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ADVICE: How to avoid toy card hell


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After reading this post and credit rebuilding. I have seen the errors of my ways. Can't get stuck in Toy Card land. Definitely need to put proper strategy in place since trying to build correctly now. I have joined 3 CU's as well in PenFed, UNFCU and NASA. Haven't app'd yet but once file is a little cleaner. Thanks for the insight CB's gotta keep pushing..

 

 

 

3/22/2015

BK1 (1) on EX: Date Ch 13 Dis’md 2008, 1 Judgment,1 Tax Lien

BKS (1) on TU: Reported Date Ch13 Dis’md 2009

EQ: No BKS got removed – with address change had (3) on 10/2014 on all CRA’s, 1 IRS tax lien, 1 CO

10/07/14 - EX: 553 / TU: 597 / EQ: 589 (FAKO’S USAA, MPM)

11/20/14 - EX: 553 634 / TU: 667 / EQ: 616 (FAKO’S USAA, MPM)

1/5/2014 – EX 669 / TU 676 / EQ 622 (FAKOS’S USAA, MPM)

3/22/2014 – EX 689 FAKO / TU 712 FAKO / EQ 628 (FAKOS’S USAA, MPM)

10/07/14 – EX (5 baddies) Frozen / TU (1 Baddie) / EQ (2 Baddies)

12/02/14 – EX (5 baddies) Frozen / TU (1 Baddie) / EQ (2 Baddies)

11/1/14 – EX (3 Inq’s) / TU ( 0 Inq’s ) / EQ ( 6 Inq’s )

1/5/2015 – EX (0 Inq’s) / TU ( 0 Inq’s ) / EQ ( 5 Inq’s )

3/22/2015 – EX (2 Inq’s) Frozen / TU ( 7 Inq’s ) Had B* on all But R* happened / EQ (7 Inq’s )

Cap 1 $800.00 (0.00 Bal) AU, 1st Premier $700 (0.00 Bal) AU, 1st Premier $400 (0.00 Bal) AU, BOA $400 (0.00 Bal) AU, Open Sky Secured card $250 (0.00 Bal), Applied Bank Secured card $300 (0.00 Bal), 1st Progress Secured card $350 (0.00 Bal), 1st Progress Secured card $300 (0.00 Bal)

After Credit Boards Initial Exercises: Walmart $500 2/2015, Cap 1 QS $1K 2/2015, Barclays $500 2/2015.

My Story:

http://creditboards.com/forums/index.php?showtopic=497777&page=13&do=findComment&comment=5152699

Edited by K1909
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  • 1 month later...

And by the time most people get them, they qualify for much better cards.

 

I was in a weird situation when I opened mine in July 2013 - could get approved for store cards but not anything decent major wise. I was still showing a bunch of COs and a few CAs as well as a relatively short history. I remember even Discover declined me then.

 

I don't recommend getting every store card you can - but I do think having a few definitely helped me as they went up and were more positive lines reporting. Plus for the Synchrony cards I was able to get their limits to really high amounts quickly which helped me get higher limits and approvals on other cards eventually. The only one I'm probably going to ditch is Target if they don't come around from their joke of a $200 limit.

 

So YMMV but once you start getting prime cards - Chase, BOA, etc, it's pointless to open a store card unless you have a very specific reason for it. The only scenario that springs to mind for this is perhaps opening a Lowe's card because you just bought a house and know you'll be spending a lot on remodeling.

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Lowes for utl. Wally for free FICO. That's as far as most people should take store cards, and neither of these are sct.

 

+1. And I will add do not think for a second your store card limits matter to the real banks for anything other than how they skew your FICO scores from a utilization perspective.

 

BofA, Chase, Citi, AMEX couldn't give two cat poops about your $17,000 Lowes card.

Edited by Konrad2012
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+1. And I will add do not think for a second your store card limits matter to the real banks for anything other than how they skew your FICO scores from a utilization perspective.

 

 

BofA, Chase, Citi, AMEX couldn't give two cat poops about your $17,000 Lowes card.

 

 

None at all?

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Lowes for utl. Wally for free FICO. That's as far as most people should take store cards, and neither of these are sct.

J crew at 14400 and free alterations and rewards..yes the DW and daughter use the card a ton

VS 9500 and more free bras and panties than you can imagine..yes the DW uses the card a TON but I am not complaining!

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J Crew could have been useful because of the cli button mash, but alas it's just another sct card...

 

...I just don't have the head space to mash the hell out of the luv button to get it up high enough to matter. I chat w/ Lowes once and pow! CLI. The next cli will take me to 25k.

 

So, Lowes reaches 25k in a few CLIs (I went 800 -> 8K -> 17k). J Crew reaches 15k in increments of 300 dollars, at the whim of their faulty internal scoring. Lowes also offers 5%. J Crew offers alterations.

 

The exception to the rules is always "if you can use it", so by all means use them. But when we're talking about a flat statement that applies to most credit seekers it's Lowes and Wally.

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  • 2 weeks later...

What about Walmart Mastercard and Sams Mastercard? Lenders will see them as mastercards right?

 

Nope, this is what they see:

 

SYNCB/WALMART DC

 

DC stands for discover I guess but its not even a discover anymore :lol:

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  • 3 weeks later...

For people who really want to get a card NOW, but don't want to get stuck with a permanently crappy card, are there any good issuers to target that will take someone with bad credit and a secured card and allow that person to upgrade it over time through Product Conversions and Credit Line Increases into a really great long-term keeper?

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For people who really want to get a card NOW, but don't want to get stuck with a permanently crappy card, are there any good issuers to target that will take someone with bad credit and a secured card and allow that person to upgrade it over time through Product Conversions and Credit Line Increases into a really great long-term keeper?

Good question! Someone, please answer!

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For people who really want to get a card NOW, but don't want to get stuck with a permanently crappy card, are there any good issuers to target that will take someone with bad credit and a secured card and allow that person to upgrade it over time through Product Conversions and Credit Line Increases into a really great long-term keeper?

 

Good question! Someone, please answer!
Bank of America

 

 

And Discover. Not great, but a guy could do much worse.

 

There's an entire Master Secured Cards thread.

Edited by Konrad2012
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For people who really want to get a card NOW, but don't want to get stuck with a permanently crappy card, are there any good issuers to target that will take someone with bad credit and a secured card and allow that person to upgrade it over time through Product Conversions and Credit Line Increases into a really great long-term keeper?

Good question! Someone, please answer!
Bank of America

 

 

And Discover. Not great, but a guy could do much worse.

 

There's an entire Master Secured Cards thread.

 

 

Wouldn't have expected it of BofA. Thanks Konrad... that will be helpful for me while helping my GF rebuild.

Edited by djhall
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