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I've Been Rebuilding My Credit... Lost Now. What Next?

Frequent Contributor

Re: I've Been Rebuilding My Credit... Lost Now. What Next?


@LeverageKing wrote:

You don't think I need the age to get a higher starting limit @tparks5961


If you are currently re-building, a higher starting limit should not be something to concern you. 

Focus on building a history with the CCC's you are going to apply with, using and paying off a lower limit card is much easier to do, and a lot less risky.

The temptation to run that card up because you have a higher limit is usually what brings rebuilds to a grinding halt.



Message 11 of 15
New Member

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

While I agree with your statement, the advice I'm looking for is how someone in my situation would get the highest possible starting limits.

I have a strategy for my debt that has been working. I plan to stick with it, with one possible variation. I'm open to a personal loan to pay off my remaining debt because my credit profile is clean, but thin. The loan would help add a positive account and pay off discover and amex so I could possibly continue a relationship with them, while obtaining credit.

The only reason I even brought them (Amex & Discover) up is because I clearly can't obtain credit cards with them until my debt with them is settled. So I didn't want someone to suggest CCs from those companies. But they are not effecting my credit scores whatsoever at the moment.

Thanks for your reply.
Message 12 of 15
Frequent Contributor

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

Prosper, Lending tree and a few others will do a  SP and show you all the loans available to you.

If you do go the personal loan route that is where I would start, unless you can obtain one from your local bank or credit union.

 



Message 13 of 15
Regular Contributor

Re: I've Been Rebuilding My Credit... Lost Now. What Next?


@LeverageKing wrote:
The only reason I even brought them (Amex & Discover) up is because I clearly can't obtain credit cards with them until my debt with them is settled. So I didn't want someone to suggest CCs from those companies. But they are not effecting my credit scores whatsoever at the moment.

Im confused as to how you can have debt with them but they aren’t on your credit report or affecting your scores whatsoever. Were they listed under your former business’s tax ID # or some similar situation?  You personal scores are very good as they stand right now- when you say higher limits what do you consider higher? $5k? $10k+?


Starting Score: Nov 3, 2018: EX 597 TU 599 EQ 616
Current Score: Jan 13, 2019: EX 626 TU 653 EQ 673
Goal Score: Dec 31, 2019: EX 700 TU 700 EQ 700


Take the myFICO Fitness Challenge





Message 14 of 15
New Member

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

15k >
10K on the low end. 

With above average income, some age, and my scores. Just trying to figure out the best route to attain the best limits starting out. I know i'll most likely end up with lower limits and have to get increases.  But like I said in the original post, I want to keep momentum, and take advantage of the best cards with the best starting limits given my unique situation. I have high scores, some history, thin file, & low debt. But can't qualify for AMEX and Discover at the moment.

 

Message 15 of 15