Rebuilding Credit — Need Help on Next Steps

[Anonymous]

Hello everyone,

I’m new to the forums, even though I’ve been reading them for several months. I recently started working on my credit about 8 months ago and needing to know what my next steps should be.

I started at 575, and I’m now as of today 695, according to Experian Fico 8. I have 2 credit cards, both with Capital One (Platinum - $500 CL & Quicksilver - $300 CL). I have 1 late payment from 2017 on the Quicksilver but that’s it and recently wrote a goodwill letter to see if they will take it off. Just hopeful thinking really, never know until you try. My utilization is 13% on the Platinum and zero balance on the Quicksilver. I have no installment loans.

So, what should my next steps be to fatten up and improve my credit worthiness?

TIA!!!

[simplegirl]

To maximize your Fico scores you need 3 revolvers and 1installment so I would like into getting an installment loan.

[FireMedic1]

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@Anonymous wrote:
Hello everyone,

I’m new to the forums, even though I’ve been reading them for several months. I recently started working on my credit about 8 months ago and needing to know what my next steps should be.

I started at 575, and I’m now as of today 695, according to Experian Fico 8. I have 2 credit cards, both with Capital One (Platinum - $500 CL & Quicksilver - $300 CL). I have 1 late payment from 2017 on the Quicksilver but that’s it and recently wrote a goodwill letter to see if they will take it off. Just hopeful thinking really, never know until you try. My utilization is 13% on the Platinum and zero balance on the Quicksilver. I have no installment loans.

So, what should my next steps be to fatten up and improve my credit worthiness?

TIA!!!

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Welcome Gina to the forums. Cap1 isnt known to be a forgiver on lates. After 2 yrs it stings a lot less than when it hit. Try to get you util below 8.99% or even $10 bucks a month. You could go for Self Lender or a local credit union for a secured installment loan. 1 more card 6 months after your last app will get you to the FICO bonus of 3 cards and an installment loan. Give Disco pre-qual a shot. See if you get an offer. Your on the right path. Just need a loan and another card. But dont go crazy trying in a week. Spread it out. Good Luck!

[Anonymous]

Yeah I’m not being too hopeful that Capital One will take it off. Just figured it would be worth a try. My plan was to apply for another card in about 4 months when my youngest card would age to 1 year. Then apply for the installment loan about 6 months after that. I’m not planning on buying anything soon. I will pay down on the Platinum to the percentage you suggested. Thanks for everyone’s help!!