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And now!!!

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And now!!!

I've been reading this forums for a long time, but this is my first post, I'll give my whole story as short as possible

 

I moved to the US almost 2 years ago, in my home country I had an impressive perfect credit record, then the opportunity to move came and because what it meant to move to the US for my professional career I accepted.

As soon as I got my SSN, I was able to move out of the hotel room and get me a house, to start it made sense to rent, in the near future buy (if everything goes as planned and I move from a work visa to a green card), so I rented, first hard pull, I needed a car and return the rented car, to pick it up I needed my SSN and credit check, second hard pull, open a bank account, cell phone, utilities, etc etc... at the end, I ended up with tons of hard pulls in my report, just to settle in the country.

I started applying for a couple cards, all denied,  credit for me has always been part of my life since I was in college and also I know I need some credit history to acomplish many of the things I want, so a friend told me about this forum and also gave me some advice, and this what I did after reading here.

 

Step 1.- Get a secured card with Cap1, $350 USD deposit, AF and high APR, got the card, started using it to pay utility bills

Step 2 - Wait a few months, PIF everything I charged

Step 3 - Cap1 pre-approved me for a cash back rewards card (2% groceries and gas, 1% everything else), high APR and an AF, but unsecured for $ 500 USD, got enrolled in the credit steps, use it for gas and groceries only, PIF (sometimes 2 or 3 times in a month)

Step 4 - wait a few months,

Step 5 - Got approved for an Orchard Bank Card with $300 USD, HIGH AF and REALLY HIGH APR, got it, but hardly use it, just wanted to increase my available credit and build some history

 

between step 5 and 6 I decided to change banks, Wachovia/Wells Fargo was not helping me at all and just charging me fees for everything, so I moved to BofA

 

Step 6 - Applied for a World Rewards Card with BofA, got approved with a $1,000 USD, no AF but high APR

 

All the cards got me hard pulls, so now my report has 14 hard pulls, but a credit score of 715, I PIF every month anything I charged to the cards and try to keep my utilization below 10%, I'm never late with my bills or cards.

 

After 6 months, Cap1 increases my line on the secured card from 350 to 450 USD, didn't ask for a deposit to cover those 100 USD, and also jumped the other card from 500 to 750 USD.

I got a letter from FNBO saying I was pre-approved for a Discover card with them, so I applied and got approved (I wasn't expecting this), when I got the card, it had a $5,000 USD limit, no AF and low APR, the same day I got approved with FNBO, BofA did a CLI to my World Rewards card and bumped me from 1K to $2,500 USD.

 

The same day I received the card from FNBO, I went online to activate it and setup the payment method, alerts, etc and found out that they bumped me 5K to $10,500 USD due my excellent credit Smiley Surprised

 

So this where I am right now, my plans are (any advise is well taken), wait for at least 1 year before I apply for anything else, let the cards and credit lines mature and age a bit, cancel the Orchard card before the AF is due, as it is too high for a 300 USD card, keep the secured card with Cap1 for one more year at least, don't ask for any CLI's.

 

Any other suggestions??? and btw, thanks for everything, I followed many recommendations made to other members

 

Message 1 of 9
8 REPLIES 8
Senior Contributor

Re: And now!!!

Good Plan!  

Message 2 of 9
Valued Contributor

Re: And now!!!

Welcome to the forum, Gonzoox, and to the good ole USA!

 

You've done great!!

 

The only suggestion I have is that you continue reading this forum, then jump in to help someone else who may be relocating from abroad.

 

Congrats, and best wishes for success!!  Smiley Happy

Message 3 of 9
Super Contributor

Re: And now!!!

Congrats and welcome to the U.S.  My only suggestion is to let your current accounts mature to increase the AA0As.  At some point you may want to close the accounts with AFs.  Ask for the AFs to be waived before closing.  If they refuse, I'd close it before paying more AFs.

Message 4 of 9
Valued Contributor

Re: And now!!!

I was in your shoes, but 5 years ago. I do not mean to be mean, but your advice is bad. Why to be stuck with low limit, high APR, AF cards which will never grow with you?

Why not to use such a great and friendly tool as Credit Unions?

 

Today, 5 years latter, I have plenty of credit, supreme loan rates and never, but never paid a penny (in fees) to credit card companies.

 

Therefore, my recommendation is to start (secured cards) with credit unions and be patient and

IN VINO VERITAS.
Message 5 of 9
Senior Contributor

Re: And now!!!


@wmarat wrote:

I was in your shoes, but 5 years ago. I do not mean to be mean, but your advice is bad. Why to be stuck with low limit, high APR, AF cards which will never grow with you?

Why not to use such a great and friendly tool as Credit Unions?

 

Today, 5 years latter, I have plenty of credit, supreme loan rates and never, but never paid a penny (in fees) to credit card companies.

 

Therefore, my recommendation is to start (secured cards) with credit unions and be patient and


+1

Message 6 of 9
Member

Re: And now!!!

Thanks wmarat, but I'm not giving advise, I'm more actually asking for some... I appreciate your suggestion with Credut Unions, I've been thinking about them, but honestly I haven't dedicated enough time to research more about them.

 

And I'll be more than happy to help any one

Message 7 of 9
Moderator Emerita

Re: And now!!!

Indeed, welcome aboard, Gonzoox! Smiley Happy

 

And, congrats on building a positive credit history.

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Message 8 of 9
Frequent Contributor

Re: And now!!!

Good going. Keep what your are doing. I personally don't feel any changes are needed for build up

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Message 9 of 9
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