@GreyvyTrain wrote:Also coming here to get any insight on this card, as it was also suggested with Experian.
My advice to folks rebuilding is, if at all possible, avoid bottom feeder cards; yes they serve a purpose, but once served, they should be cast aside. Instead, I suggest folks open up a secured credit card from the likes of NFCU (if they can join), Discover, or a credit union which offers secured cards. These types of cards can grow as your credit picture improves, and if you opt for one with a high enough limit, they frequently lead to you been approved for better unsecured cards.
Thanks for the response!
I've got the Discover IT Secured, which I believe graduates in the next month to unsecured. As well as a few unsecured Cap cards, CreditOne, Merrick Bank, Aspire MC (which I hear is a very predatory card, but the higher limit drew me in during desperate times.) I guess just trying to find my way, but I have an absolute ton of new credit cards and inquiries right now. Guessing it's time to let those all settle down before going for anything else.
@GreyvyTrain wrote:Thanks for the response!
I've got the Discover IT Secured, which I believe graduates in the next month to unsecured. As well as a few unsecured Cap cards, CreditOne, Merrick Bank, Aspire MC (which I hear is a very predatory card, but the higher limit drew me in during desperate times.) I guess just trying to find my way, but I have an absolute ton of new credit cards and inquiries right now. Guessing it's time to let those all settle down before going for anything else.
Yup, time to let all of your cards age; I let mine do that after my Chapter 13 discharge and the next thing I knew, I had two new cards, both from Chase, which combined, were well over my other four cards added together.
The patience and waiting part is the tough part haha. Thanks so much for the response and the advice! Any advice on getting those CLIs up in the meantime? Is it necessary to spend towards the top part of the CL before paying it off monthly, just curious if that helps them lean towards higher limits?
@GreyvyTrain wrote:The patience and waiting part is the tough part haha. Thanks so much for the response and the advice! Any advice on getting those CLIs up in the meantime? Is it necessary to spend towards the top part of the CL before paying it off monthly, just curious if that helps them lean towards higher limits?
Getting a CLI is something entirely dependent upon the financial institution; some like lots of spend, some like to see high FICO scores, some like low or no recent applications. If you tell us the cards you have and their limits, we'll be able to opine as to the best approach for a CLI for each.
Currently have the following, all currently at 0% utilization since I paid everything off in the last couple of weeks and 100% payment history across the board.
3/28 - EQ 615 - TU 641 - EX 633
DiscoverIT Secured - 200 - should be graduating to unsecured soon, I'm at the 6th month, and hoping there's an increase upon that
Cap1 QS1 - 400 - recently went up by 100 when I requested it from 300 about a month ago, so I know I got awhile to wait on that, was disappointed in the small increase.
Cap1 QS - 300
Walmart Rewards - 500
Capt1 Kohls - 300
CreditOne Visa Platinum - 500
Merrick Bank - 550 - I think this one doubles at 6 months with good use, right at 4-5 months old
Aspire - 1000
Fingerhut - 1100 - just went up from 800 a couple weeks ago
Sync CareCredit - 500
A lot of these are fairly new, just sort of wondering what to do moving forward in the future with them in order to keep getting increases, or getting my score up to the 700s hopefully one day.
@GreyvyTrain wrote:Currently have the following, all currently at 0% utilization since I paid everything off in the last couple of weeks and 100% payment history across the board.
3/28 - EQ 615 - TU 641 - EX 633
DiscoverIT Secured - 200 - should be graduating to unsecured soon, I'm at the 6th month, and hoping there's an increase upon that
Cap1 QS1 - 400 - recently went up by 100 when I requested it from 300 about a month ago, so I know I got awhile to wait on that, was disappointed in the small increase.
Cap1 QS - 300
Walmart Rewards - 500
Capt1 Kohls - 300
CreditOne Visa Platinum - 500
Merrick Bank - 550 - I think this one doubles at 6 months with good use, right at 4-5 months old
Aspire - 1000
Fingerhut - 1100 - just went up from 800 a couple weeks ago
Sync CareCredit - 500
A lot of these are fairly new, just sort of wondering what to do moving forward in the future with them in order to keep getting increases, or getting my score up to the 700s hopefully one day.
Two things come to mine if I were in your shoes:
- Close any of the above cards which include an annual fee (or at least close them before the next AF is due).
- If you can afford it, apply for a high(ish) value secured card of anywhere between three- and five-grand.
And then head to the proverbial garden for a year before applying for anything else.
I think I still have a good amount of time before any AFs hit. I think the only one with a substantial AF is the Aspire, which I'll most likely cancel due to the amount of the AF and monthly fees that start after the first year. The rest I don't believe really have a very significant AF. Really was wanting to get a credit card through my SECU, but have been turned down before, so I guess it's probably off the table for a couple years until the COs fall off, and I have more if a history and higher score.
Thanks for the advice, definitely going to take you up on it!
@GreyvyTrain wrote:I think I still have a good amount of time before any AFs hit. I think the only one with a substantial AF is the Aspire, which I'll most likely cancel due to the amount of the AF and monthly fees that start after the first year. The rest I don't believe really have a very significant AF. Really was wanting to get a credit card through my SECU, but have been turned down before, so I guess it's probably off the table for a couple years until the COs fall off, and I have more if a history and higher score.
Thanks for the advice, definitely going to take you up on it!
Which SECU do you have access to? I ask because I know at least some of them offer secured credit cards. I just checked the SECU for Maryland and see they have a secured card which allows a deposit/limit of up to $4,999; not sure if this is typical for all SECUs, but there is one data point.
NC SECU, unfortunately no secured with them. 