Hey everyone, today is my birthday, yay me! so i couldnt resist checking my pre qualify for Capital One. I am comeing up on 1 yr post chapter 7, and thought i might have a shot. Well, i got pre qualified for the plat, and the QS with an AF. I dont like AF, so i just thought pull the trigger on the plat, and let it grow into a QS without an AF as i did last time around. I burned Cap 1 in the BK for 2 cards of mine and 2 of my wifes. So the pre qualify was a shock. I bit the bullet, and.... I GOT IT! $3000 starter with a cli after 5 on time payments.
Ok so now this is where i need the help. I am building my credit, as well as my wifes, for buying our first home in 2020 after my BK ages to 2 yrs in Feb. I hope this wasnt a stupid idea, i just am so tired of the BS limits i get and it ticked me off with Ollo to only get a cli of $100 after using the hell out of it since i got it, always paying on time. So do i ...
1. Close any of the 3 low limit cards i dont use VC or gordmans, and their limit is a joke. I only got them through the shopping trick, to get some positive credit going. Credit one, is another joke using it alot they show no love, and i know it looks bad on your report. I dont want to screw anything up before i buy a house in 2020 so if it means waiting i will. Plus Credit one is comeing due for the AF.
2. Leave everything alone, and grow what i got, letting Inq's fall off, and keep paying on time?
3. ANything i am missing i could do to help better my file pre- mortgage ap? thanks in advance, see below for a general breakdown it has not fully updated so AZEO will be comeing hopefully this month when everything updates. Learned alot on these boards!!!
AU - 12/7/14 Cathrines $2500
Credit 1 bank 2/2/18 $650
Self lender 2/24/1 8(344 owed) $25/month X 24 months never late just slow to update at times
Gordmans 3/5/18 $200
VC 3/14/18 $250
Ollo 7/11/18 900 ($100- CLI this month)
22 INQ alot fall off this year)
Above does NOT factor in the new Cap 1 plat $3000 i just got approved for
Credit One doesn't look any worse on your report than any other card. In a manual review the analyst might think about it, but it's your payment history on it that they are going to be concerned with. You are not going to get denied for the sole reason of having a subprime card.
IF you're on the fence about keeping the Credit One account open, call them before the AF renews and ask if they'll waive it. If they do, you can keep it for another year to help with your UTL. If they won't, then tell them you want to cancel the card. My 2 cents...
With that recent cap1 approval you should be happy.I'ts a step in the right direction.Graduating up to QS is a great idea.You should use the credit1 ,cap1 cc's and self lender loan to continue rebuilding.Keep your oldest acct open.As far as credit1 you can ask for a credit line increase every six months.Even though the credit limit is low you can just charge like $10 and keep utl low.As the bk and all the accounts included in the bankruptcy it will have less effect on your Fico score as it ages.I will not lie to you any major derogatories will hold down your Fico score in a serious way.In the long run you will want thee cc's,but don't go app crazy.When I started rebuilding I was never so concerned about ant annual fee's, because when start rebuilding or just starting usually the the cc's you will qualify for will have an annual fee.BEST OF LUCK