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Next Steps on Rebuilding Journey - Apps and PC's, plus an interesting Ollo situation

thebunnyhop
New Contributor

Next Steps on Rebuilding Journey - Apps and PC's, plus an interesting Ollo situation

Hello All!

 

So, I've been on my rebuilding journey; I'm knocking "at the door" of my intermediate goals, perhaps a little sooner than expected. I'm happy to report as of right now, I'm clear of any and all derogatories. I'm hoping to see scores rise above 760 here shortly, as a result of careful credit management and addressing issues found in my credit report. I'm especially hoping to see a bounce on my Equifax and TransUnion, as a result of derogatories falling of each. 

Now, I'm planning my next steps as to reach and surpass my intermediate goals. And that involves some pruning, I think -- and probably some new apps, for cards that better fit my spending. 

My card portfolio (and essential data points) are updated and included in my signature line, so I won't include them in the body here. 

 

I've been making some minor moves with my existing cards. These include:

- The regular CLI requests with Amex and Disco (which were denied); Ollo just provided me with an automatic CLI (and I'll talk about OLLO in a second).

 

- I have yet to make a CLI request of NFCU; I'm considering making a request soon.

 

- I haven't asked for a CLI on my storecards (partially because I don't need it, but also because I'd like to make sure my overall CL's in store cards aren't such that it discourages my credit card providers from giving me CLI's when requested). 

 

My planned next steps are to apply for some new cards, to switch out with my existing. These cards are: 

 

- Chase Freedom Visa

- US Bank Signature Visa

- Uber Visa or Amex Wells Fargo Propel

- Citi Rewards Plus Mastercard or Pen Fed Platinum Visa

- A travel card -- as yet undecided, but maybe Pen Fed Pathfinder, an Amex Travel card, Cap One Venture or (last on my list) Discover Miles. 

- Amazon, EBay and Home Depot (I shop at these places). 

 

These cards will fit my spending best. So, here are my questions: 

- Of the above card applications, are there any "ins and outs" I should especially be aware of? 

- I plan to sock drawer the existing cards that these cards will, more or less, replace. Is this a wise strategy? Or should I close some of these that I might not be using anymore? 

- Especially when it comes to the store cards (including an Overstock card that is still at $250), I'm giving a hard look over and thinking about why I'm bothering with any store cards beyond Target (which I shop) and Wayfair (because I like their stuff). At this phase of rebuilding, is it even worthwhile to bother with store cards anymore? 

 

Now for the interesting situation with Ollo -- Ollo, apparently, will not do a product change between their Platinum and Rewards cards, which I'm disappointed about. I recently got an auto-CLI and was hoping to switch products (Ollo has a cashback category for drugstores, which is rare). So, I have a Platinum card from Ollo with no AF -- which should grow with CLI's, I guess -- but which has no cashback or rewards potential for my spending. So, it has suddenly turned very much into the "odd card" out. 

So, do I sock drawer the card and forget about it? Close it? Any advice here on the Ollo, since I can't do a PC? 

Thanks!


Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Current Scores (Feb 2020): FICO 8 : TU - 764; EQ - 790; EX - 776
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 9 Yrs | Inquiries (24 Mos): TU = 3 ; EQ = 3 EX = 6 | UTL = 10%
My Lineup: NFCU Go Rewards $22000 | Discover IT Cashback $2900 | Amex BCE $1000 | Target Redcard (Store Charge) $2000
Message 1 of 17
16 REPLIES 16
Yes-Its-Me
Super Contributor

Re: Next Steps on Rebuilding Journey - Apps and PC's, plus an interesting Ollo situation

Out of curiosity, I see you are rebuilding and your current scores are in the 700s.  That is excellent news and if I may ask, what are you rebuilding from?  A little bit more information may be able to help answer your initial questions better.

 

For example, if you filed for BK (hope you are not offended as I am using this as an example), are the cards on your wishlist with any creditors included in the BK?

Message 2 of 17
thebunnyhop
New Contributor

Re: Next Steps on Rebuilding Journey - Apps and PC's, plus an interesting Ollo situation

Hi - -

No, not offended. If it will help, glad to answer.

