Rebuilding/Starting out. Need suggestions.

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4 posts
FeedMeKnowldge
 
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Joined: Fri Mar 21, 2014 5:30 pm
Location: Houston

Rebuilding/Starting out. Need suggestions.

Postby FeedMeKnowldge » Fri Mar 21, 2014 6:02 pm

Hello first time posting

Trying to figure out if I need to add to my credit profile or stay with what I have untill my payment history/AAoA has more length of time in order to raise my credit score?

Background:
Fico experian score: 658
AAoA: 3yrs 11months
Income: 84K + annual bonus

Credit Cards: all accounts good payment history, paid in full each month and keeping CC utilization under 5%.

Cap1(secured) $300 4/2013
Cap1 Quicksilver One $500 11/2013
Kohls $300 11/2013
AutoLoan: $21k remaining 5/2013

Negatives:

Redeemed Repo: has 60 day late reporting. Account paid and closed in 12/2011


RyanMac
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Location: Canada

Postby RyanMac » Sat Mar 22, 2014 10:30 am

Your CL's seem pretty low even with your credit score. Do you really benefit from the Kohl's card? Might be something you could consider dropping in due time. I would maybe ask for a CLI on the Quicksilver One.

MemberSince99
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Postby MemberSince99 » Sat Mar 22, 2014 11:15 am

He just opened it. Why close it 4 months later?


With the Cap One secured card, you have almost a year of revolving history now. What is no doubt killing you is the recent baddie (repo) reporting. It will make it a bit tricky but if I were you I'd try a few strategic apps for cards, no more than 3 or so then wait 6 months and try it again. Don't go nuts on it but just test to see what you can get. I would try Chase Freedom simply on the basis that it's not that hard to get and Chase is as easy to recon with as you'll find. Maybe Discover IT and the Barclay's Rewards MasterCard as well OR the BofA 99/500 limit secured card IF all 3 of the above don't pan out, but don't push it beyond that.

I would not continue to app beyond that regardless of what happens you need to build slowly and that's what you've done so far so keep in that spirit until you get into the 700s.


Once you've had a few prime cards reporting for 6 months dump the secured card and get your money back because at that point you don't need that card. Quicksilver could be a long term keeper.

linuxmachine
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Postby linuxmachine » Sat Mar 22, 2014 9:43 pm

Add a couple cards. I would suggest discover it and Sallie Mae. Those are easy to acquire and have good bonus categories.



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