640 score and a new Quicksilver card!

[Anonymous]

This board is awesome. Since November of last year I have gone from a 540 to a 640! And I was just approved for a Quicksilver One card!

So this is what I have done since November:

1. Got a copy of all three reports and created a spreadsheet with all of my delinquents. I then challenged all of them and had the bulk of them removed because they could not prove I owed the money or they were completely bogus(ie a Sprint cell account when I have never had Sprint before

2. Got the following cards: Capitol One Secured(started with $1000 limit and got a $300 auto increase totalling $1300. I have had this card since May of 2018). I then got a Discover secured($300) in Nov 2018. I paid $200 to have the credit line increased to $500. I then got an Open Sky secured last month for $200. Thus I was using the AZEO method-paid the cc bill off before the statement cut each month and left a small $20 balance on one. 

3. Today, out of curiosity I did the pre qualify on the Capitol One site and it said i was pre qual for the QuickSilver One. I know I have three cards and I didnt need another. But I could not help myself and filled out the official form and I was approved for $300. I know its a measly amount but it meant so much to me.

Ok so now what I have to do is this:

1. All of my scores are at 640 right now. (640, 638, 639). 

2. I still have two derogatories. They are old and I am wondering if a pay to delete letter will work. Thoughts?

3. I had a mortgage person see if I could prequalify for a mortgage and he told me after a few days I could get a FHA. I only have 10K saved and I am a little reluctant at this point to give it all up for the mortgage. I was applying for a 300K loan. 

Ok so now I have 4 cards, a 640 credit score and two derogatories. What next steps should I take to increase my score even more? And how bad of a hit will I take from the hard pull for the Quicksilver One I just got approved for? Also I noticed that the Open Sky, which I received late last month, has not shown up on my credit report yet. Is this strange?

[GApeachy]

I can't advise but I wanna give you a big pat on the back!  Congrats on your rebuild

[Girlzilla88]

DO THE PFD!!!   I have experience they DO WORK! and my score jumped over 100 points afterwards I wish I would have done it sooner!!!    So do that wait a month or two for it to reflect that will also give your AAoA time to grow and THEN see about the mortgage because if it shoots your CS like I think it might then you could be looking at a BIG difference in loan approval

[Girlzilla88]

It also isn't strange for things to take a month to 3 months to reflect on your information so don't worry about that the main thing you want to avoid is hurting your AAoA's 

[Anonymous]

Girlzilla88 what is that Amex card at the bottom of your profile? I've never seen one like that befo...

[Girlzilla88]

@Mikoyan it's the Amex Cash Magnet card

[Anonymous]

Awesome looking card.

What next steps should I take to increase my score even more? And how bad of a hit will I take from the hard pull for the Quicksilver One I just got approved for? 

[Girlzilla88]

Thank you.    It depends on a lot of things AAoA and your youngest account plays some into it it can drop a few points or up to 60 points from my experience, BUT the good news is as long as you keep up with your payments everything will raise back rather quickly I would suggest not opening anything new and I mean ANYTHING lol for at least a year you definitely want to keep your two years if possible with as little running around and opening accounts as low as possible especially if you plan to make any big moves in the near future (i.e. mortgage or a high car loan) but if you are not then I would let it sit 6 months and see if you can get an increase to your amount.    Definitely check if they offer Auto increase or if an increase is a Soft Hit you definitely want to avoid HP's if at all possible!       

[Girlzilla88]

I would definitely work on removing the Bad Collections though you could see a possible 100 point increase in doing so

[19eighty5]

Congratulations on your approval!