Should I upgrade or CLI

[Anonymous]

You guys helped me last year and I got up to a 700 from pretty much no credit. I ended up messing up my utilization having to pay bills with my card but it was within the 0% time frame, so that was good. The utilization being high for so long killed my score. My balance will be back to a zero before the 0% apr is up within a 1 month half. Right now I am at about 40% utilization. 

I am now trying to plan for my next steps. What do I do next to continue to grow my limits and my score. What are your suggestions. 

Here's where I am.

Capital One secured 500 

Citi Double Cash 1k

Capital One Qs1 2k 

Discover It 10500k

It has been at least 6 months since I have had an increase on all cards. Citi has been maybe 3 months since 0 apr ended. Discover apr will end in July. 

I want to plan what to do when. Any advice? I will have my new fico scores then as well. Subscription will restart in a couple weeks so I will be tracking. 

Thanks!

[RSX]

You can close your Cap1 secured and get your money back

use it to pay down some util

i don't think you need anything new at this point.  You Have 3 cards with a mix of ok limits.  Just use them and pay them off

let your Inquiries age off

Let your Accounts age.  

then when you need a mortgage or car loan you will be in a good place

right now you can try for CLI, but don't stress if you don't get them. 

[Anonymous]

Thanks. Okay, I wasn't sure if I should be in a rush to go from Qs1 to Qs etc. How long should I let them sit? I got the secured in 2017, then qs1 maybe 7 months later, then citi and discover around April last year. No increases on the Citi and Discover. Fair movement on the Qs1. Just trying to be proactive to see where I should go. I keep hearing mixed things about the secured card being that it's my oldest. 

Mortgage is the next goal. btw. No new cars anytime soon.

[Gollum]

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@Anonymous wrote:

Thanks. Okay, I wasn't sure if I should be in a rush to go from Qs1 to Qs etc. How long should I let them sit? I got the secured in 2017, then qs1 maybe 7 months later, then citi and discover around April last year. No increases on the Citi and Discover. Fair movement on the Qs1. Just trying to be proactive to see where I should go. I keep hearing mixed things about the secured card being that it's my oldest. 

Mortgage is the next goal. btw. No new cars anytime soon.

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Your credit history is relatively new/young, your Capital One secured credit card is a beginner/rebuilder credit card that is only two years or so older than your best credit cards, and your Capital One secured credit card should report to credit bureaus for ten years after you close it, so it should contribute to your FICO scores for ten years even after you close it. I suggest that you close your Capital One secured credit card.

Mortgage requirements are have been tightening, but if you have enough equity in a car (current worth minus what you owe on it), you might be able to take out a loan or refinance a loan on the car (be careful/selective regarding the interest rate) from a bank or credit union to use the equity for part of your down payment for a mortgage.

[Mv350]

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@Anonymous wrote:

Thanks. Okay, I wasn't sure if I should be in a rush to go from Qs1 to Qs etc. How long should I let them sit? I got the secured in 2017, then qs1 maybe 7 months later, then citi and discover around April last year. No increases on the Citi and Discover. Fair movement on the Qs1. Just trying to be proactive to see where I should go. I keep hearing mixed things about the secured card being that it's my oldest. 

Mortgage is the next goal. btw. No new cars anytime soon.

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Your secured card will continue to report on your credit for up to 10 years. It won't really affect your scores in that way. That way you can have your deposit back. You could apply for another card if you want, maybe a credit union card would be a good addition to your line up. Depending on when you want to apply for a mortgage. Make it a minimum 1 year without any INQ's or new accounts, before applying and going through that process. 

[Anonymous]

Wow i thought i was the only one anxious 🤣. I have only 1 credit card at the moment, Cap one platinum. I started with a $2000 limit, got the $500 increase about 7 months ago. Only thing helping my credit age is my student loans.  I've been going back and forth about maybe getting another card right now or asking for a limit increase. But yesterday i signed up for the garden to stop myself from doing the same things that led me to where i was before.  I only have 2 baddies left (only 1 on EQ), which age off in November and December.  I want to at least hold off on doing anything until they fall off or my EE get approval.  I also have only 1 inquiry (on TU and EX), but 2 on EQ.  I know those dont affect your score after a couple of months, but still i don't wanna have too many. I agree with everyone, just take it easy and work on using the ones you have and paying on time. 

[Anonymous]

Thanks! Got it! I will close the secured card and wait it out with these cards and just spread out credit limit increases. That seems to be the plan you guys suggest. Maybe the next 2 years? Then revisit options to make sure I am still making the best moves. 

[AverageJoesCredit]

Check Citi for sp language and if you havd it go for it. You can try every 6 months if eligble. Disco is sp so you can smash anytime you want though once a month after scores update  is fine.

[Anonymous]

Okay, got it. Thanks!

[RSX]

^^. There are two kinds of Inquiries

SP  = Soft Pull - doesnt show up on your Public Report

HP = Hard Pull - shows up on the Report (EX/EQ/TU) that pulled it - all other lenders can see it - affects score for 1 year - drops off after 2 years

so an SP is a good thing