@Salahh wrote:Thank you guys for the valuable insights.
I will definitely be patient as I know I have quite a journey ahead of me.
Besides the Discover It card, are there any others that I should look in my current status?
I think from here on out, I'm only going to apply to cards with SPs. And I'll definitely go for the Discover It card and take care of my baddies.
Thank you all 🙏
During my rebuild, someone offered me the most meaningful advise of going secured with US Bank. I took that, opened two USB secured cards and it paid off. The Altitude Go and Connect are the two cards you see in my signature that I started off with as secured. Best Part about USB is that you can increase your secured CL and upon graduation, the unsecure card acquires the same CL.
@Salahh wrote:6 closed accts, 2 in collection
4 baddies:
1 acct over 60 days late
1 acct with missed payment
0 current accts payed as agreed
Ratio of revolving balances to credit limits: 123%
Thing that sticks out is the util %. Are all the closed accounts charged off? And 2 of those were sent to collections? If so. Start a settlement party and get the util down. Thats killing your score more than anything else. One by one get them settled and score will rebound.
@Salahh wrote:That makes a lot of sense regarding the ratio as to why I'm getting denied. Thanks for that.
The 2 in collections were charged off, the rest were paid.
Yep. You want all charged off accounts settled/paid. Then util %'s drop and scores go up.
@OCONUS wrote:During my rebuild, someone offered me the most meaningful advise of going secured with US Bank. I took that, opened two USB secured cards and it paid off. The Altitude Go and Connect are the two cards you see in my signature that I started off with as secured. Best Part about USB is that you can increase your secured CL and upon graduation, the unsecure card acquires the same CL.
wish I had gone that route, how long did you have to wait between secured cc USB applications?
@GZG wrote:
@OCONUS wrote:During my rebuild, someone offered me the most meaningful advise of going secured with US Bank. I took that, opened two USB secured cards and it paid off. The Altitude Go and Connect are the two cards you see in my signature that I started off with as secured. Best Part about USB is that you can increase your secured CL and upon graduation, the unsecure card acquires the same CL.
wish I had gone that route, how long did you have to wait between secured cc USB applications?
USB unsecures anywhere from 7th to 9th month of opening. Since I had so many COs from before, mine took over a year. Upon graduation, I PC'd Plat to Connect not knowing down the line I will get AR. AR is a killer cc compare to Connect and I will PC to Cash at the one year mark.
Until you get that utilization down and get your scores into the mid 600's Amex won't touch you. I think your only strategy right now is to sit on the cards you have now until your scores come up a bit then try for a Capital one card or as discussed Discover. They are two of the lenders that are pretty forgiving. Likewise I would stay away from predatory lenders like Credit One which will do more harm then good in the long run
