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8 years out of circulation and look what has happened


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Hello All,

 

So, about 10 years ago we were having such dire financial tragedies that I took robbing Peter to pay Paul to new heights.  We lost all of our CC and were months behind on our mortgage.

 

Just for kicks we hopped a plane to Europe and have been living here for 8 years.  Living a comfortable life.  Always able to pay our bills and even able to put some money away.

 

We are planning a return to the States in a couple of months.  Let me say, moving back to the U.S. is much more complicated than moving out of the U.S.  So to prepare for the move and getting all of the infrastructure we need to live.  Housing, car etc. I decided to try to get a credit card or 2.  One reason was that to even rent a car you need a CC now.

 

In May I got a secured card with $500.  So now I can rent a car if I need to.  

 

Been paying on it each month with a low utilization showing and after just a few months my Experian Vantage score went from 631 in June to 709 in August.

 

I tried for a "regular" card and got approved for $1000 with CreditOne AmEx.

 

I have to say that being "off grid" for 8 years really does wonders for a Credit Report.  No baddies now, just very thin. 

 

So I'm wondering what I should try for next.  Any ideas.

 

Thanks

 

Seb

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21 hours ago, Burgerwars said:

Which country in Europe?

I'm assuming you have a bank account and credit card(s) there. There's no law you have to close them, and I suggest you don't. If you close them, it's basically next to impossible to reopen them from the U.S.

Hello Burgerwars,

 

Poland, yes we have 2 bank accounts here and a CC.  We are going to keep them -- just because.  Actually the CC is quite good, only 7.5% interest.

 

Seb

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First, keep building your credit profile by adding quality new accounts.  I would close the CreditOne card as soon as you have some additional options.  It's going to raise eyebrows anytime a human reviews your credit report, and now that you have one it's going to report for 10 more years.

 

On 9/11/2021 at 2:57 AM, Sebulba said:

In May I got a secured card with $500.  So now I can rent a car if I need to.  

 

Don't be certain of this; you'll probably want to use the card with the $1k limit.  Often the rental agency will do an authorization for the amount of your rental PLUS $500.  

 

On 9/11/2021 at 2:57 AM, Sebulba said:

Vantage score

 

No one uses the Vantage Skore to evaluate your creditworthiness; that's just for your entertainment.  FICO is the standard, and there are various FICO models in use, many tailored to the specific type of credit you are seeking (automotive, mortgage, credit card, etc.).

 

 

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9 hours ago, Sebulba said:

Actually the CC is quite good, only 7.5% interest.

 

This is 7.5% too much.  :)  If you pay in full every month, which you should, the interest rate is completely immaterial.  

 

Take a look at all of the rewards cards offered in the U.S.  Instead of resigning yourself to pay the issuer interest, invert this approach and maximize how much the issuing bank will pay you back for your spending.  

 

Right now I put every possible purchase on a credit card, and get back 2.625%-5.25% on every purchase.

 

Travel rewards cards can also be strong options if that fits your lifestyle:

 

 

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All very valid and useful strategies.

 

Right now I'm just trying to get something rolling again on a verrryyy thin CR.

 

I did check my Experian FICO800 score today and it shows 723, which is very respectable, albeit with a very thin report.  One secured card (First Progress) for $500 reporting since June.

 

So, that is my main question,  what would be a good option to go for next?

 

Thanks

 

Seb

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6 hours ago, Sebulba said:

All very valid and useful strategies.

 

Right now I'm just trying to get something rolling again on a verrryyy thin CR.

 

I did check my Experian FICO800 score today and it shows 723, which is very respectable, albeit with a very thin report.  One secured card (First Progress) for $500 reporting since June.

 

So, that is my main question,  what would be a good option to go for next?

 

Thanks

 

Seb

another secured card from a mainline issuer and stop getting crappy high fee bottom feeder cards.

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Toy cards beget further toy cards.  And even if you step to toy cards from a reputable issuer, it is STILL a toy card. 

 

Find a good bank if you HAVE to settle for a secured card and park at least a few thousand.  BofA has a secured product.  There also used to be a Chicago area bank that would permit secured accounts up to $25K...and yes, there ARE people looking to get back into credit with those sorts of funds just sitting around.

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22 hours ago, hegemony said:

another secured card from a mainline issuer and stop getting crappy high fee bottom feeder cards.

 

^ This

 

Stop with the bottom feeder lenders like credit one.  Save up a few thousand and put it in a secured card that can graduate into a decent rewards card.  BoA has a good secured product and is a good place to start.  There are a few credit unions you can join as well just by joining an association that have these offerings as well.  Avoid any card with annual fees, monthly fees or cards with no grace period.

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