Should I get another?

[tschaet]

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)

[SouthJamaica]

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@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)

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You should wait until you have the closed card paid off. When the payoff has reported, reassess your scores.

Disregard the Vantage scores.

[SUPERSQUID]

W??hat are the utilization amounts on those cards?

credit limit and amount owed, even the nfcu card.

[Gollum]

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@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.

[tschaet]

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@SUPERSQUID wrote:

W??hat are the utilization amounts on those cards?

credit limit and amount owed, even the nfcu card.

---

0% for Discover ($1250 CL) and Capital One ($2000 CL)

$12000/$13500 for NFCU

The NFCU will hopefully be paid off within 12-18 months.  

[FinStar]

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@tschaet wrote:

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@SUPERSQUID wrote:

W??hat are the utilization amounts on those cards?

credit limit and amount owed, even the nfcu card.

---

0% for Discover ($1250 CL) and Capital One ($2000 CL)

$12000/$13500 for NFCU

The NFCU will hopefully be paid off within 12-18 months.  

---

So, just to confirm @tschaet, the balances on Discover and Capital One are $0/paid off? Why did NFCU close your account?

Any other balances elsewhere (i.e. installment loans and/or other tradelines)?

[tschaet]

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@FinStar wrote:

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@tschaet wrote:

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@SUPERSQUID wrote:

W??hat are the utilization amounts on those cards?

credit limit and amount owed, even the nfcu card.

---

0% for Discover ($1250 CL) and Capital One ($2000 CL)

$12000/$13500 for NFCU

The NFCU will hopefully be paid off within 12-18 months.  

---

So, just to confirm @tschaet, the balances on Discover and Capital One are $0/paid off? Why did NFCU close your account?

Any other balances elsewhere (i.e. installment loans and/or other tradelines)?

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Correct on the Discover (1 30 day late in 2019) and Capital One (2 30 day lates in 2019).  The NFCU one was opened on 12/2016 and closed on 9/2019.  I don't remember exactly why, but likely due to continuously carrying a high (maxed or just over) balance continuously, followed by some late payments.  I have had a few late payments since then.  The NFCU is tanking my score quite a bit, I'm focusing a lot on paying that one off in the next 12-18 months.

I do have quite a few in student loans ($100K) with no late payments on those.

I also have an autoloan from September of last year with Capital One.  No late payment there.  

No chargeoffs, other closed accounts, bad tradelines, etc.  

[FinStar]

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@tschaet wrote:

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@FinStar wrote:

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@tschaet wrote:

---

@SUPERSQUID wrote:

W??hat are the utilization amounts on those cards?

credit limit and amount owed, even the nfcu card.

---

0% for Discover ($1250 CL) and Capital One ($2000 CL)

$12000/$13500 for NFCU

The NFCU will hopefully be paid off within 12-18 months.  

---

So, just to confirm @tschaet, the balances on Discover and Capital One are $0/paid off? Why did NFCU close your account?

Any other balances elsewhere (i.e. installment loans and/or other tradelines)?

---

Correct on the Discover (1 30 day late in 2019) and Capital One (2 30 day lates in 2019).  The NFCU one was opened on 12/2016 and closed on 9/2019.  I don't remember exactly why, but likely due to continuously carrying a high (maxed or just over) balance continuously, followed by some late payments.  I have had a few late payments since then.  The NFCU is tanking my score quite a bit, I'm focusing a lot on paying that one off in the next 12-18 months.

I do have quite a few in student loans ($100K) with no late payments on those.

I also have an autoloan from September of last year with Capital One.  No late payment there.  

No chargeoffs, other closed accounts, bad tradelines, etc.  

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Thanks for providing some of the extra info on things as it paints a better picture for any future strategy.

Are the $100K student loans on a deferrment plan? Is the vehicle loan >$15K?

[tschaet]

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@FinStar wrote:

Thanks for providing some of the extra info on things as it paints a better picture for any future strategy.

Are the $100K student loans on a deferrment plan? Is the vehicle loan >$15K?

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No problem.  The loans are 95% federal.  Those are being paid upon, but still deferred by the President.  The private ones are still activaly being paid.

The autoloan is $25K right now.  I've paid $2.5K off so far.   

[W261w261]

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.