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Rebuilding my Credit here we go FICO family

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Anonymous
Not applicable

Rebuilding my Credit here we go FICO family

ok here we go last year july 3rd 2019 i had a 490 Fico 8 Credit score after watching countless youtube videos, and buying books on credit on amazon i started to repir it myself i paid off 2 credit union accts got them removed, got my student loan through navient settled i have a capital one unsercured they gave me a 300$ limit i have a citi secured card with a 200$ limit and a self inc credit builder loan those are all of the accounts i have open my current credit score is 626 FICO 8 with experian I pay th 20$ a month, i have 9 hard inquires and 1 verizon account thats all thats left on my report im in the process of mailing out letters to get the hard inquires removed ive read that inquires only account for about 15% of your total score My utlization is high around 80% im in the process of bringing it down to under 20% i want the chase freedom and amex everyday/blue card i also just got a checking account with chase to build a relationship with them my goal isnt a perfect credit score but to have a filled out credit profile to get a nice credit limit of 5k$ plus when igts time to apply for one i was thinking of some primary tradelines like my jewelers club,new coast, ox publishing they have revolving lines of 5k$ would that help or should i get another secured credit card like discover IT? i know the banks only give you credit on what you got example you can have a 850 credit score but if your credit cards limit is say 1k$ and you apply thats all that theyll give you is this true? also what are some good primary tradelines? any suggesstions or info would help this forum has been a blessing for me im a father of 4 im 34 years old and i want great credit to leverage it for business so my kids never go through what i did thanks guys 

14 REPLIES 14
AllZero
Mega Contributor

Re: Rebuilding my Credit here we go FICO family

@Anonymous  Welcome to myFICO. Paragraphs make it more user friendly for the reader to digest and be able to reply to your post.

 

Congratulations on your success thus far. You're doing a great job.

 

I would recommend before applying for credit is to optimize your reported utilization. Seek AZEO. All Zero Except One card reporting a balance. Individual between 1-29% utilization. Aggregate between 1-9% utilization. You should see a nice score increase.

 

Join a credit union or two. They can be more generous than the big banks if your income and DTI Debt To Income are in line.

 

I would also suggest looking at useful revolving accounts that will benefit you instead of just looking at tradelines for the sake of credit limits.

Message 2 of 15
AllZero
Mega Contributor
Message 3 of 15
Anonymous
Not applicable

Re: Rebuilding my Credit here we go FICO family

Welcome to the forums! I'm glad you seem to be taking your credit seriously. Definitely check out those links that were posted above.

 

Now a couple recommendations:

 

1. On time payments are super important so keep paying everything on time.

 

2. Unless they were due to fraud, I wouldn't waste time disputing inquires. After 12 months they stop hurting your score. In 2 years they will fall off. 11 is a lot though, so try not to apply recklessly. Creditors can and will turn you down if you have too many.

 

3. Keep your utilization low. Under 30% or even better under 9%.

 

4. Take it slow, breath. It's a marathon not a sprint. It will take time to get where you want to go. 

 

5. Read, read, read. A ton of people have been in your shoes (myself included). There are tons of things to learn. I'm still learning. 

 

6. While it is generally recommended to have 3 revolving trade lines, I would say be patient with what you have. If you can't wait, you can try checking the Discover prequal site. A secured Discover card might not be a bad idea, but I'm not sure if your inquires might scare them off.

 

7. To answer your question regarding limits, banks look at your score, debt, and income before they set a starting limit. Even if you had a tiny $100 limit on one card, if your income, score and debt are in line it shouldn't stop you from getting a card with a more standard $2000 limit with everything else being equal.

 

8. Be patient, get those scores up and give it time. Make your credit card wish list and slowly work your way towards that goal.

 

Good luck!

Message 4 of 15
Anonymous
Not applicable

Re: Rebuilding my Credit here we go FICO family

Thank you so much I have a credit union just a savings and checking, and just got chase total checking account to build a relationship with them I will look @ other threads also 

Message 5 of 15
Anonymous
Not applicable

Re: Rebuilding my Credit here we go FICO family

Btw, which capital one card do you have?

 

If its the Platinum or Quicksilver1 it is possible to product change it to the Quicksilver. Definitely check that out.

Message 6 of 15
AllZero
Mega Contributor

Re: Rebuilding my Credit here we go FICO family


@Anonymous wrote:

Btw, which capital one card do you have?

 

If its the Platinum or Quicksilver1 it is possible to product change it to the Quicksilver. Definitely check that out.


+1

 

Capital One check for upgrade link

Message 7 of 15
Anonymous
Not applicable

Re: Rebuilding my Credit here we go FICO family

It's the platinum started with 300$ limit they gave me a 200$ cli for making 5 monthly payments on time

Message 8 of 15
Anonymous
Not applicable

Re: Rebuilding my Credit here we go FICO family

Shout out to Allzero for posting the link. I believe after 3 months of having the account open, you are eligible to product change.Try out the link and see if it has any offers. 

 

Also definitely feel free to wait till you are comfortable and read up on it before jumping in. I would also look into Capital One credit increase threads, they are tricky when it comes to credit limit increases. 

Message 9 of 15
AllZero
Mega Contributor

Re: Rebuilding my Credit here we go FICO family


@Anonymous wrote:

Shout out to Allzero for posting the link.


👍

Message 10 of 15
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