A little background info - I began my rebuild journey in about May 2020 for the sole purpose of getting in best as shape possible for a mortgage loan early in 2021. Fico 8's had been in the low to mid 500's but mortgage scores were always 50-70 points higher (for reasons I'm still not sure I understand). In any case - have been trying to increase those scores. In learning how best to do that - one of the more obvious things I came across was the importance of established revolving debt.
In May of last year, I didn't have a single credit card. Just CO's for ones that went south. I was an AU on one card though, with about 7/8 years of positive history. Since then, I've opened AMEX Optima now 10 months old, Penfed PCR, and Penfed Gold reaching 6 months in about 2 weeks. The addition of my own revolving accts did wonders for my scores, both Fico 8 and mortgage scores.
Had my last few baddies fall off in May and my mortgage scores (still primary concern) were sitting at 785-801. I've all about conceded that I won't be should house hunting for at least another 6 months - so I decided to go for some additional cards that each had a purpose that made sense for me.
FNBO Evergreen - only heard of this bank and card as a result of the prequal threads floating around here - tried my luck at prequal, came back at $15K @ 18.24. Pulled the trigger and approved for exactly that. I wanted this one for the limit. My highest before it was my Penfed Gold at $2500.
Apple Card - for the better part of the last year I had a SL rehab report only to TU. 120 day lates every month the whole time. Smh. Finally when completed, in April - the entire tradeline went away in May - for a nearly triple digit point increase. That, combined with the perfect timing fall off of two paid CO's and I was high 700's. I apped and was pre-approved for $4K like two or three times but my PCR was reporting at like 70% due to my oversight of my payment close date so I waited til it next reported to pull the trigger again. Once that happened - approval went to $5K. Accepted. Have already transition from PCR to this as my daily driver.
Amazon Prime Visa - this ones interesting. Apped because my household shops on Amazon quite a bit. And the 5% CB and $150 gift card made it a no brainer. I remember prequalifying like a week before but I just went straight in and apped. Got 30 day message. But THEN remembered this terrible fact - I had a Freedom card with Chase that had CO'd in maybe 2015. At the very beginning of my rebuild journey last year - I had disputed some info about the debt (don't recall what) and Chase removed the entire tradeline from all bureaus. Never paid in full or settled. It was just gone. I had so much to tackle at the time that it just didn't stick with me. Had I remembered, I would NOT have applied. And was sure I'd get denied. 2015 not that long ago and it wasn't even settled. THEN a member of this forum posted almost the same scenario that resulted in an approval. So I thought there was a chance. Apped 6/15. Automated msg never changed from "30 days" then, today - a call from Chase. They verified info. Brief hold. Approved for $5K.
Still concerned with my mortgage scores and how the addition of 3 new revolvers will impact my score after the significant drop in AAoA with an already infant revolving credit history. I'll update when the hit happens!
