re: Should I pull the trigger?


@Anonymous wrote:

It's been a couple of months since I last posted here, so here's an update.

 

FICO 8 Scores: 608 Equifax, 627 TransUnion, and 611 Experian.  My one open credit card (secured...I wish it would unsecure already) has been open for just over 2 years now, and I'm an authorized user on a card that's been open for 5 years, neither one has any derogatory marks.  I have 3 collection accounts that are falling off within the next 6 months, and my old closed credit card will finally have a $0 balance within 4-6 months.

 

The issue is that my credit score has largely plateaued, and I'm not sure which direction to take.  Should I garden another 6 months and see what happens?  Or should I apply for another card, or maybe a small loan?

 

Any tips would be appreciated.


To get the maximum credit score as a rebuilder(me too) you need 3 cards and one installment loan.  With your score and I'm not sure what you are paying now, but if you have 3 cards, then an open installment loan will help it grow.  I got an installment loan to pay my baddies. It worked two fold, paid my baddies so they would age and it gave me an installment loan. Cap one has a good secured card, but discover is better. And if you can get in with a CU, that would be the best.  Navy federal or Penfed highly recommended.

 

It's a marathon not a sprint, so whatever you do, just know it takes time.   

Message 12 of 20
Anonymous
Not applicable

Re: Should I pull the trigger?

I agree that you should get another credit card and add an installment loan to help improve your scores.

Message 13 of 20
BungalowMo
Senior Contributor

Re: Should I pull the trigger?

If I were you, I would wait it out with any apps.  Pay that balance off/down.  Wait for the baddies to fall off.

 

Go to the bank where you have the secured card and speak with one of the bank officers. (if it's local)

Going there will let them know this is important to you & you're willing to speak with them face to face.

Let them know you would like to have the card unsecured. 

You want to continue to do business with them & you've shown a good history & after a couple years of being secured, that's long enough in my book!

 

 

BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 14 of 20
SouthJamaica
Mega Contributor

Re: Should I pull the trigger?


@BungalowMo wrote:

If I were you, I would wait it out with any apps.  Pay that balance off/down.  Wait for the baddies to fall off.

 

Go to the bank where you have the secured card and speak with one of the bank officers. (if it's local)

Going there will let them know this is important to you & you're willing to speak with them face to face.

Let them know you would like to have the card unsecured. 

You want to continue to do business with them & you've shown a good history & after a couple years of being secured, that's long enough in my book!

 

 


Agreed


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 15 of 20
Anonymous
Not applicable

Re: Should I pull the trigger?

Thank you everyone for your replies!!

Based on what you've all said, I'll probably wait a few more months for my last credit card to get paid off and some of the collections to fall off my credit report.

I've talked with Wells Fargo a couple of months ago, whom I have the secured card with, and their response is pretty disappointing in respect to graduating my card...they basically told me that they simply do periodic reviews (rumored to be in April and October), and there's no guarantee that it will graduate.  I'm not sure why it's taking so long, my FICO Bankcard score 2 (that they provide and I can see here on MyFico) is 652, and when I opened the card with them, it was 492, and in that time I've paid off about $40,000 in debt (about $8000 to go).  All I could do was update my annual income and monthly housing costs and hope for the best.

I also have a great banker that used to work at Wells Fargo, and he even said there was nothing he could do for me (back when he worked there, he recently moved to BMO Harris).  Maybe Wells is just stingy???

Message 16 of 20
Anonymous
Not applicable

Re: Should I pull the trigger?

Here's my latest "What to do next" flowchat.  Right-click the image to "open in a new window" and print it out.  Then circle the worst rectangle in each category and do the item just to the right of that rectangle next.

 

abcd what to do next 01-09-18 second.png

 

 

Some items just require waiting/gardening, others require trying for goodwill adjustments (saturation method), others may include applying for something new.

Message 17 of 20
BungalowMo
Senior Contributor

Re: Should I pull the trigger?

If WF is still being stingy, Check into another option.  See about opening an acct at a Credit Union (if you are retired/current/formet military, OR are a Govt employee ot Fed Contractor w/ DoD Clearance...go to Navy Federal)

Credit Unions are always better to their customers than any bank I've known.

 

If they are that stingy with a $200 secured card after 2 years, it's time to cut the ties.

 

JMO....

BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 18 of 20
jlitnns
Established Contributor

Re: Should I pull the trigger?

This is pretty mf'ing amazing! (btw referring to your 'What to do' flow chart)

 

Robot LOL


Message 19 of 20
Anonymous
Not applicable

Re: Should I pull the trigger?

That flow chart is amazing!!!  That's very helpful!

 

Here's a new development....today in the mail I received a USAA offer to apply for the Rewards Visa Signature card, and when I checked my account online (I'm a full member with them), I saw the offer there as well.  Reading other threads on here suggest that when they offer an invitation to apply, it's a good sign.  I've also heard they pull Equifax Bank Card Score 5, of which mine is hovering around 660 right now.

 

Thoughts?

Message 20 of 20
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