Which card next, and timing question...

[baronofthenorth]

So, I was building personal and business credit back in 99-2002, then went through some tough economic periods (due to my own choices) and paid off debts, judgements, and collections to zero within a 2 year period.  I then lived on a cash only basis until well into my early 30's.  Now I arrive with not enough info to compose a FICO store about a year ago, so I kick into credit building overdrive.  Going with what worked in the past, I opened a Wells Fargo Secured Card with an opening security deposit of 300 in July of 2010.  I increased that twice in the next 4 months (first to 500, then to 700).  I also applied for a 200 dollar limit Secured Citi card about the same time as the WF card and was denied.  I applied for a Capital One card on a whim in September 2010 and got an unsecured card with a 500 CL.  Credit steps letter followed and as of February 2011 now at a 750 CL on the Cap1.  Perfect payment history on both cards, absolutely RELIGIOUS about <30% CU.  Pay in full, and often many times a month to run more money through the Cap1 as it is a rewards card.  The WF CSR was BLOWN away with how I was using the secured card (sometimes over double the limit in the month, but PIF within days of charges hitting account/reporting balance >30%).  I applied for the Chevron/Texaco VISA from GEMB (because they are the only major gas card that is not Citibank) and got approved for the store only card with a 500CL about 25 March 2011.  I also have a C/D backed secured loan from a local bank for 1500 for 12 months to establish a more diverse credit history.  I am going to let it all ride for about 6 to 7 months, and maybe see if GEMB will approve me for the VISA.  What does anyone think about the timing?  Any other input or questions?

[haulingthescoreup]

Hi, welcome to the forums! Baron, huh?

Looks like you've thought through what you are doing, especially with the plan to come up for air for 6-7 months and let everything settle down.

I think that if you let the two oldest cards go over 12 months, you should be able to do better than a GEMB card.

And have you looked into any CU cards, whether from a local CU or one of those with national presence?

[baronofthenorth]

I don't mind GEMB (especially having worked for Cap1 myself), and it is ok for it's purposes, though I would rather have the Visa because it actually gives some cash back on gas purchases.  I really kind of hate Citibank, B of A and Chase.  I tolerate WF, but 18 a year makes it the cheapest secured card out there, so I put up with them.  I have loked into some CU's locally, and I am getting as good of a deal from my local bank on loans and such for now.  I am going to rotate the C/D secured loan through other institutions later to keep building the history.  My personal card goal is to qualify for the Amex Zync, and my business goal is to qualify for the US Bank Business rewards Visa and a Discover Business card.  Amex wanted other than CC account history when they denied me last year, so that is in the works now.  My LLC's only credit reporting right now is for a utility company that reports paydex score yearly for a rental property I have.  Maybe I will add a Staples account to the mix later for office supplies?  It is tough to get over that 1k hump in the current economy though.  I hope WF will start offering graduations again in the near future.  Thank you for the input.

[Creditaddict]

I would skip the Discover business card as it now reports to personal credit.  USBank is a good business card though.

I would try an Amex charge again if it's been a year and your util is low and score over 700.

[baronofthenorth]

The Discover Business card reports to both business (D&B Paydex and Experian Business) and personal (TU, EX, EQ).  That is OK, because I don't intend to max it out or carry a balance.  I might buy an appliance for my rentals once a year or so, but other than that it would just be recurring cell phone bills and such.  Right now, my Experian is 674 (from bank when pulled for my loan), Credit Karma Transrisk score 704/Vantage 683, unknown FICO.  I am going for 700 club.  Hopefully within a couple years at my current rate.

[baronofthenorth]

BTW, thank you for welcoming me to the forum!