Secured CC App Spree!!!

Anonymous · ‎03-18-2019

Hello Everyone!

Just restarting my rebuild this year 2019 after falling off about 7 years ago, merely 3 years after starting the first time. God willing I will stay focused this time! Experian.com has me at 505, Credit Karma Equifax has me at 525, and Credit Karma Transunion at 525 as well. I know they are not exactly correct many times or based on fico 08 or 14 or newer scoring models. My credit profile has NO open accounts and 19 closed accounts including 5 collections. Even all the closed accounts have extensive late payment history. Student loans, an auto loan, a couple personal loans, and a couple utility collections. 9 of the accounts fall off by end of this year. 5 of the accounts I'm working on PDFs and should have no problem doing so. Almost certain student loans are double reporting. Should leave me with merely 3 accounts by end of this year. Applied for Citi Secured, Capital One Secured, and Discover It. Much to my surprise I was approved for the Citi Secured and the Capital One Secured with $99 deposit. Discover denied me. Along with these 2 secured CCs and a pending student loans consolidation account will give me 3 open and 3 closed accounts. Should I continue my great payment history for awhile before applying for ANY thing else guys? Just garden the 2 CCs and student loan? Any help or direction from here is greatly appreciated. Thanks.

Anonymous · ‎03-18-2019

Sounds like you have a good plan so far. Getting those baddies off will benefit you the most at this point. I would just use the two secure cards and PIF each month. Work on those PFD's and garden until those bad accounts fall off later this year. At that point reevaluate, you may be able to get an unsecured card at that point.

Anonymous · ‎03-18-2019

Thanks a lot. I figured as much but just want that confirmation from you all that I'm on the right path. Logged back in to my Experian account and noticed it is indeed Fico 08 model, which has me at 504, I guess 1 pt drop from inquires. So that's what I will put on my signature as I start this process. I do plan to app more after end of year. Thanks again. Other feels free to chime in as well. I'm shooting for a 200 point increase in 18 months!! Lol

Anonymous · ‎03-18-2019

Congrats on your approvals !!!!

Marz2002 · ‎03-18-2019

YOU...

CONGRATS on the App Spree and here's hoping that you stay in the Garden for awhile!!!

Marz2002 · ‎03-18-2019

@Anonymous wrote:
Congrats on your approvals !!!!

@Anonymous CONGRATULATIONS on your PROMOTION to Senior Contributor!!!

19eighty5 · ‎03-18-2019

Congratulations!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Sept 2022):EX- 706, TU- 685, EQ- 684
What's in my wallet:

AMEX Delta SkyMiles Reserve | $2,800 | February 2019

AMEX Marriott Bonvoy Brilliant | $3,100 | August 2019

BOA BankAmericard AU | $4,500 | May 2004

Citi CostCo Anywhere Visa | $4,780 | March 2020

Citi Macy's Star Rewards | $11,100 | September 2021

Comenity Overstock | $7,100 | August 2018

Goldman Sachs Apple Card | $6,000 | March 2020

Synchrony CareCredit | $12,000 | October 2018

Synchrony Lowe's Advantage | $5,000 | March 2020

Audi e-tron - Audi Financial | $85K/72mo/3.24% | March 2022

Anonymous · ‎03-19-2019

@BeyondMG -

Welcome to the myFICO forum! We're thrilled that you've joined us!

+1 on the previous advice given to stay on course/remove your baddies. You're doing all the

right things, and getting both the Citi and Cap One secured cards is wonderful. Very well done!

BTW, if you or your family has any affliation with the military, government civilians

or gov't contractors, then I would suggest joining Navy Federal CU. Navy Fed's

secured card is the nRewards Visa, and they recently reduced their minimum

deposit from $500 to just $200. Forum members who are also NavyFed members

have reported that the nRewards is unsecuring after 5-6 months with a $2,000 SL,

provided that you care and feed the card each month (PIF before the statement cuts).

In addition, having 3 cards is the "sweet spot" for FICO to help you generate high scores.

As an added bonus, you can apply for an unsecured card after 3 statement cycles + 1 day.

We call this the "91/3 strategy." You don't have to wait until the nRewards Visa unsecures

before applying, and NavyFed has a history of giving generous SLs with their 2nd card.

The keys to approval are 1) paying on time and 2) an overall low DTI ratio. Shoot for < 10%.

Just some food for thought. But like I said, you are definitely right on track.

Please feel free to keep us posted on your progress. Thanks so much for sharing!

Anonymous · ‎03-19-2019

thanks bud just notice that . very cool

@Marz2002 wrote:
@Anonymous wrote:
Congrats on your approvals !!!!

@Anonymous CONGRATULATIONS on your PROMOTION to Senior Contributor!!!

Anonymous · ‎03-19-2019

Thanks! I actually am already a member of NFCU and am kicking myself for not applying for theirs! So should I go ahead do that one last app before gardening?