Rebuilding Credit - Not sure where to go from here.

[Anonymous]

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@Anonymous wrote:
So I can have more than one CC through the same lender?

Any thoughts on CC's offered through credit unions (where I do all my banking)? Should I get an account with Chase or someone for the opportunity of a CC with them?

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Yes, Cap One will issue up to five cards I believe. Credit Unions are always a good choice, they are often no fee and lower interest than most. If you bank at a CU, I would certainly talk with them about it.

[Anonymous]

NormanFH, thank you for everything. I finally feel like I'm starting to get somewhere. I really do appreciate it.

[Anonymous]

NormanFH, once again I took your advice and rolled the dice. The Cap1 Platinum card showed on my credit reports, so I applied this morning for a Cap1 QS card and was instantly approved for a $500 CL (22.9 Apr, $39 annual). I'm not thrilled about the annual fee, but the cash back will pay for that, so its really neither here nor there.

Now I have 3 CC's (2 Cap, 1 Barclay), so where do I go from here?

[Anonymous]

Use them wisely, and grow the credit lines for the next year or so. In the meantime, work on your derogs.

[Anonymous]

Already am. Those 3 negatives should be falling off in the next 12 months. Other than that, I've already started a reconciliation process with my federal student loans that will have them reporting positively (with all negatives removed) after 10 on time payments.

Any suggestions on what Cap1 like to see in terms of raising CL's? Do they prefer heavy use on the card or low utilization rates? Cause I've heard that some prefer you to use the hell out of it, and if you don't they won't be as inclined to offer CLI's.

[Anonymous]

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@Anonymous wrote:
Already am. Those 3 negatives should be falling off in the next 12 months. Other than that, I've already started a reconciliation process with my federal student loans that will have them reporting positively (with all negatives removed) after 10 on time payments.

Any suggestions on what Cap1 like to see in terms of raising CL's? Do they prefer heavy use on the card or low utilization rates? Cause I've heard that some prefer you to use the hell out of it, and if you don't they won't be as inclined to offer CLI's.

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They like heavy usage, and low balance carried over. More you put through them the better. I use mine for everything - virtually all of my monthly living expenses with the exception of rent and my car payment. I don't even pull out my debit card anymore.

[Anonymous]

Great. Thank you so much for everything. I wouldn't ve as far as I am without your advice. I appreciate it more than you know.

[Anonymous]

Interesting thing happened today, so I thought I'd share. 

I got a pre-approval email from Overstock.com (haven't shopped there in probably 2-3 years), and I did some quick reading on it showing that it was a SP for approval (which it appears to be).  I got instantly approved for a $350 CL (no annual, 26% apr). 

If anyone asked me 6 months to a year ago if I thought I'd be sitting here now with this being possible, I would have said hell no.  Once again, thank you guys for the help!

[Anonymous]

Also learned about the shopping cart trick today and was approved for a VS card (26% Apr, 0 annual) at $350 CL, and an Express Card (same) with only soft pulls. Since my AAoA sucks already, they can really just age together and it won't make much of a difference, but the additional lines will be a great impact over time.

[Anonymous]

So, here's where I'm currently at:

VS: $650 CL (no balance)

Express: $350 CL (no balance)

Overstock: $1050 CL (no balance)

Barclay: $500 CL (~$200 balance, paid in full monthly)

Quicksilver One: $3500 CL (~$900 balance, paid in full monthly)

Cap1 Platinum: $3000 CL (no balance)

My credit scores have been going up pretty consistently for the past year, with Credit Karma showing my TU @ 694 & EQ @ 635. Both of my Cap1 cards received large CLI's in November of last year. I requested a CLI on my Barclay about a year ago and was denied. The hard pulls that show on my credit are from March, April, & May of last year. Today, I clicked the luv button on my VS and it went up from $350 to the $650 above.

Now, a couple of questions:

1. Since I request a CLI on my VS today, should I space out CLI requests on my Express & Overstock cards (all through Comenity Bank)?

2. Is it worth requesting a CLI on my Barclay since I've had it for 2.5 years and never got a CLI? Is it worth the HP?

3. I'm hoping to get approved for a 0% apr (intro) card in a few months as there is a 2k purchase I'd like to make and pay no interest on. Should I go for another Cap1 card? Or is it a good idea to go with someone else?

4. I just started a new job on 2/14 and will be receiving my first paycheck on 3/4 (bi-weekly pay). How long should someone wait after new employment to apply for new lines of credit?