I have been reading topics on this site for many months, and the info here has been a tremendous help! When I began my rebuild journey I was at a low 500's FICO 8, I had just filed for Ch7 BK and I was on my way to starting fresh. I started with a secured card from Open Sky with a 500 CL. That lead to me getting a cap1 QS card, which was my first non secured card. I will have reached my 2 year mark for the DISCHARGE date of my BK in March of 2023. (filed in Jan)
My current cards are:
cap1 QS card with 1.5% cashback on everything. starting CL of 3k (increased to 3.1k lol)
Ollo card starting CL 1k (increased to 1.3k)
Mission Lane card starting CL 1.5k (increased to 1.6k)
free Spirit mastercard with cashback and miles rewards starting CL 2k (increased to 2,350)
My current FICO 8 scores are 687/677/692
I currently use the cap1 card as a daily spend and I frequently pay it off down to around a $100 balance. The other cards I tend to just hold in my wallet and use once a month to keep active and pay off immediatly with the exception of the Spirit card. I fly frequently and use that card exclusivly for buying tickets. Spirit airlines flies exactly where I need to go and I go often enough it makes it worth it (to me)
Since joining these forums I have dreamed about getting some of these "prime" cards you guys have. Some of these cards like the AMEX and Venture cards, etc.
As a borrower, I do not understand how to put myself into this prime catagory. My income is now in the 6 figure range, and any lates on my CR are over 2 years old minimum. I feel that my BK is the only reason im not into the 700's currently. Is it card specific on how you aquire a good card that has a decent CL and sub 20% APR? Rewards?
I am not afraid of an AF but I specifically choose my current cards because they do not have any so I could focus on rebuilding. However, the low credit limits are ugly and I dont want an excess of cards I would prefer to only have 5-8 cards at max so I need to choose my path carefully here. I feel like one of the AMEX cards or a Venture or Citi card would be my next target? How does one ensure they get a high CL with "prime" benifits? Im not sure if I should be focusing on my score, or some other metric that would be better. Any suggestions?
@rosco75 wrote:I have been reading topics on this site for many months, and the info here has been a tremendous help! When I began my rebuild journey I was at a low 500's FICO 8, I had just filed for Ch7 BK and I was on my way to starting fresh. I started with a secured card from Open Sky with a 500 CL. That lead to me getting a cap1 QS card, which was my first non secured card. I will have reached my 2 year mark for the DISCHARGE date of my BK in March of 2023. (filed in Jan)
My current cards are:
cap1 QS card with 1.5% cashback on everything. starting CL of 3k (increased to 3.1k lol)
Ollo card starting CL 1k (increased to 1.3k)
Mission Lane card starting CL 1.5k (increased to 1.6k)
free Spirit mastercard with cashback and miles rewards starting CL 2k (increased to 2,350)
My current FICO 8 scores are 687/677/692
I currently use the cap1 card as a daily spend and I frequently pay it off down to around a $100 balance. The other cards I tend to just hold in my wallet and use once a month to keep active and pay off immediatly with the exception of the Spirit card. I fly frequently and use that card exclusivly for buying tickets. Spirit airlines flies exactly where I need to go and I go often enough it makes it worth it (to me)
Since joining these forums I have dreamed about getting some of these "prime" cards you guys have. Some of these cards like the AMEX and Venture cards, etc.
As a borrower, I do not understand how to put myself into this prime catagory. My income is now in the 6 figure range, and any lates on my CR are over 2 years old minimum. I feel that my BK is the only reason im not into the 700's currently. Is it card specific on how you aquire a good card that has a decent CL and sub 20% APR? Rewards?
I am not afraid of an AF but I specifically choose my current cards because they do not have any so I could focus on rebuilding. However, the low credit limits are ugly and I dont want an excess of cards I would prefer to only have 5-8 cards at max so I need to choose my path carefully here. I feel like one of the AMEX cards or a Venture or Citi card would be my next target? How does one ensure they get a high CL with "prime" benifits? Im not sure if I should be focusing on my score, or some other metric that would be better. Any suggestions?
1. There's no real cutoff as to when, just as there's no real cutoff as to what is "prime".
2. If you define "prime" as a good quality card, I consider the Capital One Quicksilver, which you apparently already have, to be a "prime" card.
3. I would say that once your score gets into the 700's it gets easier, and once your score gets as high as 760 it gets even easier, but your scores are never the only determinant of whether you will get an approval or a denial. Your scores are high enough for certain cards which I would consider "prime", such as American Express, or Discover, and many credit union cards.
4. Your best bet to elevate your scores into the 700's is to:
(a) pay everything in full every month
(b) have most cards report a zero balance
(c) have the other cards report small balances before you pay them off
(d) refrain from applying for any new credit, or anything that would trigger a hard pull
@FinStar wrote:
@SouthJamaica wrote:
@rosco75 wrote:I had just filed for Ch7 BK and I was on my way to starting fresh. I will have reached my 2 year mark for the DISCHARGE date of my BK in March of 2023. (filed in Jan)
1. There's no real cutoff as to when, just as there's no real cutoff as to what is "prime".
2. If you define "prime" as a good quality card, I consider the Capital One Quicksilver, which you apparently already have, to be a "prime" card.
