Credit Score for New Cards

[Anonymous]

Get your balances down first, continue to pay all your bills on time, get in with Cap one via an unsecured card such as quicksilver one and establish an excellent relationship with them. Use the card heavily, make multiple payments so your utilization at statement time is under 10%. Do this for a solid 6-12 months and you should see improvement in your scores and will be in much better standing for the savor one or venture.

Edited to say: if you take the advice and get the unsecured cap one card, after... don't apply for anymore credit. Let's the dust settle and your accounts age out.

[thornback]

@Anonymous wrote:

Currently have: currrently working on paying off the Surge cards. 

Card Name	Limit	Max Spend	New Limit	Current Balance	APR	New APR	Annual Fee	New Annual Fee	Opened Date
Piercing Pagoda	$350	$105		$0	29.99%	-	n/a	n/a	11/13/2018
Kohls	$300	$90		$186	26.99%	-	n/a	n/a	6/21/2018
Ulta	$250	$75		$76	27.99%	-	n/a	n/a	11/13/2018
J Surge ©	$800	$240		$495	30.99%		$96	n/a	3/29/2018
K Surge ©	$800	$240		$499	30.99%		$96	n/a	3/29/2018
First Premier	$700	$210		$609	36%	-	$45	n/a	10/12/2018
Credit One	$500	$150		$121	26.15%		Not Clear – up to $99?	n/a	3/30/2018
Lend Up	$500	$150		$387	30.24%	-	$59	n/a	Around 1/21/19
Merrick ©	$500	$150		$379	31.95%		None after 1st year	n/a	1/30/2019
Victoria’s Secret	$250	$75		$24.40	27.24%	-	n/a	n/a	1/22/2019

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Are all of these current balances being carried from month to month?  With those interest rates, you're going to end up having to pay back so much more than you should.  With high interest, you should always try to avoid carrying balances and pay your statement balances in full each month (don't spend what you can't immediately pay off)  - it's too easy to find yourself drowning in debt as the interest accrues -- and you have a few with annual fees on top of high interest.

Also, you have a lot of cards with balances, and, if they are all reporting these balances to the bureaus, your being penalized by FICO for that.  Additionally, (if my quick math is correct) you are using ~$2776 out of a total credit line of $4950 -- that's 56% aggregate utilization which is very high -- you could stand to gain 50+ FICO points if you get those balances paid down so your total utilization is below 28.9%  (more if you pay it down below 8.9%).     

You are one year post BK -- in my opinion, you shouldn't app for any more new cards till you are at least 2 years post BK.   You also need to let these cards age as they are all quite recent -- wait until your youngest account passes the 1 year mark and your BK is 2+ years old (even better - until some of those inquiries drop off) before you even think about applying for anything else.    

In the meantime, seriously work on paying down those balances -- having so many new accounts - with multiple high balances, and a recent BK on file looks ultra risky to lenders -- and you're not helping yourself financially since most of your payments are going towards high interest.   

(You only needed 3 cards and an installment loan to begin your rebuild post BK;  more ≠ better).  

Good luck!

[Anonymous]

To piggyback off of what TMR said, for less than $225 you could have four cards (Ulta, VS, Piercing Pagoda, and Credit One) paid off and reporting zero. Not only will that help your scores but it will also be three fewer bills per month to pay. Then the $186 to Kohl’s after that and a fifth card is at zero. After that, get each card down below a common scoring threshold, then move each below the next, and so on until they’re paid off. For example, pay off the four cards I mentioned, then of the remaining ones, get them all below 47% (so that when interest hits, you’re still below the 48.9% scoring threshold), then all below 27% (for the 28.9% threshold), then pay them off as expeditiously as possible. As stated above, you’ll see a lot of points gained this way and will negate the effects of those scary APRs compounding.

[Blackswizz750]

Just work on paying off the balances you have as the other posters mentioned. If you knock off the smaller ones, it's less stuff to pay and stay in the garden until at least 2 years post bk discharge. You will have a huge point gain.

The last thing you want is to drown in more debt and prime lenders hit to u with credit seeking and look desperate.
No hurries!

[Anonymous]

Bank of America Cash Rewards - wait until you are at 670+

Capital One - Wait until you have 720+ for any of those. Capital One has some bizarre criteria for card approval. Like, I got denied for the Quicksilver in October 2017 fo reasons like "lack of experience with high balances" and "lack of experience with high credit lines" (referring to 5K limits and above. My US Bank Cash+ limit hit 5K in September 2017, my first high limit.) They also don't have an effective reconsideration line, I think it almost never works.

Credit Unions - probably a little easier, I'd say wait for your Experian to be 620+

Maybe try a Discover secured?

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