I had a BK, which just finally fell off. I also had student loan derogatories, which have sincr fallen off - - and the loans have been rehabilitated and appear positive and paying as required. And I had a number of errors and inaccuracies on my credit report, as well as some collections and associated derogatories, which have all been addressed. It's been about two years since I really focused on fixing these situations - - but, of course, the bk was simply a matter of waiting.

Btw, because I think this might add some more helpful context: I really hadn't accessed, reviewed or done anything with my credit before the last two years. So, a good period passed where there was no positive credit activity - - only the negatives, which I hadn't yet been ready to address. But, starting this month, my credit is clear with positive payments.

As for the creditors being included in the BK - - nope. I did have an account with CapOne early on after the BK and that became a derogatory, but that has since been resolved.

Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Current Scores (Feb 2020): FICO 8 : TU - 764; EQ - 790; EX - 776
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 9 Yrs | Inquiries (24 Mos): TU = 3 ; EQ = 3 EX = 6 | UTL = 10%
My Lineup: NFCU Go Rewards $22000 | Discover IT Cashback $2900 | Amex BCE $1000 | Target Redcard (Store Charge) $2000
Message 3 of 17
xaximus
Valued Contributor

Re: Next Steps on Rebuilding Journey - Apps and PC's, plus an interesting Ollo situation


@thebunnyhop wrote:

Hello All!

 

So, I've been on my rebuilding journey; I'm knocking "at the door" of my intermediate goals, perhaps a little sooner than expected. I'm happy to report as of right now, I'm clear of any and all derogatories. I'm hoping to see scores rise above 760 here shortly, as a result of careful credit management and addressing issues found in my credit report. I'm especially hoping to see a bounce on my Equifax and TransUnion, as a result of derogatories falling of each. That's great to hear!!

Now, I'm planning my next steps as to reach and surpass my intermediate goals. And that involves some pruning, I think -- and probably some new apps, for cards that better fit my spending. 

My card portfolio (and essential data points) are updated and included in my signature line, so I won't include them in the body here. 

 

I've been making some minor moves with my existing cards. These include:

- The regular CLI requests with Amex and Disco (which were denied); Ollo just provided me with an automatic CLI (and I'll talk about OLLO in a second). Once your reports refresh (which can take 30-60 days for lenders), I would do the CLI requests for both Disco, which can be done every 30 days and AmEx which can be done every 91 days after a decline.

 

- I have yet to make a CLI request of NFCU; I'm considering making a request soon.

 

- I haven't asked for a CLI on my storecards (partially because I don't need it, but also because I'd like to make sure my overall CL's in store cards aren't such that it discourages my credit card providers from giving me CLI's when requested). 

 

My planned next steps are to apply for some new cards, to switch out with my existing. These cards are: 

 

- Chase Freedom Visa - I would app for this in your top 3. Chase is known to be conservative at times, they can do SPs after you have apped if you are approved and have been known to close/cancel accounts. So I would recommend either apping for this first, then waiting on the rest. You can probably app for the Freedom and US bank, then hold off on the others for 6 months.

- US Bank Signature Visa - Conservative bank - App both the Chase and US Bank together.

- Uber Visa or Amex Wells Fargo Propel - App after 6 months. WF is a good travel card but AmEx is not widely used outside the US so this may require some thought if you are looking for a travel card.

- Citi Rewards Plus Mastercard or Pen Fed Platinum Visa - Unsure on how you plan to apply these. 

- A travel card -- as yet undecided, but maybe Pen Fed Pathfinder, an Amex Travel card, Cap One Venture or (last on my list) Discover Miles. I would look into BoA as well. Maybe the CSP if your profile qualifies. 

- Amazon, EBay and Home Depot (I shop at these places). Amazon store card is backed by Synchrony, I would close out your existing store cards prior to apping for this. I believe EBay may be the same (not sure). Home Depot is backed by Citi. 

 

These cards will fit my spending best. So, here are my questions: 

- Of the above card applications, are there any "ins and outs" I should especially be aware of? 