3. I would say that once your score gets into the 700's it gets easier, and once your score gets as high as 760 it gets even easier, but your scores are never the only determinant of whether you will get an approval or a denial. Your scores are high enough for certain cards which I would consider "prime", such as American Express, or Discover, and many credit union cards.
4. Your best bet to elevate your scores into the 700's is to:
(a) pay everything in full every month
(b) have most cards report a zero balance
(c) have the other cards report small balances before you pay them off
(d) refrain from applying for any new credit, or anything that would trigger a hard pull
@SouthJamaica- since the op clearly stated they've had a BK that's aged for a couple of years (see above), American Express is not going to be a contender until after 61 months (provided they were not IIB). We still don't know which lenders the OP may have included in their BK.
I was merely talking about the scores, citing Amex and Discover as examples of "prime" card issuers who would accept scores at OP's current level. As I stated to OP in the same post, "your scores are never the only determinant of whether you will get an approval or a denial", and I have no doubt your information on Amex is one of those other determinants.
@rosco75 wrote:I have been reading topics on this site for many months, and the info here has been a tremendous help! When I began my rebuild journey I was at a low 500's FICO 8, I had just filed for Ch7 BK and I was on my way to starting fresh. I started with a secured card from Open Sky with a 500 CL. That lead to me getting a cap1 QS card, which was my first non secured card. I will have reached my 2 year mark for the DISCHARGE date of my BK in March of 2023. (filed in Jan)
My current cards are:
cap1 QS card with 1.5% cashback on everything. starting CL of 3k (increased to 3.1k lol)
Ollo card starting CL 1k (increased to 1.3k)
Mission Lane card starting CL 1.5k (increased to 1.6k)
free Spirit mastercard with cashback and miles rewards starting CL 2k (increased to 2,350)
My current FICO 8 scores are 687/677/692
I currently use the cap1 card as a daily spend and I frequently pay it off down to around a $100 balance. The other cards I tend to just hold in my wallet and use once a month to keep active and pay off immediatly with the exception of the Spirit card. I fly frequently and use that card exclusivly for buying tickets. Spirit airlines flies exactly where I need to go and I go often enough it makes it worth it (to me)
Since joining these forums I have dreamed about getting some of these "prime" cards you guys have. Some of these cards like the AMEX and Venture cards, etc.
As a borrower, I do not understand how to put myself into this prime catagory. My income is now in the 6 figure range, and any lates on my CR are over 2 years old minimum. I feel that my BK is the only reason im not into the 700's currently. Is it card specific on how you aquire a good card that has a decent CL and sub 20% APR? Rewards?
I am not afraid of an AF but I specifically choose my current cards because they do not have any so I could focus on rebuilding. However, the low credit limits are ugly and I dont want an excess of cards I would prefer to only have 5-8 cards at max so I need to choose my path carefully here. I feel like one of the AMEX cards or a Venture or Citi card would be my next target? How does one ensure they get a high CL with "prime" benifits? Im not sure if I should be focusing on my score, or some other metric that would be better. Any suggestions?
Question. What type of lates were there? 30, 60, 90, or more. How many? Only on 1 account? And when did you file. It took me just over a couple yrs to hit 700. Once there things became much more easier to get. I had a 5yr old 30 day that fell 2 yrs after BK. We can help. Need more details please.
@Gollum wrote:
@rosco75 wrote:I have been reading topics on this site for many months, and the info here has been a tremendous help! When I began my rebuild journey I was at a low 500's FICO 8, I had just filed for Ch7 BK and I was on my way to starting fresh. I started with a secured card from Open Sky with a 500 CL. That lead to me getting a cap1 QS card, which was my first non secured card. I will have reached my 2 year mark for the DISCHARGE date of my BK in March of 2023. (filed in Jan)
My current cards are:
cap1 QS card with 1.5% cashback on everything. starting CL of 3k (increased to 3.1k lol)
Ollo card starting CL 1k (increased to 1.3k)
Mission Lane card starting CL 1.5k (increased to 1.6k)
free Spirit mastercard with cashback and miles rewards starting CL 2k (increased to 2,350)
My current FICO 8 scores are 687/677/692
I currently use the cap1 card as a daily spend and I frequently pay it off down to around a $100 balance. The other cards I tend to just hold in my wallet and use once a month to keep active and pay off immediatly with the exception of the Spirit card. I fly frequently and use that card exclusivly for buying tickets. Spirit airlines flies exactly where I need to go and I go often enough it makes it worth it (to me)
Since joining these forums I have dreamed about getting some of these "prime" cards you guys have. Some of these cards like the AMEX and Venture cards, etc.
As a borrower, I do not understand how to put myself into this prime catagory. My income is now in the 6 figure range, and any lates on my CR are over 2 years old minimum. I feel that my BK is the only reason im not into the 700's currently. Is it card specific on how you aquire a good card that has a decent CL and sub 20% APR? Rewards?
