Did I make a mistake getting a rebuilder?

[Anonymous]

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@CH-7-Mission-Accomplished wrote:

FNBO is conservative but they give nice high credit limits over time.  Have you contacted them about waiving the annual fee or doing a product change to a better product?

They just gave you a basic card because that's what your profile supported.  I don't think it had anything to do with your store cards.  It likely had most to do with your FICO score at the time you applied.

Sometimes the only way to get beyond these crappy rewards/high fee cards is to apply for a better card with that same lender if they won't PC the old one or waive the fees.  I don't think at this point I would pay them $75/year when you don't have to.  But call them first.  And consider applying for one of their different cards if they won't PC it -- if you have had that card for two years when you apply for a new one.

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It isn't an FNBO card.

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

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@CH-7-Mission-Accomplished wrote:

FNBO is conservative but they give nice high credit limits over time.  Have you contacted them about waiving the annual fee or doing a product change to a better product?

They just gave you a basic card because that's what your profile supported.  I don't think it had anything to do with your store cards.  It likely had most to do with your FICO score at the time you applied.

Sometimes the only way to get beyond these crappy rewards/high fee cards is to apply for a better card with that same lender if they won't PC the old one or waive the fees.  I don't think at this point I would pay them $75/year when you don't have to.  But call them first.  And consider applying for one of their different cards if they won't PC it -- if you have had that card for two years when you apply for a new one.

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It isn't an FNBO card.

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In my most humble Emily Letilla voice:  "never mind"

[Anonymous]

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@Anonymous wrote:

Here is a brief rundown of my recent credit experience. Got my credit score high enough to obtain a mortgage 06/2014, was offered to refi at a lower rate in April 2015, prior to my knowledge of this site. Saw my score "shoot up" to the low 600's and got excited and went on a (mostly Comenity/Synch) app spree. I would have done things differently if I would have read these forums thuroughly! So I got excited when I got a pre-approval in the mail from First National Bank (not FNBO, even though I thought it was) for the Legacy Visa with a credit limit of up to $1500 for a $75 annual fee.  So I bit and was approved for $500. Should I have not done this? Will it hurt my chances with other prime lenders? I do know I have a ton of store cards and I shot my AAOA.

Current Scores: Walmart - 674, Cap 1 - 620, CK - TU 672 & EQ 658

So here is my current line up with open dates & limits:

Cap 1 QS1 - $2000 - 03/11

Cap 1 QS1 -$570 - 05/11 (was Orchard Bank)

Barclay Rewards - $1500 - 05/15 (had to recon)

Matrix Discover - $300 - 03/13

Crate & Barrel - $8500 - 05/15

Express - $500 - 05/15

J. Crew - $900 - 05/15

Pier 1 - $2000  - 05/15

Pottery Barn - $6400 - 05/15

West Elm - $5600 - 05/15

Z Gallerie $4000 - 05/15

Overstock - $1800 - 05/15

Macy's - $600 - 06/15

Kay Jewelers - $4000 - 02/14

Kohls - $1500 - 06/14

Amazon Store - $3500 - 05/15

Walmart Store - $3500 - 05/15

Banana Republic Store Card - $5000 - 05/15

Gap Store Card - $5000 - 05/15

Old Navy Store Card -$5000 - 05/15

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Not all credit is quality credit. Good luck to you throughout the rest of your rebuild.

[Anonymous]

Tuolumne - I completely agree. Unfortuantely this lesson was solidified after reading more on these forums.  I would not have apped for most of those cards I did armed with the knowledge I have now.  

[Anonymous]

Yes you made a mistake.  You don't need any rebuilding cards. But just pay on it for awhile and close it.

You have enough store cards.  Just hang tight, keep your utilization under 20% and pay on time. When did Capital One give you an increase? You could try for a Quicksilver card and see what happens. If that is a no go,  let your file rest till the beginning of the year and then assess any major cards you can get.

[Anonymous]

Thanks Swampy, I appreciate the advice. I got a luv button CLI from Cap 1 in April. I have realized I need to garden now, the damage is done. I did check the Cap 1 pre-qualifier and nothing comes up, so I will be gardening for a bit.

[SunriseEarth]

Honestly, it doesn't seem to have a fit in your portfolio.   Maybe you should just not activate with when it arrives and save yourself the $75

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Here is a brief rundown of my recent credit experience. Got my credit score high enough to obtain a mortgage 06/2014, was offered to refi at a lower rate in April 2015, prior to my knowledge of this site. Saw my score "shoot up" to the low 600's and got excited and went on a (mostly Comenity/Synch) app spree. I would have done things differently if I would have read these forums thuroughly! So I got excited when I got a pre-approval in the mail from First National Bank (not FNBO, even though I thought it was) for the Legacy Visa with a credit limit of up to $1500 for a $75 annual fee.  So I bit and was approved for $500. Should I have not done this? Will it hurt my chances with other prime lenders? I do know I have a ton of store cards and I shot my AAOA.

Current Scores: Walmart - 674, Cap 1 - 620, CK - TU 672 & EQ 658

So here is my current line up with open dates & limits:

Cap 1 QS1 - $2000 - 03/11

Cap 1 QS1 -$570 - 05/11 (was Orchard Bank)

Barclay Rewards - $1500 - 05/15 (had to recon)

Matrix Discover - $300 - 03/13

Crate & Barrel - $8500 - 05/15

Express - $500 - 05/15

J. Crew - $900 - 05/15

Pier 1 - $2000  - 05/15

Pottery Barn - $6400 - 05/15

West Elm - $5600 - 05/15

Z Gallerie $4000 - 05/15

Overstock - $1800 - 05/15

Macy's - $600 - 06/15

Kay Jewelers - $4000 - 02/14

Kohls - $1500 - 06/14

Amazon Store - $3500 - 05/15

Walmart Store - $3500 - 05/15

Banana Republic Store Card - $5000 - 05/15

Gap Store Card - $5000 - 05/15

Old Navy Store Card -$5000 - 05/15

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Not all credit is quality credit. Good luck to you throughout the rest of your rebuild.

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Cap One now has their "Combine Cards" button active on the online accounts.  You may want to see if you can take the $570 QS and combine it into the $2000 card....it has to be at a Zero Balance and it will close it.  But will give you a higher CL and Util will remain the same.  The AAoA will stay with you 10 years even when the acct is closed.

I just did this for DH....had 2 at 1300 each and now one at $2600.  Will look for CLI on that for him in Dec.