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I have a good credit reports for the first time in over 20 years!! Now what?!


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19 replies to this topic

#1 minnesotakent

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Posted 21 April 2018 - 02:48 PM

I am beyond thrilled. For the first time in over 20 years I don't have anything negative on my credit reports and all balances on revolving accounts are either at $0 or less than $100. My FICO scores are all in the low 700's. 

 

Here is what I currrently have for credit cards. All cards are between 2 and 3 years old and have not had any credit limit increases in at least two years.  I intend to ask for limit increases on all current cards and then combining the Capital One cards into two cards. 

 

1) Capital One Platinum. Credit line is $6,000.

2) Captial One Platinum. Credit line is $6,500.

3) Capital One Venture One.  Credit line is $3,000.

4) Capital One Quicksilver. Credit line is $3,500

5) Capital One Venture. Credit line is $15,000.

6) Walmart store card. Credit line is $1500.

7) Paypal store card. Credit line is $2500. Doesn't report to credit bureas.

8) Amazon store card. Credit line is $1500.

9) Barclays credit card. Credit line is $1500. 

 

What should I apply for now? I opened a Pen Fed savings account a couple of years ago, but was denied for a credit card at that time but I still have the savings account. I included NFCU in a bankruptcy eight years ago, so that is not a possibility.

 

Any suggestions would be appreciated. Thank you.





#2 shifter

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Posted 21 April 2018 - 03:12 PM

Anything you want. I would look at the bennies you want and strategize an app spree after the CLIs and combining and letting the larger CLs report.

#3 MarvBear

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Posted 21 April 2018 - 03:43 PM

congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats!!!!!!!!!!!!!!!!!!!!!



#4 TheVig

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Posted 21 April 2018 - 03:49 PM

Congrats!!!!!

 

How is your cash liquidity "emergency fund" if life happens such as job loss, etc? 6 to 12 months of living expenses tucked away in the bank?

 

Enjoy your new found credit. Remember always PIF. In other words never pay credit card interest.



#5 cv91915

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Posted 21 April 2018 - 07:15 PM

Congrats on the clean reports!!! If your utilization is low your FICOs should be higher than low 7s. How low in the 7s? Which FICO model?

#6 IvyMgmt

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Posted 22 April 2018 - 09:53 AM

I am beyond thrilled. For the first time in over 20 years I don't have anything negative on my credit reports and all balances on revolving accounts are either at $0 or less than $100. My FICO scores are all in the low 700's. 
 
Here is what I currrently have for credit cards. All cards are between 2 and 3 years old and have not had any credit limit increases in at least two years.  I intend to ask for limit increases on all current cards and then combining the Capital One cards into two cards. 
 
1) Capital One Platinum. Credit line is $6,000.

2) Captial One Platinum. Credit line is $6,500.

3) Capital One Venture One.  Credit line is $3,000.

4) Capital One Quicksilver. Credit line is $3,500

5) Capital One Venture. Credit line is $15,000.

6) Walmart store card. Credit line is $1500.
7) Paypal store card. Credit line is $2500. Doesn't report to credit bureas.
8) Amazon store card. Credit line is $1500.
9) Barclays credit card. Credit line is $1500. 
 
What should I apply for now? I opened a Pen Fed savings account a couple of years ago, but was denied for a credit card at that time but I still have the savings account. I included NFCU in a bankruptcy eight years ago, so that is not a possibility.
 
Any suggestions would be appreciated. Thank you.


I thought you were only allow one Capital One Card per product? When you applied for the Quicksilver what was your starting amount and were you on the step program?


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#7 minnesotakent

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Posted 22 April 2018 - 02:29 PM

Answers to the above questions.

 

My emergency fund could get me through at least six month, but not an entire year. I could put more into that, but I have chosen to put more into my 403B (similar to 401K) instead.

 

It is FICO 8. Transunion is at 748. Experian and Equifax are both at 735,

 

My wife also has 2 Platinum accounts with Capital One. All of our applications were submitted through the Capital One website. We just applied and got them. We've had those accounts for about 3 years.

 

I don't remember if I was on the step progam for the Quicksilver account or what the beginning limit was. 



#8 cashnocredit

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Posted 22 April 2018 - 04:51 PM

Answers to the above questions.