- I plan to sock drawer the existing cards that these cards will, more or less, replace. Is this a wise strategy? Or should I close some of these that I might not be using anymore? 

- Especially when it comes to the store cards (including an Overstock card that is still at $250), I'm giving a hard look over and thinking about why I'm bothering with any store cards beyond Target (which I shop) and Wayfair (because I like their stuff). At this phase of rebuilding, is it even worthwhile to bother with store cards anymore? I would close them out if you don't see yourself shopping there.

 

Now for the interesting situation with Ollo -- Ollo, apparently, will not do a product change between their Platinum and Rewards cards, which I'm disappointed about. I recently got an auto-CLI and was hoping to switch products (Ollo has a cashback category for drugstores, which is rare). So, I have a Platinum card from Ollo with no AF -- which should grow with CLI's, I guess -- but which has no cashback or rewards potential for my spending. So, it has suddenly turned very much into the "odd card" out. 

So, do I sock drawer the card and forget about it? Close it? Any advice here on the Ollo, since I can't do a PC? I would close it if you don't need it. Closed cards stay on your profile for upto 10 years so, keep stuff that's useful. Close what's not especially if it cannot be PC'd. 

Thanks!


Congrats on your rebuild so far. See my responses in red.



Scores - All bureaus 756 +
TCL - Est. $275K
Message 4 of 17
thebunnyhop
New Contributor

Re: Next Steps on Rebuilding Journey - Apps and PC's, plus an interesting Ollo situation

Well, 


@xaximus wrote:

@thebunnyhop wrote:

Hello All!

 

So, I've been on my rebuilding journey; I'm knocking "at the door" of my intermediate goals, perhaps a little sooner than expected. I'm happy to report as of right now, I'm clear of any and all derogatories. I'm hoping to see scores rise above 760 here shortly, as a result of careful credit management and addressing issues found in my credit report. I'm especially hoping to see a bounce on my Equifax and TransUnion, as a result of derogatories falling of each. That's great to hear!!

Now, I'm planning my next steps as to reach and surpass my intermediate goals. And that involves some pruning, I think -- and probably some new apps, for cards that better fit my spending. 

My card portfolio (and essential data points) are updated and included in my signature line, so I won't include them in the body here. 

 

I've been making some minor moves with my existing cards. These include:

- The regular CLI requests with Amex and Disco (which were denied); Ollo just provided me with an automatic CLI (and I'll talk about OLLO in a second). Once your reports refresh (which can take 30-60 days for lenders), I would do the CLI requests for both Disco, which can be done every 30 days and AmEx which can be done every 91 days after a decline.

I definitely will be going for the CLI's when the timeframes match up.

 

- I have yet to make a CLI request of NFCU; I'm considering making a request soon.

 

- I haven't asked for a CLI on my storecards (partially because I don't need it, but also because I'd like to make sure my overall CL's in store cards aren't such that it discourages my credit card providers from giving me CLI's when requested). 

 

My planned next steps are to apply for some new cards, to switch out with my existing. These cards are: 

 

- Chase Freedom Visa - I would app for this in your top 3. Chase is known to be conservative at times, they can do SPs after you have apped if you are approved and have been known to close/cancel accounts. So I would recommend either apping for this first, then waiting on the rest. You can probably app for the Freedom and US bank, then hold off on the others for 6 months. 

- US Bank Signature Visa - Conservative bank - App both the Chase and US Bank together. 

Got it. 

- Uber Visa or Amex Wells Fargo Propel - App after 6 months. WF is a good travel card but AmEx is not widely used outside the US so this may require some thought if you are looking for a travel card.

I don't travel outside the US really -- my first choice would be the Propel, because it has uses more than just for travel in which to pick up points. 

- Citi Rewards Plus Mastercard or Pen Fed Platinum Visa - Unsure on how you plan to apply these. I have spending that fits either of these cards -- but primarily the Citi, which is my first choice. 

