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10 months of progress; what do I do next?

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Hi everyone, I am so glad I found creditboards last year.  Everybody is so helpful and this is a fantastic community.
I would like to share a brief version of my story.  I'm also seeking suggestions and guidance for how to proceed on my journey.
So let's begin.
When the housing market collapsed in 2008, I lost just about everything.  I knew my credit was really bad because I had taken such a beating, so for years I never bothered to check it.  I just became one of these people who pay cash for everything.  Ten years went by until I came across creditboards.  To be honest, I was frightened to even look at my credit.

 

March of 2018, I followed the guides in the newbie section and discovered my scores were in the 550s.
Two delinquent student loans with the US Dept. of Education were my only accounts.

Using the SEARCH function on here, I read everything I could about these type of student loans.  Turns out that there's a loan rehabilitation program.  I was able to work out a payment plan with a written guarantee to remove the delinquent reporting from all credit bureaus after 9 payments. 

 

Following the newbie guides, I obtained the following secured cards:
- Disco
- Cap One Plat
- US Bank Harley Davidson
- Citibank

I use a spreadsheet to track due dates and make sure I pay off the cards in full each month.


This week, Experian suggested applying for Cap One Quicksilver.  I was super psyched to get approved for $300.  Despite the tiny limit on the card, it felt good.  First unsecured card in a long time.

 

Also joined NFCU.  Haven't applied for anything there yet.

 

An old Brighthouse Charter cable tv bill for $550 showed up on my experian out of the blue.  It was from Waypoint Resource Group.  Paid Brighthouse and it should come off next month.

 

Student loans are still showing delinquent.  Should come off this month. 

 

Looking forward to my goal of being a homeowner once I can qualify in the future.  Tremendously grateful for all the help on this site.  Welcome all suggestions
 


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Congratulations on taking all of these positive steps, especially with your self-guided approach.  You've made good decisions.

 

Since you already have five revolvers and you are so close to having your final negatives drop, I would wait until that happens.  Your scores will skyrocket when your reports are clean.

 

The next step would be to look at your expenses and figure out which rewards cards will maximize what you can get back from your spending.  Wait until your reports are clean before opening anything else.

 

With clean reports you should have access to whatever cards you want (hint: NFCU offers zero of the best 50 rewards cards in the market for people with good credit, so I'd leave them alone at this point).

 

Are the current limits on your unsecured cards sufficient for you to keep your utilization under control just by using the cards normally (buy stuff, let the statement close, pay the statement balance ~3 weeks later before the due date to avoid paying interest)?  

 

If not I'd start putting a plan together to grow your overall capacity.   Some will point you to NFCU to get a larger limit out of the gate, but I'd rather see you open quality long-term cards from issuers that are good with CLIs and/or allow you to combine limits.

 

Great work!!  :good: 

 

 

 

 

 

Edited by cv91915

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