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In need of advice for re-building

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Anonymous
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In need of advice for re-building

Hi All,

 

Longtime lurker, first time poster.

I'm in the midst of rebuilding my credit and looking for some advise specific to my credit situation.

 

Background info: Had a score of about 450 two years ago, due to having a vehicle reposessed and a couple of smaller bills charged off during a period of extended unemployment. I also had a CapOne secured card with $500 limit at the time that went 120 days late and was closed. 

Last year I got a car loan, Discover IT Secured, and CapOne Platinum secured, and was added as AU on my girlfriends' Amex Everyday and Chase cards.

Since then I have added CapOne Quicksilver One unsecured, Gap Card, American Eagle Card, Target Card, Kohls Card, and ExxonMobil Card.

 

Neither of my secured cards have graduated or seen a CLI.

 

Current Profile:

EQ Fico8 - 631, 8 inquiries

TU Fico8 - 628, 19 inquiries

EX Fico8 - 614, 17 inquiries

 

AAOC - 2.5 years

Oldest Account - 7 years

Newest Account - 1 month

 

Amex - 2,000 limit - 1,080 balance - Opened 6/2017 - Never Late

CapOne - 200 limit - 0 balance - Opened 6/2017 - Never Late

CapOne - 300 limit - 0 balance - opened 1/2018 - Never Late

Chase - 3600 limit - 2,900 balance - opened 2/2017 - Never Late

Car Loan - 10,044 balance - opened 2/2017 - never late

Discover - 200 limit - 0 balance - opened 6/2017 - Never Late

Gap - 200 limit - 0 balance - opened 1/2018 - Never Late

AE - 175 limit - 0 balance - opened 1/2018 - Never Late

Target - 200 limit - 0 balance - opened 1/2018 - Never Late

Kohls - 200 limit - 0 balance - opened 1/2018 - Never Late

 

Closed Accounts in Good Standing:

BOA - 7000 limit - 0 balance - closed 2015 - never late

Car Loan - 0 balance - closed 2014 - never late

 

Baddies:

CapOne - 500 limit - 0 balance - 120 days late - closed 2016

toyota repo - 15,000 balance - 120 days late - repossessed - account charged off

Verizon - 204 - charged off 2011

Verizon Wireless - 1070 - charged off 2016

FirstPremier Bank - 634 - charged off 2012

 

I'm encouraged by my hard work since the repo raising my score nearly 200 points, but I am not yet where I need to be.

I intend to garden for the next 6 months, pay off amex and chase, build history with all open accounts, and hopefully graduate my two secured cards.

 

My holy grail is scores over 720 and an Amex Platinum and I'd appreciate any advice based on all of this information to help get me there!

 

Thanks!

 

 

 

 

Message 1 of 2
1 REPLY 1
Remedios
Credit Mentor

Re: In need of advice for re-building

You have plenty of TLs to work with.
I'd stay away from applying for at least a year, if not longer. Pay down on your Chase and Amex, your utilization is a bit high, and based on the age of those cards, you're no longer in intro 0% period.
In a meanwhile, the best thing you can do for yourself is start working on your savings/emergency funds. Avoid building any kind of debt. Make it your goal to not pay a dime in the interest, ever.
That way, when unexpected happens (and it always does), you won't have to resort to making charges you cannot pay.
Message 2 of 2
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