Road to perfect from 490

[Justinb6003]

New to forum, first post here.

8 months ago I had 490, now 759 FICO8

Only credit I have now is a BankAmeriCard that was secured $300 and converted to $500 unsecured.
100% payment history, 0 balance 8mnth history

Some places show 1 inquiry and some 2.

I would like a higher score and perhaps a cashback card. So what's there first step, secured loan, apply for a card (maybe Fidelity one since I have accounts with them)? Or wait for the inquiries to fall off and credit history to get to at least a year?

To my recollection, I've burned Strawbridge's store card, Sears store card, Sears credit card and Capitol One. 

[Justinb6003]

Being new I don't know how to edit my post, so I'll just add here:

Should I start an AMEX card because of their prestige, should I ultimately have an AMEX, discover, Visa and MC? My current card is MC. Should I have store cards?

I don't currently have a need for any credit other than I'd like to buy a house one day and maybe start a business.

[medicgrrl]

Where do you spend money? Groceries, restaurant's, gas? You can get a rewards card based on your spending, use it regularly, make a few dollars and pay in full every month.

[Justinb6003]

Bars, convenience stores and eBay mostly. Probably need a lifestyle change. Figured Fidelity was good because it's 2% on everything, a Visa which diversifies my card collection and the cash goes into my retirement. But the post isn't much about which card as much as how to best raise my score to ultimately get the best rate on a home loan

[AverageJoesCredit]

759 is a pretty darn good score that should get you the best of the best. Going from 490 to 759 Fico8 in 8 months is phenominal but question , how thin is your file? If your only credit card is a $500 card, and youve been paying it on time for 8 months, with the limited info you have given, sounds to me like you are just starting in the credit world.

If you really want better and specific advise on how to have best scores for purchasing a home etc, you should try and tell us a bit more about your current profile. Many who are new to credit can have a wonderful score, but a thin file 759 is not the same as someone with estsblished credit and thicker score. Lots more goes into getting approved etc.

By the way welcome to the forum , glad to have ya

[happypill]

What did you do to go from 490 to 759 in 8 months?  If items aged off, they wouldn't have had that much of an impact, so you must have gotten items removed I guess.

Why do you think you'll get a better mortgage rate with a score higher than 759, did you have a specific lender program in mind?  Most lenders offer their best rates at 740, but you should definitely look at your mortgage FICO scores as most will take the middle score of the three.

[Justinb6003]

Debts just agreed off and I got a secured card the next day. Then after 6 months of having the secure card (which I only used once for like $20 the day I got it and paid it off the same day), I called and asked for a limit increase, the said "congrats, it's now $500 and unsecured".

Didn't know about the 740 and the middle score thing. Thx!

[Justinb6003]

I guess that's the golden question, what's the best way to thicken my profile.

I had about 7 cards I maxed when I was 24, as well as some medical bills that happened along the way. One day a Lady said don't pay/talk to any of them. Well, one day years later it all disappeared.

Now I'm 34, pay cash for everything and owe noone. I bartend and make/claim about $700/wk. I also moved back in with my parents recently, so I have a heck of a opportunity in front of me.

[HeavenOhio]

If you were to post which card companies you burned, that would help people here identify who's forgiving and who isn't. There may be a handful of banks that you don't want to potentially waste pulls with right now. There'll still be plenty of banks that'll be happy to have you.

[Justinb6003]

I'll do that one of these days for sure