@W261w261 wrote:On your NFCU closed account, do you have a payment plan, e.g. a certain amount per month and at a greatly reduced interest rate (say 6%)? If not, call them up and see what they offer you.
The best thing you can do for yourself imo, is get on top of what you owe. Don't tempt yourself with more cards.
I do! It's at 6% with a low payment. I've beeing paying at least 5 times that amount per month.
$1700
$2000
I see a lot of people on here talk of phases in their credit journey where they went on an application spree for cards. Is there a particular benefit to this? Is it just confining all of your hardpulls to a set time period so that they'll all fall off of your report around the same time?
Any advice on how to know when you apply for better cards throughout your credit building journey?
@tschaet wrote:I see a lot of people on here talk of phases in their credit journey where they went on an application spree for cards. Is there a particular benefit to this? Is it just confining all of your hardpulls to a set time period so that they'll all fall off of your report around the same time?
Any advice on how to know when you apply for better cards throughout your credit building journey?
It's just a matter of personal preference. Basically the more you look to add new accounts, the worse your scores will be. There was a time when I was looking to diversify, add on accounts, and raise my limits. I never intended to go on a spree, though, and I don't think I ever did. Eventually I went into a second phase, where I was trying to improve the quality of what I had. Now I'm in phase 3 where I think twice about applying for anything.
You need to have a decent credit score before going for spree! You will take some hit by doing that, new inq, new account, AA, etc...
Is best to have your Fico score around 740+ before going for any spree, otherwise you'll end up with very low-end cards and low SL that most likely be bucketed to begin with! Even then try not to add more than 3-4 card max. Banks are much more sensitive to credit seeking now.
@SouthJamaica wrote:
@tschaet wrote:I see a lot of people on here talk of phases in their credit journey where they went on an application spree for cards. Is there a particular benefit to this? Is it just confining all of your hardpulls to a set time period so that they'll all fall off of your report around the same time?
Any advice on how to know when you apply for better cards throughout your credit building journey?
It's just a matter of personal preference. Basically the more you look to add new accounts, the worse your scores will be. There was a time when I was looking to diversify, add on accounts, and raise my limits. I never intended to go on a spree, though, and I don't think I ever did. Eventually I went into a second phase, where I was trying to improve the quality of what I had. Now I'm in phase 3 where I think twice about applying for anything.
Thanks! I'm definitely more cautious lately and don't want to be dinged for so many attempts. I just seem to see a lot talking about it, so wasn't sure if there was some huge benefit to it that I'm unaware of.
@Gollum wrote:
@tschaet wrote:I see a lot of people on here talk of phases in their credit journey where they went on an application spree for cards. Is there a particular benefit to this? Is it just confining all of your hardpulls to a set time period so that they'll all fall off of your report around the same time?
Any advice on how to know when you apply for better cards throughout your credit building journey?
My advice is to wait until after you pay off your closed (by NFCU) NFCU credit card.
Absolutely. I don't plan doing any sort of spree or anything like that anytime soon. I'm making some headway with my NFCU card and seeing my score increase due to that. I'd rather wait until the end of that and then look at travel cards.
@CYBERSAM wrote:You need to have a decent credit score before going for spree! You will take some hit by doing that, new inq, new account, AA, etc...
Is best to have your Fico score around 740+ before going for any spree, otherwise you'll end up with very low-end cards and low SL that most likely be bucketed to begin with! Even then try not to add more than 3-4 card max. Banks are much more sensitive to credit seeking now.
Thank you! I appreciate your feedback. I definitely want to wait a bit longer because I want to get a good travel card. I've been traveling a lot these past few years and want to take advantage of that once I pay off my NFCU card.
@tschaetFix whats broken first. The balance your paying on will eventually help with your util %'s. Open/closed its still the same. Once all is well. Scores goes up. Better chance of getting the card you want. More credit never fixes baddies. The time it took to get in a pinch with credit. Takes twice as long to get out of it per say. You'll get there. Just takes time.
@Gollum wrote:
@tschaet wrote:I am working on rebuilding my credit by fixing my payment history and paying down my NFCU balance. I'm a bit confused as to when I should look at applying for other cards. Should I wait until I pay off my closed NFCU one? Should I apply for the Apple card or the Petal 2?
Cards I have:
- Capital One Quicksilver since 12/2016
- Discover It Chrome since 2/2016
- NFCU GoRewards (closed 9/19 by them)
Interest rates are going up. Don't apply for new credit cards. Concentrate on paying your debts.
Yes OP should concentrate on the debts. I agree. If you dont carry balances. APR's shouldnt matter for new credit by others. Heck COL is up as it is. Still applied.