OK, now what?

[Anonymous]

OK, so I'm looking to upgrade my cards as my rebuild continues. Here's what I have right now for revolving lines:

Orchard (Cap One): $300 CL

Cap One Platinum: $750 CL

Cap One Rewards: $750 CL

First National (formerly Green Dot): $750

Personal LOC with my credit union: $2500

All lines have been paid off. I'm waiting for them to report as a 0 balance. I have the following scores now:

EX: 620 (lender pulled yesterday)

EQ: 649 (this site)
TU: 678 (this site)

Only baddie is a six-year-old collection, all other collections have fallen off. I have to think that over the next 90 days or so and everything reports as $0 balance the score will jump, but I don't know how much. Point is, I'd like to dump as many of the subprime cards as possible (especially the First National, which has a $4.95 MONTHLY PARTICIPATION FEE in addition to an AF, for crying out loud!), and probably the Orchard with its tiny limit. The only trouble is, that stupid First National is my oldest line, about five years old. My ultimate goal is to have 1-2 prime cards with decent limits and can all the others.

What's the next step? What's the next card?

[Anonymous]

What was your util before paying off? Also do you understand how utilization works and what you want to be reported to credit bureaus? You want 1-9% of total and single card util and 0 balance on other cards to max fico score. Cards typically report their balance on statement close date. Don't expect your next cards to have much higher cl as they look at your current cards to determine. Ideally your next cards have credit score friendly cl policies.

[tntexans72]

Chase Freedom is the card. I see some $500, $1000 and $2000 approvals. Reason why I chose Freedom is because once your in, Amex should be your next target down the road. Both banks are battling for customers and both are aggressive in giving out cards. Only thing that may hold you back is the collection so you may need to do a recon over the phone. If you don't have any lates, or other marks on your CRs...other than the collection, I would say you are good for a recon with Chase if denied.

OP will chime in but good luck !

[Anonymous]

Thanks. Utilization was pretty high, about 60%. Every credit report, site, everything tells me the major issue with my score was utilization. I don't have a need for a super-high credit line, but at least $1K would be nice. I'd get one through my credit union but they don't offer cards.

[Anonymous]

Chase freedom are nice cards for mid tier fico. However I hate chase cli policy. Hard pulls. Yuck. Would rather get chase when I have higher cl. Recommend looking at citi.

[Anonymous]

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@Anonymous wrote:

I'd like to dump as many of the subprime cards as possible (especially the First National, which has a $4.95 MONTHLY PARTICIPATION FEE in addition to an AF, for crying out loud!), and probably the Orchard with its tiny limit. The only trouble is, that stupid First National is my oldest line, about five years old.

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Why are you afraid to dump the First National card?  It will still report positively on Experian, Equifax and Transunion after you close it for 10 more years.  There will be no damage to your FICO® score, its only $750 of your total utilization.

[Anonymous]

Oh depending on where fico is, Amex zync And then Amex credit card might be good too.

[Anonymous]

That's what I was worried about. I kept reading "don't close your oldest line, you'll lower your average age of accounts" -- so I was being cautious. But thanks for the input, I really appreciate it.

[annielorie]

You say you have First National Green dot. Is that a green dot that got turned into a regular or secured cc did they report?

[Anonymous]

No, it was an unsecured Visa with a $200 limit initially through the Green Dot program. It reports to all the bureaus and had guaranteed approval, which is why the fees were so ridiculous. Eventually I worked it up to $750. I don't think they have the program anymore, since it's now under First National Bank of Pierre, SD.