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Starting to rebuild

Re: Starting to rebuild

I would go for both. Get your unsecured first! Just my honest opinion. But, I would do both in the same day. Remember, Cap1 will triple pull. Let us know what you do! 

Message 11 of 17
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Valued Contributor

Re: Starting to rebuild

Check for prequal cards from Cap One, Discover, and Merrick.

Solid prequals and non pred banks.

Maybe 1 secured card from a good back if no prequals.

I would only appy to 1 or 2 store cards that you will use often and offer great rewards.

I would not apply for more than 3 cards every 6 months.

Credit rebuild started in 2014  -  $100k total unsecured credit in 2017  -  $200k total unsecured credit in 2018.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                             5%-20% - Amazon & Lowes                                5% Gas & Sporting - Ducks Unlimited
4% Dining & Entertain - Savor                   3% Travel & Hotels - Propel & Uber                   2% Everything Else - Venture


    $ 30,000           $ 28,500          $ 25,750          $ 17,500            $ 7,500             $8,000             $ 7,500              $ 4,000              $ 3,500

                                                     
                                                                   $ 30,000           $ 10,000           $ 10,000           $ 4,000   
Message 12 of 17
Member

Re: Starting to rebuild

Thanks again for all of the great discussion.  Today I applied and was approved for both:

 

Cap1 Platinum - $3000 CL

Discover IT Secured - $300 deposit

***and learned how to add them to signature!*** 

 

I plan on never letting either card get above 10% utlization each statement, and of course PIF.  Should I make payments before statements post so some statements show a $0 balance?  The "BK7 to 700 in 24 months"  guide discusses this but I have heard mixed reviews.

 

I do frequently shop on Amazon and Lowe's so would love to eventually apply for 1 of these cards, should I wait 5+ months before looking for a 3rd card?

Credit Rebuild started 9/14/2018

Message 13 of 17

Re: Starting to rebuild

Wow! Congrats on the SL of your unsecured Cap1 card! I'm unsure of what to say for your 3rd card. I'm assuming you could apply for a 3rd to let them all age together, but I'm not sure how bk friendly they are. Best of luck! 

Message 14 of 17
Established Contributor

Re: Starting to rebuild

I prefer bank cards instead of store cards. Lowes gives more generous starting line of credit than Home Depot. I think Lowes like a score of mid 600s before they approve you. 

 

Have you received your FICO scores yet post BK? 

 

Amazon, I'm not sure about BK friendly, 5% rewards, but Discover throughout the year by quarters has a 5% category, Amazon will be from Oct, Nov and December.  Then it will change Jan-Mar, etc. 

 

IMHO, I'd apply only within this month, and garden (meaning no new apps) for a year to let the inquiries age off and let the age of youngest account hit the year mark -all at the same time. You will receive your best bump on any youngest card crossing that age threshold. 

 

Congrats on the 2 cards so far! 

Starting Score: 2/23/2017 Score 8 EQ 651 TU 659 EX 679
Current Score:09/23/2018 Score 8 EQ 809 TU 828 EX 810
Mortgage Scores 09/23/2018 EQ 775 TU 787 EX 783
Goal Score: 760+ ATB FICO 8-Achieved 4/2018, Middle Mortgage Score 782-Achieved 760+ 2/2018
Message 15 of 17
Member

Re: Starting to rebuild

Thanks guys!!

 

CreditWise, through the Cap1 app, is showing a score of 657 but I understand that this is the TransUnion Vantage score instead of a true FICO score.  I plan on pulling my free CR in a few weeks once I'm 1 month post-discharge.  I'll then try to clear up my credit report.

 

Do you think the Lowe's card is still a possibility given my recent discharge and mid-600s score? I understand the importance of opening all accounts in the same month.

Credit Rebuild started 9/14/2018

Message 16 of 17

Re: Starting to rebuild

You can pull your FICO from creditchecktotal.com for all 3 without dinging your credit. It's a $1 trial and you can cancel within the website before the 7 days to avoid the $30 monthly charge. FICO scores are usually different (up or down) from your Vantage score from CK.
Message 17 of 17