Past and recent mistakes, want to avoid more

[Anonymous]

Congratulations indeed! Delta gold is actually a revolver, which is good. it has nice sign up bonus, which should be enough to take both of you on a nice trip, lol.

After one year, once annual fee is posted, you can consider downgrade it to a delta blue with no AF.

For now, probably just settle down for 3-6 months, get score even higher, before expanding your collection.

Apply once every 6 month until you have a good base line 2% cash back card (Citi double cash or paypal master card or freedom unlimited) , one or two cards covering your most used category spending (such as Amex gold, wells Fargo propel, chase sapphire reserve, usb cash+) .

Another tip, before apply, search to see if there is any special Sub offer. You can find these info from websites like doctor of credit, US credit card guide.

Credit card game can be addicting, so make sure don't app too many in short period of window, and don't over stretch your self too much.

Good luck and enjoy!

[xaximus]

Congrats on your journey so far. I would have advised not to get the QS1 but to get the regular QS. The QS1 is hard to PC and has an AF. As others have stated, Discover and Amex are good with thin files. Definitely want to continue building on them. Have you had success with the baddies? There's tons of advice you can get here, never hurts to ask. Few pieces I'll share with you if it hasn't been done already

- Set up autopay and make sure you make atleast 1 extra payment per month. I've noticed with my own cards that lenders like seeing multiple payments. 

- Budget. This can't be stressed enough. Rebuilding your credit is important, a priority. But also having 3-6 months of emergency funds on the side is important too. Life happens, good or bad. If you havn't done so already, build up a cash reserve that you can get by on for 3-6 months if things go down hill.

- Spend what you can afford on your cards. 

- Maximize the cards you have and the cards you get. I've utilized Excel for this. It's up to you on how granular you wanna get or how general you want to be. You'll find both ends of the spectrum on here. Whatever you feel comfortable with, I would go with that. Some people want to maximize CB, they'll eke out every cent they can. Others prefer miles or points. Do what is right to you.

- Setbacks and mistakes happen, it's normal. Don't stress on it. Many of us have been there and still make mistakes, it's okay.

For now, build on what you have, garden, clear out the baddies if not done so already. Best of luck to you!

[Anonymous]

Thanks very much for the kind responses and encouragement. @xaximus, appreciate those words to the wise.

I explored one more change, before letting the seeds grow. I read a fascinating post by a member here, about why a secured account, like my Discover Chrome, would not graduate, and may never graduate. My secured account is almost two years old, and I just feel a bit shackled by that. However given that I like the Discover card perks and web portal, I don't want to end that relationship. In fact, I am intrigued by the, "It," card, as I don't mind juggling spending patterns to reap the rewards.

So I decided to check their pre-qual page, which indicated the It card could be had. I applied and was approved, $7k.  Likely these actions will dip me below 700 Fico for a bit, but I think I've created more room the garden to grow.  Question now is, should I pull the plug on the secured Discover Chrome?

[xaximus]

I would pull the plug on it. Once you've started getting unsecured revolvers, it's best to start clearing out the secured cards.

[Anonymous]

i would, but maybe wait a couple months, instead of now. I personally don't feel right to get one card from a lender and immediately cancel the other before the new card even arrives. But that may just be me, lol.

your score, if anything, would be higher because of these actions. Even though its 2 inqs, your uti will drop like a stone because new cards give you much higher total credit cap.

[xaximus]

---

@Anonymous wrote:

i would, but maybe wait a couple months, instead of now. I personally don't feel right to get one card from a lender and immediately cancel the other before the new card even arrives. But that may just be me, lol.

your score, if anything, would be higher because of these actions. Even though its 2 inqs, your uti will drop like a stone because new cards give you much higher total credit cap.

---

Definitely a good idea. I would wait till you have the new card before pulling the plug. Even though closed accounts show for upto 10 years, it may be best to wait a month or two until you have some usage on the other card. Just make sure to PIF and it's zero'd out before closing.

[Anonymous]

Will wait to close the secured Discover account. In fact, I'm sort of curious -- I opened the account on 3/17/17... when 2 year threshold passes, would that anniversary date contribute to graduation?

Are the card issuers pretty good about returning deposits when the secured accounts are closed?  Or do you need to call and nudge them?

[Anonymous]

Received Amex Gold Delta SkyMiles and Discover It Cash Back cards today, woohoo! Wallet went from Cap 1 QS $3.8k, secured Discover It Chrome $800, and debit card to Cap1 QS $3.8k, Disco $7k, and Amex $10k!  Switched over 16 various on-line / automated payments, from Amazon to Verizon Wireless.  Looking forward to not having to micro-manage QS payments to keep util in check (I made 6 payments in January).

Have learned so much from this site by reading through the threads -- I'd known about the site for a long time, but never got into it. Amazing what you can learn.  Even told my wife that I'd buy next round of groceries, now that Disco Cash Back is activated through March!