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....
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....
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.