Rebuild strategy advise

[Anonymous]

Need a little advice on which way to go with my starting rebuild.

Was approved for Cap1 Plat in February SL of $1k with credit steps which will bump it up to $1.5K in July.

Was just approved for Overstock SL of $250 and Children's Place SL $500. 

Pre-approved for Wayfair, but got the 7 to 10 business day message with the prequal link saying that they are still reviewing my app. No hard pull on this yet hitting any of my reports, so if it stays that way and I get a denial, I am OK with that (went a little app happy anyways).

My plan is to garden these cards until September after my 7th statement from Capital One and then hop out only to see if I am prequaled for the QS1 and app for it if I am. Possibly even app for the Khol's card, because I really want those card holder coupons! But now I am thinking that maybe I should instead see about PC the platinum to QS1 so I can have a rewards card and wait until a bunch of my TU inquires from pre BK fall off in early 2020.

Current scores are EX Fico 8 613, Fako TU 650 and EQ 667. (expecting a bump to these when Overstock and Children's Place report also planning to pull real Fico's for TU and EQ once I see Fako go up again)

Inquires are EX 5, TU 11, EQ 5 (2 of all of these are from car loan shopping)

Not sure which way to go or even if I could PC to the QS1 prior to September. If I did PC to QS1, would it make sense to app again for the Plat after 6 months of a PC or do they shut you out from that product after a PC? With my current score would it even look like I would have a chance at the QS1 with a worse case scenario of no increase by September?

[Remedios]

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@Anonymous wrote:

Need a little advice on which way to go with my starting rebuild.

Was approved for Cap1 Plat in February SL of $1k with credit steps which will bump it up to $1.5K in July.

Was just approved for Overstock SL of $250 and Children's Place SL $500. 

Pre-approved for Wayfair, but got the 7 to 10 business day message with the prequal link saying that they are still reviewing my app. No hard pull on this yet hitting any of my reports, so if it stays that way and I get a denial, I am OK with that (went a little app happy anyways).  You have all the cards you need for maximum scoring benefit. Stop applying so your scores can start recovering now . 

My plan is to garden these cards until September after my 7th statement from Capital One and then hop out only to see if I am prequaled for the QS1 and app for it if I am. Possibly even app for the Khol's card, because I really want those card holder coupons! But now I am thinking that maybe I should instead see about PC the platinum to QS1 so I can have a rewards card and wait until a bunch of my TU inquires from pre BK fall off in early 2020.

PC Platinum, you can try after 3 months or so. QS1 comes with an annual fee, will also be "bucketed" and is notoriously hard to PC later, if at all 

Current scores are EX Fico 8 613, Fako TU 650 and EQ 667. (expecting a bump to these when Overstock and Children's Place report also planning to pull real Fico's for TU and EQ once I see Fako go up again)  If you already have more than three revolvers, bump may or may not happen. Depends on what it does to utilization.  With each new app, your AAOA is lowered, so that could "eat" your bump if it happens at all. 

Inquires are EX 5, TU 11, EQ 5 (2 of all of these are from car loan shopping)

Not sure which way to go or even if I could PC to the QS1 prior to September. If I did PC to QS1, would it make sense to app again for the Plat after 6 months of a PC or do they shut you out from that product after a PC? With my current score would it even look like I would have a chance at the QS1 with a worse case scenario of no increase by September?

You can have two Cap1 starter cards, but I think it would be better if you stop applying for a while. As your scores grow, you will have many other options . Dont over do it with store cards, unless those are places where you shop regularly.

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[Anonymous]

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@Remedios wrote:

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You have all the cards you need for maximum scoring benefit. Stop applying so your scores can start recovering now . 

Thanks! Yes, my brain told me don't hit the prequal for Wayfair but my high from the other two approvals said Do it!

PC Platinum, you can try after 3 months or so. QS1 comes with an annual fee, will also be "bucketed" and is notoriously hard to PC later, if at all 

Good news on this. I don't mind the annual fee since I would use it for everyday spending and pay down to $10 before statement cuts, so I think my usage would probably cover the fee. Question on the bucketed note... with a PC, would I retain my SL of $1k if I did this prior to the credit steps being complete and would the credit steps continue with the bump to $1.5k? I don't mind being bucketed on this card as long as I would keep the $1.5k as my monthly spending warrants this amount. 

If you already have more than three revolvers, bump may or may not happen. Depends on what it does to utilization.  With each new app, your AAOA is lowered, so that could "eat" your bump if it happens at all. 

The Overstock and Children's place will make it 3 total revolvers. I am not to worried about AAOA as I have 8 student loans that are 10 years old all reporting open and in good standing.

You can have two Cap1 starter cards, but I think it would be better if you stop applying for a while. As your scores grow, you will have many other options . Dont over do it with store cards, unless those are places where you shop regularly.

Oh yes, I only plan to get store cards that I would use and that would make sense for me to have. I have a young daughter starting kindergarten this year so Children's Place will get a lot of use as they offer a lot of coupons and their rewards are pretty good. Wayfair I don't probably need, because I do plan on apping to Lowes next summer since we will be DIYing a kitchen reno. I sorta hope they just say no with no HP otherwise I will be tempted to get a new stove before next summer!

I suppose as long as a PC to QS1 doesn't drop my CL, I would be just fine gardening these until next summer then.

Thanks!

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[Remedios]

You're welcome, but stick around. Other may have different/better suggestions