- A travel card -- as yet undecided, but maybe Pen Fed Pathfinder, an Amex Travel card, Cap One Venture or (last on my list) Discover Miles. I would look into BoA as well. Maybe the CSP if your profile qualifies. Boa and CSP? Not sure what those are. 

- Amazon, EBay and Home Depot (I shop at these places). Amazon store card is backed by Synchrony, I would close out your existing store cards prior to apping for this. I believe EBay may be the same (not sure). Home Depot is backed by Citi. I'll close out the Overstock, for sure. I shop Target, so I'll keep that. But Wayfair...I'm on the fence about, probably will close.

 

These cards will fit my spending best. So, here are my questions: 

- Of the above card applications, are there any "ins and outs" I should especially be aware of? 

- I plan to sock drawer the existing cards that these cards will, more or less, replace. Is this a wise strategy? Or should I close some of these that I might not be using anymore? 

- Especially when it comes to the store cards (including an Overstock card that is still at $250), I'm giving a hard look over and thinking about why I'm bothering with any store cards beyond Target (which I shop) and Wayfair (because I like their stuff). At this phase of rebuilding, is it even worthwhile to bother with store cards anymore? I would close them out if you don't see yourself shopping there.

 

Now for the interesting situation with Ollo -- Ollo, apparently, will not do a product change between their Platinum and Rewards cards, which I'm disappointed about. I recently got an auto-CLI and was hoping to switch products (Ollo has a cashback category for drugstores, which is rare). So, I have a Platinum card from Ollo with no AF -- which should grow with CLI's, I guess -- but which has no cashback or rewards potential for my spending. So, it has suddenly turned very much into the "odd card" out. 

So, do I sock drawer the card and forget about it? Close it? Any advice here on the Ollo, since I can't do a PC? I would close it if you don't need it. Closed cards stay on your profile for upto 10 years so, keep stuff that's useful. Close what's not especially if it cannot be PC'd. That's what I'm thinking with the Ollo. It was a fine card, for rebuilding. Do I app for the other cards first, though -- or close regardless? 

Thanks!


Congrats on your rebuild so far. See my responses in red.


Thanks for the responses. BTW -- my scores shot up again today, with my Transunion and EQ. I had a feeling that would happen, with the baddies falling off and being in a new scoring bucket. So, I think I'm ready to make these changes. Thanks!


Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Current Scores (Feb 2020): FICO 8 : TU - 764; EQ - 790; EX - 776
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 9 Yrs | Inquiries (24 Mos): TU = 3 ; EQ = 3 EX = 6 | UTL = 10%
My Lineup: NFCU Go Rewards $22000 | Discover IT Cashback $2900 | Amex BCE $1000 | Target Redcard (Store Charge) $2000
Message 5 of 17
thebunnyhop
New Contributor

Approaching Intermediate Goal -- Advice on how to reach final goal

Greetings All!

I posted about my next round of apps, PC's and CLI's in the credit application subforum -- but, looking at the big picture of my credit overall, I realize now that I'm closing in on my intermediate goals of 760 Fico 8's across the board.

 

In fact, I'm a little ahead of schedule, it appears. I hope it reach these goals by September but, based on a bump I just received because some derogatories fell off my rehabilitated student loans and a bankruptcy is now off all my CRA records, it looks like I'll reach my goal of 760 this month. 

 

I plan to go through my existing cards and prune a bit away -- store cards and credit cards. I'm also hoping to add some cards to replace them. And then I plan on putting things on "autopilot" for awhile -- just paying regularly (AZEO), monitoring my credit and otherwise employing good financial planning when it comes to spending and credit.

 

My goal, after this round of pruning? Put things on autopilot and hit 800. And then...sky's the limit, I hope (well, limit to 850 at least hahaha). And live my life, keep a routine eye on my finances and credit, responsibly accessing credit to improve things to do the things I want or get the things I need. 

 

I realize that there will be a score dip, due to the sudden inquiries on card apps (and, possibly, because I'll be closing two or three cards). But, it's time to get the cards that will really fit my lifestyle and spending so...the pain of a score dip is going to come at some point, regardless. It's time. 

