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Am I ready to start? Need a little guidance.

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Anonymous
Not applicable

Am I ready to start? Need a little guidance.

I am looking to get a card or two with higher limits not sure where to start. Trying to be strategic to get a decent amount of credit started. My FICO 8 scores are
Experian 708

Trans Union 727

Equifax 704

I have a bankruptcy that was discharged 8/18. Not showing on my Equifax. I have a card with Credit one balance $92/$300, Capital one $69/300 and a jewelry credit line of $0/$5000. I have a car loan that I just got last August. I don't want to apply for the wrong card and hurt my efforts. My goal is to qualify for a mortgage once my bankruptcy is old enough but for now, looking to get some decent cards with decent limits. Any advice???

Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: Am I ready to start? Need a little guidance.

Oh yea. I also have $270,000 in student loans that I forgot to mention. Paid as agreed except a little slip up in 2017 when I thought my loans were deferred and I missed 2'payments. 

Message 2 of 12
AllZero
Mega Contributor

Re: Where should I apply?

Are you eligible to join Navy Federal Credit Union?

Message 3 of 12
AllZero
Mega Contributor

Re: Where should I apply?

If not NFCU, I'd recommend joining a credit union. Besides your scores, income, DTI, credit profile, etc. may be a factor.

Message 4 of 12
FireMedic1
Community Leader
Mega Contributor

Re: Where should I apply?

Welcome @Anonymous 

It takes time to get higher limits. Your in the probation area now. Future creditors will want to see some positive history since your BK. Then slowly each new approval will go up depending on who approves you. Took 2 yrs for me to get 10k from Cap1. All the rest avg around 7k over a 4 year period. Stay responsible. Apply for what you can get with someone that wasnt burned every 6 months. In time you'll get there. A year out is a tad too soon. Good luck


Message 5 of 12
Anonymous
Not applicable

Re: Where should I apply?

Thank you! I will take it slow. 

Message 6 of 12
dynamicvb
Valued Contributor

Re: Where should I apply?

You are probably good for a Discover assuming you did not burn them in your BK. It might even be okay if you did burn them, but with a lower limit. You can try their pre-qual first. When is the last time you took a hard inquiry and how old are the current accounts? That is probably the main factor for them right now. If the pre-qual comes back as pre-approved with an exact interest rate you will likely be approved. No guarantees but those are good signs. If you applied for any of the other cards less than 6 months ago, you should wait. It would help to pay ones with the same balance down and have the other one report under 10%. Once they both report, then you may get a higher starting limit than without.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 5/28/20:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 7 of 12
Anonymous
Not applicable

Re: Where should I apply?

Actually I am. Is that something I should definitely do? Thanks. 

Message 8 of 12
Anonymous
Not applicable

Re: Where should I apply?

Okay thanks. Never burned Discover. Only Capital One. They gave me a new card with $300 limit. I did a prequal  for Discover  and was preapproved but I didn't look at the interest rate or amount I was scared and clicked out of it! I guess I can do it again. I only have 1 hard inquiry from when I bought my car last year. My balances are $79/300, $67/300 and $0/5000. The $5000 limit is some jewelry account that I bought a watch on and paid it off. I can pay the other two down to like $20 and then apply?

Message 9 of 12
FireMedic1
Community Leader
Mega Contributor

Re: Where should I apply?

Disco is pretty solid on their pre-quals. Even if they come back with a secured. It graduates. Its a foot in the door. And you can convert it to the 5% cash back after approval. Your spread out apps looks good. I wont say go for ity and have it come back and bite me. But it seems to be a good situation. Least it isnt a Cap1 triple pull. You only live once. (Hint) Smiley Very Happy


Message 10 of 12
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