Thanks to all the wonderful advice on this forum, I have dramatically improved my credit over the last two years. After being socked with four Comenity closures this year (all programs they have discontinued) and reading about diversifying on the board, I am trying to plan my next steps. I want to app two new cards after the first of the year so that all my eggs aren't in the Navy basket.
In September, I paid off 4 charge offs. Only one of those (First Premier Bank) is reporting to 2 of my 3 reports. The others have not yet posted. I have student loan lates from 2015, but perfect payments on those since. All other accounts have a payment history. I’m currently at about 55% credit card utilization but will be under 10% by the end of the year. I currently have 4 inquires on my reports, but they will all fall off by November. All of my accounts are at least two years old. I’m hoping by the time all this happens it will push my scores into the 690ish range.
Right now, I have the following credit cards:
- NFCU GoRewards- $15K SL
- NFCU Flagship- $15K SL
- Discover- $2K SL
- Merrick Bank- $2.5K SL (This is the no annual fee version)
- Capital One Platinum- $500 SL
- Capital One GM Buy Power- $500 SL
- Credit One Visa- $1.9K SL
- Credit One MC- $1.3K SL
My plan is to:
- Close both Capital One cards and both Credit One cards
- Apping the More Rewards, then moving the limits on the Go Rewards between the More and the Flagship (hoping for a sub)
- If my More Rewards is declined, I’ll just PC the Go Rewards to the More Rewards
- Possibly PCing the Discover to Discover IT
- App two new cards then garden until I apply for a mortgage in late 2022 or early 2023
I’m trying to plan my apps to make sure my reports are in the best possible place and have a good chance of approval. I really want an AmEx, preferably a Blue Cash Everyday card. I’m also considering the Chase Freedom Unlimited.
Do I have any chance with this profile? Are there other cards I should be considering? I don’t need huge limits, but I’d really like to get a foot in the door with AmEx. Capital One doesn’t have anything that excites me and since they hit all three reports (and they’ve shown me no love after 5 years LOL!), I probably won’t go down that route. I feel like this plan would also cover me in all the rewards/cash back catagories.
Thanks!
