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Hi all,
This is my first post on here, but have been addicted to this board since end of March 2019, and can I just say the information I have found on here is just amazing so thank you to all contributors for the wealth of information provided. This might be a long read for some and I apologize.
To make a long story short, I was very financially irresponsible throughout my teenage years and into my 20's and pretty much ruined my credit. In 2014 I attemped to get back on my feet using a CAP1 secured card, but ran that one into the ground and CAP1 closed it. Didn't use any type of credit for the next 4 years. Just out of curiosity last year, I decided to check my credit score, and it was a 525 FICO EXP. I know. That's when I decided it was time to start rebuilding--for real.
I applied for a CAP1 Platinum unsecured card in 08/18 and to my disbelief I got approved for $300 SL with credit steps to $500 in 5 months. I was elated. I began using the card, but have to admit I didn't really know exactly how to use a credit card. The first month, I did 89% utilization, then PIF. The next month 60%, carried over half, minimum payment the next month, back up to 70% the following month, etc. (My score fluctuated between 525 - 545 and I couldnt understand why)
In January, I decided to try for the QS1 and again to my disbelief I got approved again with the same SL as Platinum along with credit steps to $500 in 5 months. Continued to ignorantly use both cards as described above, always making at least minimum payment on time.
I then received a pre approval offer for the Credit 1 platinum and applied and got it with a $400 SL, along with $75 AF.
I got the CLI for my Plat in January, and am due to get the CLI for my QS1 next month.
I finally discovered this board at the end of March and realized I was doing everything wrong. Overutilizing, carrying a balance, making minimum payments, not making multiple payments, NOT READING THE TERMS AND CONDITIONS OF THE CREDIT 1 Platinum card, etc.
To recap I currently have 3 cards, totaling $1300 CL.
Cap1 Platinum (now QS, I upgraded thanks to this board) - $500 CL
Cap1 QS1 (got early CLI of $100 and will receive the other after steps, again thanks to this board) - $400 CL
Credit1 Platinum - $400 CL
I received the Credit1 Platinum 2 weeks ago and immediately paid the AF. But now after reading the terms I really don't like the fact that there is no grace period and kinda want to close this card. Should I close it and possibly get the Discover Secured instead? I want to implement AZEO while I rebuild but I also read that it is bad to close an account. Apparently 3 cards is optimal for AZEO. Any advice would be appreciated. Thank you.
BTW my FICO8 EXP today is 636 with 14% utilization reported at the beginning of this month.
Thank you!!! Ive actually read a couple of your posts on the board so you've already helped!!!
I also was able to purchase my first vehicle in March! Thought that was going to be impossible with my credit and was fully prepared with a co-signer just in case but to my surprise, I was approved on my own for the car loan!!! Again, dont know how considering my EQ Fico Auto score was 585. I am paying a high interest rate of 10.99%, 48 month term but with a solid down payment I was able to get my payments to $260/m, which is well within my budget but I auto pay $300 and am 3 months ahead of my due date--I just auto paid 3 days ago and it is saying my next due date is August 10th. I am literally trying to use every tip and trick to make sure Im ahead of the game.
So as of today, I have 3 revolvers and an installment.
I will definitely look into Chase cards after I garden for a while. I should afterall I bank with them. I actually tried back in February but was declined due to AAoA and high utilization....
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Update:
Hi all! Just wanted to share an update because I am mindblown right now. I recently just checked my FICO scores and this is where I am at:
EXP FICO 8 - 684
EQ FICO 8 - 694
TU FICO 8 - 649
This is totally mindblowing because in August 2018 when I began my rebuild, my scores were in the 490-525 range. I can't believe it!!! I mean, I know they're not "great scores" but these are the highest scores I've ever had....
@PicoFico wrote:
That's really motivational for me!! Thanks for sharing your success!
I'm glad to hear that, and it's definitely motivation for all of us rebuilders--including myself--to keep at it! I always have to remind myself that I didn't get into this mess overnight and I am not going to fix it overnight either.