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Divorced In Seattle

Credit Card Success!

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Back in October, my credit score (per CreditWise via TransUnion) was at 562. My biggest dings were utilization (90-ish percent), which was mostly due to low limits (Citi $700 limit) and a card on which I was carrying a balance (Capital One w/$2k limit, balance around $1,800 at the time); a charge off, (Credit One); and a smattering of late pays.

 

Seeing my score made me realize it was time to make some changes! I made a concerted effort to pay off the balance on the Capital One card, and have had a zero balance since late January. I also sent an email to the company with the charge off (CreditOne), pointing out some inconsistencies in their report, and kindly asking them to just remove the entry, which they did. After that, I was able to get a credit line increase on the now paid-off Cap One card to $3k. A couple of weeks ago, I applied for an Amex (I used to have a Costco Amex, but it was sold to Citi a couple of years ago), and they gave me a card with a $1k limit. All of this has pushed my CreditWise score to 689 (Experian pegged it at 672). Experian Card Match listed Discover as a card I might be able to obtain. I just applied, and was given a $12k limit! That's my highest credit card limit in my lifetime! This gives me four credit cards and an auto loan, so now I'm done applying for credit for awhile. I think I'm going to let things settle for awhile, and then see about getting an increase on my Citi limit. Citi is my go-to card because of the Costco rewards, and I PIF every two weeks. 

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Congrats! It's a great feeling when you've made a concious effort to take charge of your credit, and see the results.

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Congrats on your successes and for absorbing some important concepts and putting them into action.

 

A couple of constructive suggestions as you look toward the future:

 

- CreditWise provides Vantage Skores, but it's FICO scores that are actually used to evaluate creditworthness for the purposes of extending credit.  Your skores from CW may be dramatically different than the ones lenders actually use.

 

- The credit cards that are "recommended" to you by credit platforms like Experian Card Match, Kredit Carma and similar sites are influenced by how much the issuer is compensating the platform to make the recommendation.  That doesn't mean they're bad cards, but caveat emptor.

 

Best wishes on the next chapter.

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On 3/7/2019 at 2:10 PM, cv91915 said:

Congrats on your successes and for absorbing some important concepts and putting them into action.

 

A couple of constructive suggestions as you look toward the future:

 

- CreditWise provides Vantage Skores, but it's FICO scores that are actually used to evaluate creditworthness for the purposes of extending credit.  Your skores from CW may be dramatically different than the ones lenders actually use.

 

- The credit cards that are "recommended" to you by credit platforms like Experian Card Match, Kredit Carma and similar sites are influenced by how much the issuer is compensating the platform to make the recommendation.  That doesn't mean they're bad cards, but caveat emptor.

 

Best wishes on the next chapter.

Thanks! That's great feedback!

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