@Enyx wrote:@Thank You @Anonymous! So it is wise to use all 3 @ 10% until just prior to applying for a loan/mortgage/etc, that is very good to know! I have no intent to apply for any loans for about a year or two so I will use my cards @ 10% each (wait until reported, then pay in full after reported) until a loan is contemplated!
@Anonymous I see in your signature you have many cards. Since I do not plan to apply for a loan/car/mortgage/etc for quite a long time, is it even more beneficial to have more cards (along side perhaps a secured installment loan)?. I don't mind grabbing another secured card if need be if it's beneficial given my intent.
At what 'score' would you guys suggest looking to start looking to move beyond secured cards in to other/better cards (when my secured cards graduate?).
Thanks!
You're welcome, Enyx!
It is good to use your cards and establish a good payment history for sure.
I have many cards because I had a tough time not applying for new ones. With the three you have, plus getting the share secured loan, you will be able to see your scores go up. And then start applying for cards you actually want, not just the ones you can get now.
Many people on here will say that closing cards is part of the rebuilding process, and I totally agree. You will outgrow some cards you use to establish your positive credit history, and will eventually be able to qualify for higher tier cards that will be useful to you. My first three cards when I started rebuilding were CreditOne, Cap1 Platinum, and Discover. I really didn't need any after that to rebuild, but fortunately I was able to get two other cards I really wanted, Victoria's Secret and Barclays NFL Extra Points,soon after that. I have actually closed those two cards. And I am planning to close my Cap1 Platinum that I PCed to Quicksilver within a couple of months since now I have the actual Quicksilver. So, out of my first 5 cards that I got, I will only have the Discover left.
You will find your own journey, and will be able to determine which cards will benefit you the most, but sometimes that can happen by trial and error. But you are definitely on the right track! 
I've spoken with a Discover support person and they state they report to the bureau AFTER my payment due date (and is dynamic to always be so even if I change my due date). The idea is to carry a balance when reported and pay it off in full after to avoid interest but with their model its required to have it past due date to gain interest :-\ any thoughts on best practices in these type situations ? My due date is the 4th they report on the 9th they said.
It seems that Discover takes quite a few days from an item being pending to showing. So my thought on buying something on the 5th having it report on 9th and paying it in full on 10th to avoid interest won't work because they take longer than 4 days to post it from pending :-\
Sorry to thread bump something so old, BUT! I've come back to report I now have a fico score!
Here are my total stats:
- 2 Secured Cards (Discover IT, and Cap1) $200 limit on both, utilization at around 9% on each
- Fingerhut Account (not used, paid final installment last month)
- One Derog (Medical $252, which is actually 1.2k but only reporting $252 steadily)
- TU: (according to CK) 669
- EQ: (according to CK) 665
- EX: (according to Discover) 662!
- EX: (according to Experian) 683!
I was super excited getting towards the 6mo mark awaiting a Fico score. I expected it to be lower, so I'm pretty happy!
The question is, what do I do next? How do I grow it further?
- I've read about the SCT's, should I test to see if I can get one or two of those?.
- I should have had 3 cards total, only had 2. Should I go for an AMEX everyday for my third with my scores? It pre-qual'd me but read mostly denied sub-700.
- I noticed Alliant has changed it's policies, with my score should I try for an unsecured $500 loan?
- What else/more can I be doing now that I have a Fico score, to continue growing.
I'd appreciate any advice on what to do next on my credit journey! Thank you in advance!
Update: I have 6 statements with Cap1 and 4 statements with Discover (both cards issued at the same time, statements first issued AUG 2017. It is odd I only have 4 with Disc yet 6 with Cap1). Decided to call up and see what they'd say.
Cap1 says "Graduating cards is a relatively new thing, and they have no way to check if I'm eligible to do so, and will be notified in the mail within 1yr of creating the account".
Discover says "We cannot manually review for eligibility and you must wait 7mo minimum for an email, it may take up to 1yr".
Feel like I should have persisted and asked for a supervisor and that I was given super-generic-info.
Thank you very much for that link. It states there is no upgrade available, but I will check it after my 7th statement and see if it changes.