These days I mean. I have of course read through the unofficial data points thread, but I'm just starting out with a secured Discover It card (apologies to the mods if this seems like the wrong board :'( ).
A little more info:
Right now the Discover It is my only card.
My SL is $2500 (went all in on the security deposit).
The unofficial DP thread advocates playing hard to get and placing something small, like a Netflix charge, on the card, PIF (obviously) every month, don't chase rewards. Certainly the circumstances are different, as this card is secured and I can't even think about CLIs until it graduates, but once graduated I'd like to go about hunting for high CLs.
I know this is sort of a second question but...what exactly should my reporting strategy be? I err towards AZEO, and am aming towards apping for two more secured CCs and a SS loan (I'm eligible to join Navy FCU, so I could get a secured card and prepay a SS loan a la the old Alliant SS loan trick), with the hopes of going for a high score when it first generates, but I don't know how to balance what to report and when.
If I'm AZEOing, are the other CAs going to feel neglected if I'm only letting one card report? Should I change the card I let report each month? I understand I can still make charges and PIF the other cards before the due dates; a payment is a payment, I just don't want to hurt my graduation and CLI chances with other cards either.
CAs are such fickle mistresses
...
Could also use some help choosing a third secured, would like to choose somewhere I'll actually have a future with, so Capital One is out for me. Citi Secured, Bank Americard Secured, and US Bank Secured are what I'm looking at, but I have read a fair number of horror stories about graduation/CLIs/PCs for all 3 of them and I'm not sure where to go.
Any and all help and advice and patience reading all this rambling is much appreciated :'D !
A little more info:
Right now the Discover It is my only card.
My SL is $2500 (went all in on the security deposit).
The unofficial DP thread advocates playing hard to get and placing something small, like a Netflix charge, on the card, PIF (obviously) every month, don't chase rewards. Certainly the circumstances are different, as this card is secured and I can't even think about CLIs until it graduates, but once graduated I'd like to go about hunting for high CLs.
I know this is sort of a second question but...what exactly should my reporting strategy be? I err towards AZEO, and am aming towards apping for two more secured CCs and a SS loan (I'm eligible to join Navy FCU, so I could get a secured card and prepay a SS loan a la the old Alliant SS loan trick), with the hopes of going for a high score when it first generates, but I don't know how to balance what to report and when.
If I'm AZEOing, are the other CAs going to feel neglected if I'm only letting one card report? Should I change the card I let report each month? I understand I can still make charges and PIF the other cards before the due dates; a payment is a payment, I just don't want to hurt my graduation and CLI chances with other cards either.
CAs are such fickle mistresses
...Could also use some help choosing a third secured, would like to choose somewhere I'll actually have a future with, so Capital One is out for me. Citi Secured, Bank Americard Secured, and US Bank Secured are what I'm looking at, but I have read a fair number of horror stories about graduation/CLIs/PCs for all 3 of them and I'm not sure where to go.
Any and all help and advice and patience reading all this rambling is much appreciated :'D !
Why can't you have a future with Cap One?
I started with Cap One 4 years ago with a single $3,000 card.
YMMV.
Indeed mileage does vary, but I have another in my household who already has credit cards with Capital One and...I'm none too impressed (at this point I understand I have no established credit and can hear the cries of "beggars can't be choosers", but I'm trying anyway ).
I don't particularly have an interest in any of their products, I find their non-business rewards cards to be non-competitive, and from said other person's experience and seemingly countless other anecdotes, getting decent SLs and CLIs can be a nightmare with them, unless maybe you're interested in their Venture card (I'm not).
There are outliers of course, folks that manage a crazy $21k CL with a QS card, but I'd rather either go somewhere where I like the rewards, or go somewhere high SLs/CLIs/CLs are the norm, not the exception.
I chose Discover first for that reason, though I don't know how much usage they want to see, and am still debating Citi/BoA/US Bank for my next secured, despite their respective horror stories :/.
).I don't particularly have an interest in any of their products, I find their non-business rewards cards to be non-competitive, and from said other person's experience and seemingly countless other anecdotes, getting decent SLs and CLIs can be a nightmare with them, unless maybe you're interested in their Venture card (I'm not).
There are outliers of course, folks that manage a crazy $21k CL with a QS card, but I'd rather either go somewhere where I like the rewards, or go somewhere high SLs/CLIs/CLs are the norm, not the exception.
I chose Discover first for that reason, though I don't know how much usage they want to see, and am still debating Citi/BoA/US Bank for my next secured, despite their respective horror stories :/.
@Anonymous wrote:
@Anonymous wrote:
Could also use some help choosing a third secured, would like to choose somewhere I'll actually have a future with, so Capital One is out for me. Citi Secured, Bank Americard Secured, and US Bank Secured are what I'm looking at, but I have read a fair number of horror stories about graduation/CLIs/PCs for all 3 of them and I'm not sure where to go.Welcome to the forums!
I read your post and I'm going to say let's stop right there. There's no need to load up the report right now. I started with Disco secured. Used it a ton (Many mid-cycle payments to keep uti under 30% and then brought it down to $3 before the statement cut, i.e., when Disco reports to the CRA's). My first FICO scores were North of 700. I graduated with statement 7 on the dot and get a great auto-CLI.
Building credit to work for you is a marathon, not a sprint. My siggy has taken about two years to build up, but it's always moving along. There's no need to do three cards and an SSL right now. I would recommend opening savings with NFCU and building that relationship, because -- depending on your income of course -- that's a good bet for a high SL.
Also, AZEO only really matters to squeeze out the last few points in your score. Creditors know how much you're putting on the cards in the case of CLI's, and your SL is (generally) based on your score, income, and relationship with the bank.
Best of luck Op
great advice Grasshoper, its great to see the student has become the Master
#RealLiveBoy
OP - I have never had a secured card in my life and I had a BK.
I would keep checking prequals from Discover, Cap One, and Merrick.
I doubled my decent SL with Discover within 6-8 months. They can be very generous.
GL!