Went a little crazy on the rebuild, what is the next step

[Anonymous]

I had only late payments on my credit report (as far as bad marks)

I have some 30s and 60s
Nothing else...  except high utilization

I was at like 90%
So I paid everything off as far as credit cards in one day
I currently still have a small car loan (low rate) about $3700

Just paying everything off jumped my score about 100 points
One issue I have a long term Credit One Bank card (I know)
And that is the only long term card I have

In the two months ago I got approved for
American Express blue cash everyday
Discover It
Chase Freedom unlimited
Bank of America Travel Awards Visa
Capital One Quicksilver

Keep in mind my credit score was 612 when I applied for these cards, so I am not sure why they approved all these..
Now my score is 630 and they are not all reporting yet
(I went for 513 to 630 in two months)

So I have been using the American Express and Chase freedom card... And I have been making multiple payments
(charge $500.. Pay $500.. Charge $500 pay $500) So I ended up spending past the limit on these cards while keeping near zero balances
I can do these because I do some work for a company and if I WANT I can charge on my card and they pay me back.. So I can toss money on the card to get points/cash back/use.  

I would like to get my limits raised so is this the best way to do it (showing use and paying it off?)

I can not use my discover card for this because they decrease my credit line temporarily the amount of the multiple payments   

Chase gave me a very decent SL 6k

Amex was low, 2k

BOA was okay 3k

Discover was 3k

And Capiltal one was only 2k

Now I have enough cards ...
I want to ditch the Credit One Bank card of course... Temporary hits to my credit are okay
I just need it back by November

I can pay off the car loan today, but I will only do it if it improves my credit score

If it is best to have the car loan I will keep it .

I applied for 5 cards in one day, so I assume I have 5 hard pulls now.

I had zero hard pulls on my report because the last thing I applied for was my car loan and that was years back

I also had a amazon store card, I always paid it on time, but they balance chased me when my score went bad, and they eventually just closed the card on me..

I paid it to zero

[Anonymous]

Don't pay off the auto loan unless you have another installment loan to take its place. Closing the Credit One card won't cause a drop unless it increases your UTI. If you close it in good standing it'll stay on your reports for another 10 years

[Anonymous]

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@Anonymous wrote:
Don't pay off the auto loan unless you have another installment loan to take its place. Closing the Credit One card won't cause a drop unless it increases your UTI. If you close it in good standing it'll stay on your reports for another 10 years

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Thanks...

 I am at 1% UTI right now

 My plan is to never get into double digit UTI again

[Anonymous]

Since you said you need the points back by November am I correct in assuming that you will be looking to get a mortgage or new auto loan?

[Anonymous]

Yes, I am trying to get property transferred into only my name 

The mortgage amount is about 40% of value (buying from my parent and paying what is owed) so it should be easy, but not with poor credit

[Anonymous]

In that case you want 1 card to report a balance of less than 9% in October with the other cards reporting a zero balance for optimal scoring. That'll give you the most points possible. And start sending GW letters for the lates. If you get lucky and they get removed that can give you a boost too

[Anonymous]

Wow! 612 and approved for AMEX BDE? that's awesome! AMEX was 2nd one I applied with a score of 659 and was declined I dont know when I'll ever get this card back. Only time can tell!

[RonM21]

First thing. Bye Bye Cedit One......like yesterday!!!!

Now, as fsr as I can tell, what you are doing from a spending standpoint on the cards is good. Just make sure one card reports each month under 10%.

On the car loan, you can pay it off if it makes financial sense to you. The warning is, if it's your only installment loan, your score can drop a little. But always put your financial health ahead of some Fico points first.

[Anonymous]

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@Anonymous wrote:

Wow! 612 and approved for AMEX BDE? that's awesome! AMEX was 2nd one I applied with a score of 659 and was declined I dont know when I'll ever get this card back. Only time can tell!

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Yup

I am not sure why they approved me, or what factors other than my 612 score at the time they found acceptable

I just hope they approve the 3x raise at 61 days (As of today I am sitting at 634 according to my Capital One Card

I am a little worried they will not approve because of the five new cards at the same time including the AMEX and the low score

[Anonymous]

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@RM21 wrote:
First thing. Bye Bye Cedit One......like yesterday!!!!

Now, as fsr as I can tell, what you are doing from a spending standpoint on the cards is good. Just make sure one card reports each month under 10%.

On the car loan, you can pay it off if it makes financial sense to you. The warning is, if it's your only installment loan, your score can drop a little. But always put your financial health ahead of some Fico points first.

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The loan I can pay off, but the interest rate is okay because I got it when I had decent credit

I will probably just keep it how it is because I have it auto draw on a account that has the ability to pay it off and I never use the account for anything else

And my score needs all the help it can get lol