Trying to Formulate a Plan

[werkinonit]

Hi All!

 

I'm new here - been lurking for a few weeks, trying to soak up all the words of wisdom I can from some seemingly brilliant people! I'll admit I don't fully understand every bit of what I've read as of yet, but I'm light years beyond where I was when I discovered this magnificent place. I have LOTS of questions and I plan on starting my own "Personal Credit Repair Journey" thread eventually (sooner rather than later), but I'm going to try to keep this first one short and sweet (too late, I know).

 

So I, like so many others, messed up when I was younger and am doing my best to remedy things now. I swore off credit cards for years and finally decided I needed to get back into the game if I ever wanted to really build my credit. I researched proper use of credit and finally took the plunge. I was approved for a Capital One QS in July (I know, people pretty much seem to hate them...especially here, but beggars can't be choosers, right? And at lease I'm getting some cash back) - only $500 CL, but at least it's a start!! I've been using it for any and everything I purchase and immediately pay it off in full. I was also approved for a car loan with DCU in August with a 3.9% APR for 60 months (though I plan to have it paid off sooner than that). I also have a student loan that I've been paying off (on time!) for about 3 years now. Other than that, I've paid off any debts I'd had, but I still have some baddies on my report that need to age off (some soon, some not so soon). My Equifax credit score is 675 (I'm planning on paying to find out my other two as soon as my QS card reports. Even though I've had it since July, it hasn't made it onto my reports yet for some reason). I know that's not good, but it's improved about 40 points since late June, so at least it's moving in the right direction!

 

Here's my question(s): I've read that people have had luck asking for CLIs at 60 days (and then possibly still getting their automatic CLI at the 3 month/statement mark). I'm thinking of trying this, but I'd also like to apply for another credit card. I'd love to do Chase Freedom, but I have an old baddie with them (it's paid off - recently - but it's got a while before it's off of my report), so they're not going to approve me at least until I can prove I can handle my credit like an actual adult for some time. So I'm now seriously contemplating a Discover It card (again, I know, a lot of people here absolutely hate Discover). I read about the Apple Pay promotion that they're having and I like the idea of their double cash back the first year. I was also thinking of applying for the Target card for the 5% off in stores (there's one near me that has a grocery store, so that could be useful) and to add more available revolving credit. So I'm wondering in which order I should try this? My guess was go for the CLI first, then the discover? But I don't know if that's right at all. I'm thinking I should probably do the Target card last, since I feel like that one is probably least important. I currently have 4 inquiries (2 from DCU - I guess they pulled when I opened my checking/savings account and again two or three days later when I went for the auto loan. Overkill? I kinda thought so, but who am I to say?) and I'm worried about looking too desperate to Discover (I hear Cap 1 is hard pull happy, so I assume a CLI request would trigger another hard pull). Ugh, I'm basically just really nervous and assume I'll probably be shot down anyways and I'd hate to add too many hard pulls... but at the same time, I'd love to start working on increasing and diversifying my portfolio.

 

Ok, so I know this was a jumbled train of thought-type post, but any and all advice would be so greatly appreciated! I just keep reasoning myself in circles - I should do the CLI to have more available credit so Discover might give me more if I'm approved, but maybe I should do discover first so I have fewer hard inquiries, blah, blah, blah. I'm gonna drive myself cray by the time I'm finished. (and please don't judge me for my sub-par score and lack of credit. I'm doing by best to fix my past - it ain't easy )

[cv91915]

Welcome.

 

Advice here on which cards are good cards changes with your credit profile. The Quicksilver is a good card for you now. I still have mine open - it's my oldest card - even though it only gets used for Uber (20% back until April 2016).

 

You need to pick up a couple more solid major credit cards and manage them responsibly for a while in order to qualify for the next-higher tier of cards. For right now I would focus on identifying the two very best cards that you can get, grab them, and as they age for six months you can use that time to clean up your reports.

 

You mentioned that you have negatives reporting but you weren't very specific. If you have a couple of easy deletes you might do those before applying for new credit.

 

Good luck with your plan.

[werkinonit]

Thanks! I'll see if I can get anything deleted. I tried a little while ago with no luck, but with a little more knowledge under my belt from these boards, I'll give it another shot.

[blitzdonkey]

Cli on the cap1 via luv button is a soft pull. So feel free to mash away if you think you can get one. Good luck. I'm working on cli on my cards too.

[werkinonit]

Oh good to know! Thanks! I'll definitely try that once my second statement posts. Thanks!

[Kat58]

You have obviously been reading... Good Job!

 

I think Discover is an excellent 2nd card choice. Cap One was my 1st cc, also... Discover was my 2nd cc (see my sig).

 

I would apply for the Discover, when your Cap One is 6 months old. If you are opted in, you may get a pre-approval from them, in the mail. That's how I got mine. I lucked out... I new nothing about the "how to", in credit. I didn't even know what a BT was, at the time... lol.

 

Forget about Chase, Citi, & Barclay, until you have at least 1 year of revolving history.

 

Congrats again on your Cap One CLI!

You're doing a Great Job!

[werkinonit]

You have obviously been reading... Good Job!

 

I think Discover is an excellent 2nd card choice. Cap One was my 1st cc, also... Discover was my 2nd cc (see my sig).

 

I would apply for the Discover, when your Cap One is 6 months old. If you are opted in, you may get a pre-approval from them, in the mail. That's how I got mine. I lucked out... I new nothing about the "how to", in credit. I didn't even know what a BT was, at the time... lol.

 

Forget about Chase, Citi, & Barclay, until you have at least 1 year of revolving history.

 

Congrats again on your Cap One CLI!

You're doing a Great Job!

Awesome info Kat58!! Thanks so much! I'll definitely follow your advice. Only three more months and then I'll go for the Discover! The journey is slow but exciting! I didn't get into this situation overnight, so I understand it will take some time to break on through to the other side... or at least to the 700s! haha