Scores increasing, whats my next move?

on · ‎12-29-2017

Increased score 60 points in the last year to 670. I've been carrying a balance on these cards for a long time, and am about to make a set of payments to zero out the balances. This will take me from about 80% utilization down to 0, so I expect another bump in score. Here are my current cards:

Capital One Quicksilver One - 2013 (3k)

Discover It - 2014 (2k)

Paypal Extras MC - 2016 (2k) [This used to be the Smart Connect card]

What should my next steps be? Request increases from the current cards, or should I look at getting a better card?

Anonymous · ‎12-29-2017

Let one of the cards report a small (~$20) balance and pay the rest to $0. You don't say what Cap1 or Discover card you have, so it is hard to tell you if you should app for new cards. I always recommend asking for CLI, but as far as other cards go, you need to tell us what your needs are and what you would like to get out of your card. Also, do you have plans for any big purchases in the near future that you might want to put off apping until that is done?

on · ‎12-29-2017

Updated post with card names. No immediate needs, plans for a first child in 2018/early 2019.

Anonymous · ‎12-29-2017

Have you tried upgrading the QS1? Something without an AF perhaps? I wouldn't want to close it since it is the oldest card, but if you can get rid of the AF that would be good. Not sure what your score was when you received the card, but you might be stuck with it always being a low limit, they don't really like score improvement unless you are apping for new cards. It may be worth looking in to an Amazon card if you use them a lot. My friend ordered so much stuff through Amazon when she was pregnant and after the baby was born just so she didn't have to take the baby out all the time (live in the midwest and winter is no fun with children). Otherwise, if you have no real needs at this point, I would just grow what you have and let it age and watch your scores improve as well.

I am in a very similar spot as you, where I don't qualify for the best cards, but am beyond the rebuilder cards with my scores. I am stuck with low limits (largest limit on a non- store card is $950) and that is the only reason I am planning on apping for anything new.

SouthJamaica · ‎12-29-2017

@on wrote:
Increased score 60 points in the last year to 670. I've been carrying a balance on these cards for a long time, and am about to make a set of payments to zero out the balances. This will take me from about 80% utilization down to 0, so I expect another bump in score. Here are my current cards:

Capital One Quicksilver One - 2013 (3k)
Discover It - 2014 (2k)
Paypal Extras MC - 2016 (2k) [This used to be the Smart Connect card]

What should my next steps be? Request increases from the current cards, or should I look at getting a better card?

Both (unless PayPal CLI request involves a hard pull, in which case you should leave it alone). Capital One and Discover are both soft pull CLI requests, so there's no harm in trying.

Unify FCU Platinum Visa Variable Rate 35k

TD Bank Business Solutions Visa (Bus) 25k

FNBO Evergreen Business Edition Visa (Bus) 20k

Liberty (formerly Evansville Teachers) FCU Platinum Prime Plus MC 15k

US Bank Triple Cash Rewards Visa (Bus) 12k

SEG-fenced credit union Platinum Visa 10500

Comenity AAA Travel Advantage Visa $6200

Members 1st FCU Low Rate Platinum Visa 5k

PLOC: Langley FCU 40k; Penfed CU 15k; NFCU 15k; Teachers FCU 15k; Affinity FCU 10k. BLOC: NFCU 5k

Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

EAJuggalo · ‎12-30-2017

Ask for CLIs on all three of those cards, try to get the QS1 upgraded to a QS although that is unlikely.

Then I would app for either a Citi DC, a Chase Freedom or a Quicksilver. Contactless on the new QS is pretty cool and you could fold in your QS1 eventually to keep the CL without the AF. The DC is 2% back, better than your QS1 and payments usually post immediately. The Freedom gets you in with Chase if a Sapphire product is something you may want eventually, it's also a 5% category card like your Discover.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000

HeavenOhio · ‎12-30-2017

Definitely check on a PC offer to change the QS1 into a no-fee Quicksilver. If an offer isn't available now, use the card each and every month, and check for offers each and every month. I was able to PC two QS1s after about 12 or 13 consecutive months of usage. Because you've been carrying a balance and making monthly payments, you probably have a bunch of consecutive months of usage under your belt.

All cards reporting a zero balance at the same time results in a score ding. Thus, the advice was given above to leave a $20 balance on one card. However, you'll need to reset your grace periods to get interest charges to stop. If that means taking a scoring ding for one month, it's probably worth it.

on · ‎01-02-2018

Thanks all, I will wait until the statement reflecting the payments post before taking action!

Anonymous · ‎01-02-2018

If I were you I would wait until you get your scores in at least the 720s. Make sure you get the best interest rate possible if you go for a new card. Your scores will determine your interest rate. Once you get established your biggest concern will become how high your credit score is and not new credit.

I'm sitting in the 780s across the board and want to go over the 800 mark. My AAoA is also getting higher while not applying for new credit.