@bdebtfree215 wrote:
When you say “thick rebuild” what does that mean? I’m still new to the credit lingo on the forum.
I'm guessing, but don't know for sure, a "thick rebuild" means coming out of the gate, say after a bankruptcy, and applying for several secured lines, say three secured credit cards and a secured loan, all within a very short period of time.
I've kinda-sorta done that since my Chapter 13 discharge in March of 2020, I started with a secured card with a $5,000 limit, since graduated to unsecured, added two more unsecured credit cards, and then added a secured loan with PenFed just a couple of weeks ago. So far my scores have been on a generally upward trend and I'm hoping for at least 750 across the board by next February.
@Heatt99 wrote:Gardening is based on several goals and factors. Everyone is different.
* Have a lot of inquires that make you look bad--Garden
* working to reduce your utilization to apply for a card with a large SL--Garden
* waiting for llB to fall off--Garden
* Aging of accounts to show that you're worthy--Garden
Several more cases. Set a goal on what cards you want, look through the forum for DPs, then apply when ready.
Ie. I'm gardening for AOD who is not kind towards DTI.
Ok that's helpful. Not sure what "IIB" is, but your other example cases gave me enough to understand. Thanks so much.
@bdebtfree215 wrote:
Ok that's helpful. Not sure what "IIB" is, but your other example cases gave me enough to understand. Thanks so much.
IIB included in BK
Oh ok. Thanks. Based on this feedback, I'm going to garden for two years to give negative remarks a chance to full off as well as inquiries to be removed.
Gotcha.
@Anonymous wrote:
@bdebtfree215 wrote:
When you say “thick rebuild” what does that mean? I’m still new to the credit lingo on the forum.I'm new as well and figuring my way around the forum. I remember seeing a sticky in one of the sections with a breakdown of the credit lingo. If I find it again, I can PM to you.
Echoing @Horseshoez, a thick rebuild is adding several tradelines over a short period of time vs. one or two over longer periods of time. For example, in the six months following my BK discharge, I added five cards and a loan.
There's pros/cons and it isn't for everyone but that's better explained in this thread: Thick Start Pros and Cons
Oh wow! That would be great if you find it. Thanks. I'll also search for it. Thanks for sharing the info about the thick start. I've considerd doing that without knowing that there was an actual name for it. I guess that would lead to a lot of inquiries, hence the gardening after.
I agree! This forum has me so focused on managing and improving my credit. Happy gardening to you! Can’t wait to see the results in 18 months.
@Anonymous wrote:
@bdebtfree215 wrote:
@Anonymous wrote:
@bdebtfree215 wrote:
When you say “thick rebuild” what does that mean? I’m still new to the credit lingo on the forum.I'm new as well and figuring my way around the forum. I remember seeing a sticky in one of the sections with a breakdown of the credit lingo. If I find it again, I can PM to you.
Echoing @Horseshoez, a thick rebuild is adding several tradelines over a short period of time vs. one or two over longer periods of time. For example, in the six months following my BK discharge, I added five cards and a loan.
There's pros/cons and it isn't for everyone but that's better explained in this thread: Thick Start Pros and Cons
Oh wow! That would be great if you find it. Thanks. I'll also search for it. Thanks for sharing the info about the thick start. I've considerd doing that without knowing that there was an actual name for it. I guess that would lead to a lot of inquiries, hence the gardening after.
I found it! Here it is: Common Abbreviations
Same, I didn't know it had an actual name either! My intention was strategizing towards possibly getting my first mortgage with a specific lender, which coincided with this method. I've learned so much on this forum in the short time I've been here. Had I found it before, I would have avoided quite a few of the unnecessary inquiries. No regrets though, as I won't be applying for anything else in the near future, lol.
Best of Luck in the Garden 😊