 

My emergency fund could get me through at least six month, but not an entire year. I could put more into that, but I have chosen to put more into my 403B (similar to 401K) instead.

 

It is FICO 8. Transunion is at 748. Experian and Equifax are both at 735,

 

My wife also has 2 Platinum accounts with Capital One. All of our applications were submitted through the Capital One website. We just applied and got them. We've had those accounts for about 3 years.

 

I don't remember if I was on the step progam for the Quicksilver account or what the beginning limit was. 

 

Very nice job getting things back in financial order. :)



#9 blake10

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Posted 22 April 2018 - 05:24 PM

I would ask for CLI on all your Capital One cards and ask for 25k increase on your Synchrony Walmart & Amazon Cards. Then combine/move the Capital One Platinum cards to your Venture acount to create one card about 30k Credit line. Then go after the big banks that you are not blacklisted with.

#10 tobettercredit

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Posted 22 April 2018 - 07:28 PM

I would ask for CLI on all your Capital One cards and ask for 25k increase on your Synchrony Walmart & Amazon Cards. Then combine/move the Capital One Platinum cards to your Venture acount to create one card about 30k Credit line. Then go after the big banks that you are not blacklisted with.

+1.



#11 nooneimportant

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Posted 23 April 2018 - 01:11 AM

Congrats! If I were you, I would maximize my score before applying for new accounts. Utilize the $2 trick. Also, if you don't have any open installment loans, you might consider using the Alliant loan hack (though you can't use Alliant anymore).

#12 davidrotts

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Posted 23 April 2018 - 06:33 AM



Also, if you don't have any open installment loans, you might consider using the Alliant loan hack (though you can't use Alliant anymore).

Do you have another option?

#13 nooneimportant

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Posted 24 April 2018 - 10:33 AM

I have a personal loan from SoFi that works for that purpose. The interest rate is higher than Alliant, but the overall cost is still small.

#14 davidrotts

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Posted 24 April 2018 - 10:44 AM

I have a personal loan from SoFi that works for that purpose. The interest rate is higher than Alliant, but the overall cost is still small.

What's the minimum? Can you pay off early to avoid interest?

#15 minnesotakent

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Posted 28 April 2018 - 03:07 PM

I did exactly what blake10 suggested. 

 

I requested CLI on all the Capital One accounts and got the 2 to 3 day message for all of the requests.

My Walmart card limit had been $1,200. I requested $25,000 and received a $6,000 total limit.

My Amazon store card had been $1,300. I requested $25,000 and received a $6,000 total limit. 

 

The big news is:  I applied for the PenFed Power Cash Rewards card and was approved with a credit limit of $28,500!!!!!

 

Thank you, everyone, for your advice. This has worked out pretty good, even if I don't know what will happen with the Capital One cards.  



#16 Kat58

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Posted 28 April 2018 - 08:35 PM

Congratulations on the PenFed approval and the CLI's!!!



#17 IvyMgmt

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Posted 28 April 2018 - 08:38 PM

Wow that’s awesome good work!


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#18 Mdill1942

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Posted 28 April 2018 - 10:02 PM

Congrats! If I were you, I would maximize my score before applying for new accounts. Utilize the $2 trick. Also, if you don't have any open installment loans, you might consider using the Alliant loan hack (though you can't use Alliant anymore).

What is $2 rule, seeking knowledge

#19 Kat58

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Posted 28 April 2018 - 10:35 PM

 

Congrats! If I were you, I would maximize my score before applying for new accounts. Utilize the $2 trick. Also, if you don't have any open installment loans, you might consider using the Alliant loan hack (though you can't use Alliant anymore).

 

What is $2 rule, seeking knowledge

 

Here you go  :)

 

https://creditboards...44017&hl=+trick



#20 blake10

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Posted 29 April 2018 - 08:42 AM

I did exactly what blake10 suggested. 
 
I requested CLI on all the Capital One accounts and got the 2 to 3 day message for all of the requests.
My Walmart card limit had been $1,200. I requested $25,000 and received a $6,000 total limit.
My Amazon store card had been $1,300. I requested $25,000 and received a $6,000 total limit. 
 
The big news is:  I applied for the PenFed Power Cash Rewards card and was approved with a credit limit of $28,500!!!!!
 
Thank you, everyone, for your advice. This has worked out pretty good, even if I don't know what will happen with the Capital One cards.  

congratulations




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