I've hit an important mark in my credit rebuilding journey and I'm super excited about finally getting some unsecured cards. I totally ruined my credit some years ago when defaulting on my student loans but I'm currently doing the rehab to get them on track again. Jan 2016 my Fico was 598. I got a Cap One secured card with a $200 SL that was increased to $500 five months in. I used it ONLY for gas and paid it off every month! I also go 1 more secured card for $500 with my credit union and did the same thing, used it sparingly and paid it off every month. I then took out a secured loan for $1000 on my savings account just to boost my score. I made 4 monthly payments on time and then paid it off on the 5th month. This made a HUGE jump in my score. By November 2016 my Fico 8 was 680. Then my car died, so I had to buy a new car...sigh! But with my new score I was able to get a $20k loan at 2.9% with my credit union!! After buying the car, my score dropped dramatically 40pts!! This was because my previous car loan was my oldest open account. I kicked myself because I didn't even think to get a unsecured card until after I saw my score drop =(. So I nursed my score for about 4 months...didn't see much upward movement and after lurking through the Fico forums for what seems like forever, I pulled the trigger on 3 apps today and got approved for all three!!!!!!!!!!!!!!!!!!!
Chase Freedom Unlimited- $2,500 SL
Cap One Quiksilver 1- $1,000 SL (I plan to try to upgrade this one to a regular Quicksilver after a few months)
USAA Cashback Rewards Plus American Express - $1,000 SL
Current Fico Scores are: EQ-625 TU- 660 EX-615
I plan to cancel the secured card I have with my credit union, it's only been open for about 4 months and I don't think I need to keep it open. What do you guys think? I'm definitely open to any advice you all have! And I'm going back to the garden for a long while now! =)
