Question: New Card or CLI

[Roy-Batty-6]

I'm in the rebuilding stage. I missed 4 payments on two cards (I have four cards in total) around this time last year from unexpected unemployment.

In the last six months, I've boosted my score from 477 to 655, and I keep getting recommendations from Credit Karma and Credit Sesame to increase my total CL. The two cards that I did NOT miss payments on are a Chase FU and a Chase Slate.

I'm hesitant to request a CLI from Chase -- despite the excellent payment history -- because the overwhelming majority of forum posts paint Chase as being stingy as f*ck when it comes to giving CLIs... and they do HPs, which I don't want if the odds are so minimal. 

My UTL is going to drop to 30% by the end of this month, so I'm expecting maybe another 10 or 15 point bump on my score. I'm thinking do I get a new card for increased UTL? Or do I look to get a CLI on the Cap1 QS that I have? It's one of the two cards I missed payments on, the other is a CreditOne (I think it's too soon since the missed payments though, and I want to get rid of the CreditOne so no point in bumping the CL).

For a new card, I'd hope to get a Travel Rewards card and I've been considering a BoA or Wells Fargo or an AmEx gold. Even a Cap1 Venture.

But I don't know if I can qualify for any of those with any level of sub-700 score (and getting above 700 may not be possible for another six months as to age back those missed payments by at least 18 months).

Thoughts? Suggestions? Recommendations?

[simplynoir]

I would use Credit Sesame and Credit Karma as monitoring tools to check on reported balances, inquiries, and so forth but don't depend on them for recommendations on improving your credit score. I would keep the course you've set so far based on the recommendations @Remedios set for you in your other thread in the RYC forum. Have you by any chance attempted to goodwill the lates and see what they said as far as removing them from CapOne and Credit One?

[Roy-Batty-6]

I have tried the Goodwill emails (using the backdoor to the president's office email addresses) for CreditOne. Someone from the executive suites called me in response to my emails, and said they would be issuing a letter via mail. And when the letter came, I was denied.

I could easily try again next month after it's been 8 months since the late payments. Granted, I've been utilizing the Cap1 (while still bringing the balance down; I'm just using it instead of cash and sending weekly payments for whatever I charge plus another 15 or 20% to take a bite out of the overall balance). But I haven't used the CreditOne since October of last year. I could always do the same thing (use it instead of cash and make the immediate payment) and then try again with the Goodwill emails in December.

[Anonymous]

Credit Karma, Sesame, Wallet Hub and other recommendations are not good.
The way I look is that you will denied if apply for nee credit card. Not enough time passed since you missed payments.
Not sure about CLI.
I would keep sending GW letters. If it doesn’t work out then in a year or so 30 day lates will hurt less.

[Roy-Batty-6]

Got it, so by this coming January the 30-day lates will have reached 1 year.

I can wait it out.

[Anonymous]

I would wait longer. Until mid-end of 2020.

[Remedios]

Only a year after 4 lates is nothing.
Save yourself heartbreak and HPs.
You're viewed as a high risk customer and it will continue for at least another year or so.
With 4 late payments , your history is far from perfect even on cards you did not default.
Those same lenders may be wondering if their cards are next.
You should lay low, pay in full , keep utilization low, and let time do it's thing.
Or, you can try applying and see what happens.

[Roy-Batty-6]

It makes sense to wait. I've paid off the two Chase card completely, and won't be using them until all this is behind me.

I'll try the GW emails in December and see what happens.

[Anonymous]

To the contrary, I would continue to use the Chase cards, but use them moderately and PIF every month. Actively show them that the lates were an aberration and that using their cards and paying in full is still very much your method. I think that will reassure them. Not using them may give the appearance that you don’t dare charge for fear of not being able to pay them back.

[AverageJoesCredit]

I would use your Chase cards and pif. Those are your golden eggs, no use in fryin them by non usage