Doing great, but what's my next move?

[mysterythemoon]

Here's what I got:

CSP: 10k, 1,700 balance (they just double my credit limit after my fifth statement without me asking!)

Amex BCE: 4,200, 699 balance (3X my CLI after starting with 1,400 in December)

NFCU: 1,700, 0 balance

Capital One Platinum: 500, 0 balance (Upped my CL from 200 to 500 around Jan after my sixth statement, they still have my 99 dollar deposit)

Discover It: 200, 0 balance (First card I got after my rebuild, they returned my 200 dollar deposit about a month ago)

Total credit available: 16,600... Total util: 14.5%

Here's my thinking: CSP just gave me a CLI, so that will probaby stay there for a while. Same with the Amex, until I can 3X in five months. So that leaves three. When should I request a CLI for NFCU? For the Cap1, will I ever get my 99 bucks back without closing the card? Is there anyway to request a CLI but then roll it over to a better Cap1 card? And which Cap1 should I grab? For the Disco, obviously I need a solid CLI, but how much should I ask for?

And then my final question, I'd like to add 1-2 additional cards. My fico scores should be north of 700 once this month's payments hit. I don't want any cards with an AF, and my EX is always my strongest score. Which cards should I target?

[Anonymous]

Do you have an installment loan (auto loan, personal, SSL, etc?) reporting with a balance?

[Anonymous]

First, I think you have a great set of cards. They all have huge CLI potential.  When did you open your NFCU CC? For discover, if you haven't already hit the request credit limit button online, do it! 

[mysterythemoon]

Yes, I have my first auto loan. NFCU. Just made my sixth payment. 13.3% though. So wrapped in this is going to be attempt to re-fi that to a lower rate.

[Anonymous]

Sounds good, just wanted to make sure -- having an installment loan that is open will help your FICO scores as the balance decreases over time.  Having no open installment loan can decrease the FICO score overall.

What are your short term and long term goals overall?  Are you just FICO chasing to get a higher score or do you have an actual goal for having a higher score (future mortgage, etc)?

[mysterythemoon]

I'm 32 and I'd like to be a homeowner in two years. I have no baddies on my credit (anymore) but I've had the two secured cards since July, and the three nice ones since December. The two secured ones aremy concern now, considering the limits are so meager. I've been lucky enough to not have any huge catastophes in my life, but as I've gone through this journey, I've learned that having a ton of available credit can be key when something does hit. Basically, I don't want to leave any stone unturned when it comes to negotiating the best terms I can, be it better APRs or larger lines of credit This is why I'm looking to avoid the AFs... I know I won't spend enough in normal scenarios to make it worth it. I just want the credit backing. I've heard good things about Citi and Barclay products. Are these ones I should look into.

[HeavenOhio]

With the CapOne card, you might want to make sure that you use it every month. That said, it doesn't sound like it's a whole lot older than you other accounts. If you don't want to wait it out and push comes to shove, it probably wouldn't hurt to close it.

[mysterythemoon]

Will I ever get my money back WITHOUT closing it?

[Anonymous]

At this point, it might be better for you to analyze your real spending and figure out what rewards cards will give you the best return on that spending.  With rewards cards offering anywhere from 1-10% cash back based on categories and spending limits, you can be earning cash for your spending -- as long as you're not carrying balances.

I don't look at credit in terms of emergencies because that's how I blasted my FICOs from 800s to 500s.  Right now I don't allow myself higher CLs without having more than that in liquid savings.  

For you, I'd say focus on getting the other FICOs up past 700 and try to find the best reward card solution for your spending.

[sarge12]

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@mysterythemoon wrote:

I'm 32 and I'd like to be a homeowner in two years. I have no baddies on my credit (anymore) but I've had the two secured cards since July, and the three nice ones since December. The two secured ones aremy concern now, considering the limits are so meager. I've been lucky enough to not have any huge catastophes in my life, but as I've gone through this journey, I've learned that having a ton of available credit can be key when something does hit. Basically, I don't want to leave any stone unturned when it comes to negotiating the best terms I can, be it better APRs or larger lines of credit This is why I'm looking to avoid the AFs... I know I won't spend enough in normal scenarios to make it worth it. I just want the credit backing. I've heard good things about Citi and Barclay products. Are these ones I should look into.

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Really....you have heard good things about Barclay...Where? I have a Barclay card sitting securely in my sock drawer. I have read much more bad reviews of Barclay than good. It actually amazes me that they have the Luxury Gold Mastercard with a 995 dollar AF, and nowhere near the benefits of the Chase Sapphire Reserve...I do not care if it is 24k gold plated. Barclay also has a reputation of AA of people with good payment history, often lowering CL as balance is payed down. Read these forums...they have a bad reputation.