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First post - three card approvals

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Established Member

First post - three card approvals

Ahhhhhh what can I say turning 30 and realizing your 20s were fun but not financially smart! Tune in for the long story!

I have have many ups and downs from having two incomes down to one teacher income to support a family of four, medical bills, collections, etc. well I finally decided to grow up and get things back on track. Back in August ‘17 i have 9 accounts in collections (4 medical bills) a current auto loan current student loans (getting my EdS) and no credit cards and really not much extra cash on hand so I apply for a secured discover it card ($200) and get approved fast forward to January 1 ‘18 and a 40pt increase I applied and was approved for in this order Total visa ($300) Credit one platinum ($400) and capital one platinum ($300). I just recently stumbled across this forum and have learned so much ALL advice is welcome on ways to continue to rebuild and just as an FYI my collections are from payday loans (the struggle was real about two years ago and and old Fingerhut Ashley Stewart and torrid account all about the same age) that I am only now able to start paying on
03/18 TU 634 EX 621 EQ
1st Goal by 05/18 650s across the board
Cap 1 plat $400/total visa $300/ credit one $600/discover IT $2k
5 REPLIES 5
Valued Contributor

Re: First post - three card approvals

Welcome Smiley Happy

Congrats on getting things back on track Smiley Happy

Message 2 of 6
Frequent Contributor

Re: First post - three card approvals

Congrats! Welcome to the forum. I’ve been there too. It’s so awesome when you can see the light at the end of thtunnel and be able to touch it. If you can, try to stay away from an over abundance of store cards as you progress. 

FICO as of 02/13/2018: 669 EQ Fico 8, 709 TU Fico 8, 716 EX Fico 8
5/3 Truly Simple MC #1 $5k | 5/3 Truly Simple MC #2 $4k | Banco Do Brasil Platinum Visa $3k | Home Depot $2k | HSBC Cash Rewards MC $1.5k | BMO Harris Cash Back MC $1.5k | BMO Harris Platinum Rewards MC $1.2k | HSBC Platinum Rewards MC $1k | Best Buy Visa $1k | Commerce Bank Drury Key Club Visa $1k | Citi Shell Card $0.8k | Penfed Power Cash Rewards $0.5k | Capital One QS1 $0.3k | Macy’s $5k
Message 3 of 6
Established Contributor

Re: First post - three card approvals

Congrats on pulling it back together.  Sometimes, you just have to grin and bear it.  

EQ 669, TU 679, EX 679. Navy Signature Go Rewards 15K, Navy Signature Cash Rewards 16K, Navy AX Rewards 14.4K, Navy CLOC 15K, Navy Mortgage 120K, Navy ATV Loan 14,990K, FLCU Auto 48.7K, FLCU Visa 7.5K, FLCU Visa 1K, AFCU 5K, AFCU Line of Credit 4K, John Deere 15K, Suncoast TB Rays Cash Rewards 6K, Cap1 QS 5K, USAA Rate Advantage 5K, USAA AX Card 9K, State Farm Rewards 2.5K, Paypal Credit 2.8K, Cabela's 2K, Chevron & Texaco Visa 6K, BMO Harris Bank 1.5K, BOA Bass Pro 1.5K, 5/3 Stand up to cancer 4.5K, 5/3 Truly Simple 4K, 5/3 Trio 4K, Amazon Store Card 5K, Lowes 17K, TBFCU 5K, BBT Spectrum 4.5K, BBT Bright 3.5K, BBT Bright 4.5K, Banco Do Brasil Americas 4.2K, Kays Jewerly 2K, AX Green Charge, AX Delta Gold 1K, Morgan Auto Group 1.6K, Kohls 700.
Message 4 of 6
Community Leader
Senior Contributor

Re: First post - three card approvals

Congrats....

Might want to try for a little more rebuilding.. Congrats on the cards.. Definitely visit the rebuilder forums on here.. (also id already be making plans for when you want to try to be rid of the two predatory cards in your hand... (Total and Credit One) BTW try Googling the HIPAA method .. Cant discuss that on here but might help with the medical collections....

 

 

 

 

Message 5 of 6
Regular Contributor

Re: First post - three card approvals

You sound like me 18 months ago. Lots of baddies, and just getting to the business of getting some positive information on your books. The advice given above was correct. I'd use those two preditory cards for a year tops, and I would make 100 percent sure you pay them off the day you use them. Use them literally once a month. Use one for a pack of gum and one for a candybar. While they are good to have in terms of building positive tradelines, those companies only exist by preying on people at the very beginning of their credit rebuild, and their finance charges and interest rates prove it. Had you been on this board sooner you'd have been steered away from them. Use the Cap1 and run as much money as you can through it so long as you can PIF monthly. Cap1 may not be the best company, but they will give you big credit limits on other cards later in life if you treat them right. For a lot of us, that Cap1 Platinum was our first step.

 

Your next move is to basically live on the rebuild section of this forum. I was there daily for nine months. Attack your baddies and be patient. It's gonna take some time and some you might get removed through a varying number of ways, and some you're just gonna be stuck with. One baddie of mine took nine tries to remove! But there are options. Settlements, goodwill letters, ect. These are all things you can learn about on those boards.

 

Good move on the Discover It, even if you had to get the secured version. It has a cashback feature that Discover will double in your first year. Plus this a card that you'll actually want in you wallet for a good long time. 

 

Good luck!

 

 

Started on July 4th, 2016 with 400's FAKO scores, no FICO, a dozen baddies and no credit of any kind.

As of March 2018:
AmEx Blue Cash Everyday: $12,600
Chase Sapphire Preferred: $10,000
Bank Of America BankAmericard: $6,000
Capital One Quicksilver One: $5,500
Citi Diamond Preferred: $5,400
NFCU Cash Rewards Visa Signature: $5,100
NFCU Go Rewards MasterCard World: $5,000
Wells Fargo Propel: $3,500
Barclay's Uber Visa: $2,500
AmEx Starwood Preferred Guest: $2,000
Citi Double Cash: $1,500
AmEx Hilton Honors: $1,000
Discover It: $600
Capital One Platinum: $500

TOTAL CREDIT LINE: $61,200
Message 6 of 6
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