I am not afraid of an AF but I specifically choose my current cards because they do not have any so I could focus on rebuilding. However, the low credit limits are ugly and I dont want an excess of cards I would prefer to only have 5-8 cards at max so I need to choose my path carefully here. I feel like one of the AMEX cards or a Venture or Citi card would be my next target? How does one ensure they get a high CL with "prime" benifits? Im not sure if I should be focusing on my score, or some other metric that would be better. Any suggestions?
Credit card issuers use FICO scores to decide whether or not / how much credit to offer.
Higher FICO scores result in better terms for your credit card. Improve your FICO scores to improve terms of credit offered to you.
Edit: Interest rates are going up. Many people's FICO scores will be going down, and a recession seems likely. I recommend not worrying about "prime" stuff. Instead, try to concentrate on paying off any balances that have variable interest rates.
Edit: Pay on the balance with the highest variable interest rate first.
@Gollum Slight correction. You repeated this statement a couple times and I think I mentioned it in another thread. FICO scores dont go down because interest rates go up. Monthly statement payments, if you carry a balance, will go up some due to variable APR interest rate hikes. FICO scores aren't driven by interest rates. Util %'s not APR %'s are figured into a score.
@Gollum wrote:
@rosco75 wrote:I have been reading topics on this site for many months, and the info here has been a tremendous help! When I began my rebuild journey I was at a low 500's FICO 8, I had just filed for Ch7 BK and I was on my way to starting fresh. I started with a secured card from Open Sky with a 500 CL. That lead to me getting a cap1 QS card, which was my first non secured card. I will have reached my 2 year mark for the DISCHARGE date of my BK in March of 2023. (filed in Jan)
My current cards are:
cap1 QS card with 1.5% cashback on everything. starting CL of 3k (increased to 3.1k lol)
Ollo card starting CL 1k (increased to 1.3k)
Mission Lane card starting CL 1.5k (increased to 1.6k)
free Spirit mastercard with cashback and miles rewards starting CL 2k (increased to 2,350)
My current FICO 8 scores are 687/677/692
I currently use the cap1 card as a daily spend and I frequently pay it off down to around a $100 balance. The other cards I tend to just hold in my wallet and use once a month to keep active and pay off immediatly with the exception of the Spirit card. I fly frequently and use that card exclusivly for buying tickets. Spirit airlines flies exactly where I need to go and I go often enough it makes it worth it (to me)
Since joining these forums I have dreamed about getting some of these "prime" cards you guys have. Some of these cards like the AMEX and Venture cards, etc.
As a borrower, I do not understand how to put myself into this prime catagory. My income is now in the 6 figure range, and any lates on my CR are over 2 years old minimum. I feel that my BK is the only reason im not into the 700's currently. Is it card specific on how you aquire a good card that has a decent CL and sub 20% APR? Rewards?
I am not afraid of an AF but I specifically choose my current cards because they do not have any so I could focus on rebuilding. However, the low credit limits are ugly and I dont want an excess of cards I would prefer to only have 5-8 cards at max so I need to choose my path carefully here. I feel like one of the AMEX cards or a Venture or Citi card would be my next target? How does one ensure they get a high CL with "prime" benifits? Im not sure if I should be focusing on my score, or some other metric that would be better. Any suggestions?
Credit card issuers use FICO scores to decide whether or not / how much credit to offer.
Higher FICO scores result in better terms for your credit card. Improve your FICO scores to improve terms of credit offered to you.
Edit: Interest rates are going up. Many people's FICO scores will be going down, and a recession seems likely. I recommend not worrying about "prime" stuff. Instead, try to concentrate on paying off any balances that have variable interest rates.
Edit: Pay on the balance with the highest variable interest rate first.
That statement simply is not completely true at all. Lenders/Credit card issuers use a host and of algorithms to determine approval and CL on cards. Two people could have the same 750 FICO score and have two very different credit profiles and thus recieve to very different results on a credit card application. Also where in the world are you coming up with "interest rates going up so many people's FICO scores will drop"? Interest rate will have zero to do with their FICO scoring UNLESS they fall behind on payments or it causes their UTI or DTI to skyrocket from usage. Otherwise a that same clean profile will be just fine score wise, regardless of interest rates.
To the OP, just remember that even though the COURT may have "Discharged" your BK7 those 2 years you stated aren't all that matters as it will remain on your credit reports for much longer, 7-10 years. Yes, it's effect will be the strongest that first 2-3 years it's on there. As mentioned by @FinStar you can forget about AmEx until the BK7 is at least 5 years and 1 month old. They just simply won't approve you or anyone normally during that period. Also thats assuming you didn't burn them in your BK7 and/or owe them money. If that's the case as also said you'll be on their internal Blacklist 10-30 years. Someone mentioned Discover, however they are also very shy of BK and while probably not as strict as AmEX many people including myself were denied by them until the BK fell totally off. At this point in your rebuild scores are has big an issue as the BK7 and the lates you mentioned. As lenders look at the total picture not just scores as was incorrectly stated above. Just keep using and PIF the cards you have and let your file age and grow a while.
