any scope for improvement?

Anonymous · ‎05-11-2015

Hi all, i wanted to post an update on my situation and hope for some advice on what next steps should be towards a prime score.

Rebuilding for the last year. Cleaned up a bunch of baddies and my current profile is as follows.

1. One capital one platinum secured mastercard.limit 200. Opened june 2013.one 90 day late jan 2014. Clean since then.balance of 150$.
2. Fingerhut 400$ revolving (not freshstart) opened feb 2015. Boight one item for 55$. One payment of abt 15$ remaining.
3. Cap one quicksilver limit 500$.opened jan 2015. Zero balance.pif before each statement cuts

All 3 of my fico scores are in the 620s. I feel i have done all i can within paying the accnts diligently and keeping report clear of enquiries (save the accts i already have).is this the ceiling on my scores for the next 6 months or so?

I have tried GW ing the 90 day late with no success so far.

Also hoping for fingerhut to increase my limit within the next couple of months.

Any advice on what my next steps should be? I feel going from 620 to past 650 can only happen in abt a year if i keep working on these accounts without being able to GW the 90 day late.

Should i add another acct or a loan?

Thanks.

Anonymous · ‎05-11-2015

The balance on the secured card is hurting you. Pay it off, close that one and open a new cap one unsecured account. I would also suggest a Barclays Reward MC with your scores. That will get you the recommended 3 bank cards.

I would not even mess with the Fingerhut account. SD it and let it go dormant until they close it.

Do you have an active installment account? (Student Loan or Auto Loan)

Anonymous · ‎05-11-2015

Thanks for your response.yes..my next step is to pay off secured card but since it is my oldest acct..2 yrs old..does it benefit if i close it?would that affect my aaoa?

I bought onky 1 item on fingerhut in the hope that after i pay it off in 3 installments..they increase my limit from 400. Once limit is increased i will let it go dormant.

I do not have an installment loan acct although my electricity acct from dte energy is reporting to equifax and experian as an installment accnt.i do not know if a utility acct reported helps scores or not.

I am looking ti get an auto loan 6 months down the line and the attempt is to get the scores to abt 660 before i do that.

My quicksilver is 4 months old..waiting for 2 months to ask for a cli and also apply for any other cc.

Anonymous · ‎05-11-2015

Also i teally want to get a kohls charge card or a meijer credit card..with this profile would i have a chance on any of these?or do i wait and garden for another 6 months?

Anonymous · ‎05-11-2015

@Anonymous wrote:
Thanks for your response.yes..my next step is to pay off secured card but since it is my oldest acct..2 yrs old..does it benefit if i close it?would that affect my aaoa?

I bought onky 1 item on fingerhut in the hope that after i pay it off in 3 installments..they increase my limit from 400. Once limit is increased i will let it go dormant.

I do not have an installment loan acct although my electricity acct from dte energy is reporting to equifax and experian as an installment accnt.i do not know if a utility acct reported helps scores or not.

I am looking ti get an auto loan 6 months down the line and the attempt is to get the scores to abt 660 before i do that.

My quicksilver is 4 months old..waiting for 2 months to ask for a cli and also apply for any other cc.

Closing an account will not effect AAoA until ten years after closure.

Try getting a small secured loan from SDCFU - they will do $500@3% for 36 months. Works out to a $14 payment. Not certain how utility accounts may be scored - unusual for them to report as installment, usually they report as revolving.

No reason to wait for the second Cap One account - sooner better than later.

Anonymous · ‎05-13-2015

Quick question...I have been getting capital one platinum mastercard preapproval in the mail.

Is it worth closing my old platinum secured mastercard and applying for this unsecured offer? Does it add any value?

@Anonymous wrote:
@Anonymous wrote:
Thanks for your response.yes..my next step is to pay off secured card but since it is my oldest acct..2 yrs old..does it benefit if i close it?would that affect my aaoa?

I bought onky 1 item on fingerhut in the hope that after i pay it off in 3 installments..they increase my limit from 400. Once limit is increased i will let it go dormant.

I do not have an installment loan acct although my electricity acct from dte energy is reporting to equifax and experian as an installment accnt.i do not know if a utility acct reported helps scores or not.

I am looking ti get an auto loan 6 months down the line and the attempt is to get the scores to abt 660 before i do that.

My quicksilver is 4 months old..waiting for 2 months to ask for a cli and also apply for any other cc.

Closing an account will not effect AAoA until ten years after closure.

Try getting a small secured loan from SDCFU - they will do $500@3% for 36 months. Works out to a $14 payment. Not certain how utility accounts may be scored - unusual for them to report as installment, usually they report as revolving.
No reason to wait for the second Cap One account - sooner better than later.