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Rebuilding success but what's next

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Rebuilding success but what's next

Happy 4th myfico community!  I've lurked on these forums for quite sometime and it has helped me tremendously.  I got into some financial trouble with my credit a couple years ago and had three charge-offs.  Citi, Chase, and Capital One were the three.  The only one that went to a CA was the Citi one.  I recently had my last open collection PiF and was deleted (did not realize they were going to delete.  What a nice surprise!).  This caused my credit score to jump quite a bit.



All scores LOW 500s


6/3/21 (FICO 8)

EX: 635

TU: 605

EQ: 606


7/4/21 (FICO 8)

EX: 672

TU: 691

EQ: 682


My current open cards right now are as follows:

Discover IT Secured ($200) opened 3/21

2x Gas 2x Restaurants 1x everything else

NFCU More Rewards Amex ($500) opened 6/21

3x Gas 3x Restaurants 3x Groceries 1-8x Online shopping via member deals 1x everything else

Amex Cash Magnet ($1000) openend 7/21

1.5% cash back (catch all for my non-categories)


All cards are PiF minus a less than $5 charge left on whichever one per month.


I generally put my expenses through the More Rewards for the 3x point opportunities and the 1-8x Member deals through Navy. The member deals page has acquired me so many points and I can essentially make this card for online shopping only in the future.  This card covers my expenses great, however, I would like to break into a program that would offer me more travel rewards.  I realize Citi and Chase I am blacklisted for awhile (Chase C/O pif 12/20 Citi C/O given to CA pif 5/21).  I am considering opening a Amex Gold after I hit the SUB on my Cash Magnet.  This would net me a higher return on restaurants/groceries and allow me more flexibility with point redemption than NFCU allows. 


Is this a good idea or should I just chill and garden for awhile?


Thanks all and have a safe and happy 4th!

Message 1 of 3
Super Contributor

Re: Rebuilding success but what's next

Welcome @Scout813 

I'd chill IMO. You got 3 accounts within a 4 month period it appears. Garden for a while and in the background the sting from the CO's will slowly sting less. Not a lot but. Its great you got them paid though. The time it took to get in a pickle. It takes twice the time to get back where you were. Dont rush it. Slow and steady wins the race as we say. Let your AAoA's go back up some too. Spread apps out a min of 6 months. May take a couple years. But you can get there.

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.
Message 2 of 3
Frequent Contributor

Re: Rebuilding success but what's next

I agree with @FireMedic1 . I'd garden at least through the end of the year. I'd focus on the long game rather than short term incremental benefits. Maybe try upgrading your discover card to non secured. Consider adding a Navy card with sub later they're known for giving higher limits on 2nd cards.

Gardening until 10/2021
Message 3 of 3
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