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So I've been rebuilding my credit for around a year now. I wrecked my credit when I was young (30 now) and was fortunate enough that almost all baddies fell off by now. I could have made more progress I guess, but I went from the low 500s to approaching mid 650s so far via the following:
1 year ago opened OpenSky secured $200
6 months ago opened $13k auto loan
3 months ago graduated FingerHut $300
1 month ago $500 12 month Installment loan
It seemed my scores might be good enough to get some unsecured offers so I went on a mini app spree last night and ended up with the following new additions to my profile:
Approved Cap1 Platinum $300
Approved Amazon Store Card Secured $500
Declined Disco - Prequal tool wasn't working, took the long shot and lost. Probably becuase they now pull EX, the only report that shows a 60 day delinquent
I'm also thinking of applying for a card through the credit union handling my auto loan, they have been very generous. And I also just opened a NavyFirst account and I hear amazing things about their offers to rebuilders, so I am thinking of applying there.
2yr Inquiries on each report as follows - EX - 6, EQ - 6, TU - 4.
So I'm wondering... Do you guys think I have enough to start the garden? Or should I try to get a couple more cards?
Thank you!
Hi Thornback,
Thanks for your response and help!
I may have this backwards, but I have been waiting to do the GW campaign since I really screwed the pooch with the loan that went 60 days delinquent. Not only do I have a 60 day delinquent on it, I also have 5 30 day lates. 6 out of my 12 payments on that loan were late. My excuse? I was going through hell after losing my job and didn't know they were reporting so I deprioritized the payments. I was a noob using CreditKarma, which wasn't reporting anything and I was shellshocked when I found out they were reporting to Experian. Doh! The loan was closed only 1 year ago.
So I have been feeling like I would have a much better chance of GW removing 6 lates if I could establish some credit first, and then explain my circumstances 2 years prior that caused the lates, and how I have found stability since and have 2 year squeaky clean credit to prove it.
Is there a reason why I shouldn't get at least a Navy Fed or card from the CU I have an auto loan with? Do you think I might not be approved? Wouldn't an extra 1-2 unsecured cards known to grow be good if I'm going to garden for 6 to 12 months?
Not trying to be a hard head, just want to understand.
Thanks again!
You only need 3 revolvers in an initial rebuild once you have those you can garden for awhile (min 6 month). Also if that 500 installment loan is a secured loan you dont need it with the open auto loan, one installment type loan is sufficient. Welcome to the board
First, congratulations on your scores approaching 650.
I'm in a similar situation in many ways. Question: do secured cards build credit as well/fast as unsecured cards with the same limit? I know they show as secured, so a human evaluating your credit may look at it differently. Just wondering if it's mathematically the same in calculating credit scores. Thanks!
Scorewise, there is no difference between secured & insecured; both will build your credit in an equally meaningful manner.
@KJinNC wrote:First, congratulations on your scores approaching 650.
I'm in a similar situation in many ways. Question: do secured cards build credit as well/fast as unsecured cards with the same limit? I know they show as secured, so a human evaluating your credit may look at it differently. Just wondering if it's mathematically the same in calculating credit scores. Thanks!