Approach to CLI - Looking for Critique

[Anonymous]

Hello there fellow ficoers,

I have been brewing up my plan of attack since i was approved for the QS1 back around 6/20 ($300) and Chase Freedom 6/22 ($500)

My Credit has been wrecked for the last 7 years really with a motorcycle accident bringing on allot of medical debt and then out of work or underpaid.

Mix in a dose of young minds dont care and you have my situation.

I will spare you all the long winded story of how i got my scores to EQ-624 TU-627 EX-639 but that is where i am at.

Income 130k

I have old SYNC accounts that are paid but still sitting there for Best Buy, Whitehall Jewlers, and PayPal. I also have an old BoA Credit card 5k (settled for 3k) and BoA line of credit 12k (used 6k settled for 3k) they are due to fall off in august.

2 secure cards PNC and 5/3 25 months old never late never missed 

1 Cap One auto loan 21k starting 14k owed - 30 months old

AAoA 7years

Oldest account 12 years

TU/EQ collections 3 (one medical for 699, one medical for 125, paid CITI Radioshack 370) EX(699 medical, paid citi 370)

so that is the background.

since i was just approved for the Chase freedom and QS1 i wanted to try and create some headroom to grow but if chase is my highest card at 500 how is that going to happen.

I know people talk about using the Cap One cards to do credit steps, but i am just wondering if i got say an overstock card or walmart or paypal and was able to grow them faster than cap 1 or chase could it be a good leverage for me or am i missing the point somewhere.

Idea short example.

Get Overstock Card raise limits 3 times in 6 months goal limit of 2500 at the end of 6 months

Get Wally World card raise limits twice in 6 months goal limit of 3500 or Sub this for Barclay rewards card and grow it same expectation.

Get the QS1 increase at 61 days for hopefully at least 500 then credit steps at 6months goal limit 1500 at 6 months

I understand it would affect my AAoA but right now i am sitting at 7 years and addind 4 cards this year would be the max

this would leave me with 7500 in credit in 6 months which hopefully by then chase will give me an CLI for the freedom as my goal is the CSP.

Let me know your thoughts and critiques.

thanks again.

[Creditaddict]

I like some store cards in the begging on rebuilding because they can grow faster!

Overstock might be good if you get shopping cart and it will grow $200 every 31 days.

I like Pottery Barn or West Elm even better but you probably have to cold apply but much faster and bigger CLI's.

[Anonymous]

I think your plan sounds good.  I would check the American Express site and see if you prequalify for anything.  They usually increase everyone to 3x the starting limit after just 2 months.

I'm rebuilding too.  Overstock has really grown for me, as has Amazon Store, Nordstrom, American Express, JCrew.  Capital One's credit steps was very good to me before all this.