 

So, here's my question:

 

Beyond paying regularly, employing AZEO, staying below 10% in UTL, etc -- is there anything that I can do to help my score reach that 800 level, after I get this next round of cards in place? I've enjoyed a lot of major score bumps because negatives have fallen off my reports. Now that my reports are clear, there won't be any major score bumps to look forward to. It looks like it's just going to be a matter of time (waiting for accounts to age, inquiries to fall off and so forth), but are there other strategies to employ that I might not have considered? 

 

For instance: Aside from the credit cards and student loans -- would adding another loan type help my FICO 8 score? I've asked about this before and folks have said it wouldn't make a difference -- but, now that my "scoring bucket" has changed, perhaps this has too? Or would this just make me more attractive to lenders, because I have more variety in my lending profile?

Anyway -- these are the "types" of strategy I'm wondering about (if they exist).

 

Of course, I don't plan to use any strategy that doesn't fit with my financial goals -- but I would like to hit that 800 Fico 8, so any advice, paths or strategies that might help me on this final leg is appreciated. So, any advice on how to prep and power through to 800? 

 

p.s. Also, thank you to anyone who has directly offered help and advice along the way -- as well as those who offer their collective wisdom here on the forums. It has been very helpful in my journey. 

 


Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Current Scores (Feb 2020): FICO 8 : TU - 764; EQ - 790; EX - 776
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 9 Yrs | Inquiries (24 Mos): TU = 3 ; EQ = 3 EX = 6 | UTL = 10%
My Lineup: NFCU Go Rewards $22000 | Discover IT Cashback $2900 | Amex BCE $1000 | Target Redcard (Store Charge) $2000
Message 6 of 17
FireMedic1
Super Contributor

Re: Approaching Intermediate Goal -- Advice on how to reach final goal

You kinda got some good advice on the other thread you started 3 days ago since their so close in the advice your looking for from the seasoned vets on here. Not much more to add really.




My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 17
gdale6
Moderator

Re: Approaching Intermediate Goal -- Advice on how to reach final goal

2 threads have been combined into one here in RYC
Message 8 of 17
thebunnyhop
New Contributor

Re: Approaching Intermediate Goal -- Advice on how to reach final goal

Awesome. Thank you.

Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Current Scores (Feb 2020): FICO 8 : TU - 764; EQ - 790; EX - 776
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 9 Yrs | Inquiries (24 Mos): TU = 3 ; EQ = 3 EX = 6 | UTL = 10%
My Lineup: NFCU Go Rewards $22000 | Discover IT Cashback $2900 | Amex BCE $1000 | Target Redcard (Store Charge) $2000
Message 9 of 17
Real_Name
Regular Contributor

Re: Approaching Intermediate Goal -- Advice on how to reach final goal

OP, you never stated the reasons given by Amex (or Discover) for your CLI denial. In your older thread you stated that your Amex limit was $1k, which is generally considered a starter limit and indicates that they may have some concerns with your profile, despite your credit score. Credit scores are only one component of creditor consideration, your overall profile is actually quite important. 

 

I encourage you to address the reasons listed in your CLI denials, build up your current accounts that are worth keeping, then worry about building your portfolio. Apping for prime cards now, despite your score, will likely result in toy limits or denials, in part because of your existing low limits and sub-prime cards. 

 

I had a BK too in 2010, it’s not off my reports, but I have two $15k Amex revolvers, a Gold card and a $9k business card, a $8.5k US Bank Cash+, a $10k Credit Union, and $10k Lowe’s all with the last year. I began with a single Cap 1 card 5 years ago and never messed with sub prime cards or multiple store cards. 

 

Build a a solid foundation with a prime lender, then app other prime cards. Get rid of all but one store card and ditch that Ollo card, it’s a sub prime stain on your reports.

 

As always YMMV based on your profile but hopefully this helps in some way.

Amex BCE $15k | Amex ED $15k | Amex BBP $9k | Amex Gold NPSL | US Bank Cash+ $8.5k | Golden 1 CU $10k | Lowe’s $10k | Cap1 QS $10.5k
Message 10 of 17
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