topic Re: what should i do next?? in Credit Cards

what should i do next??

rootpooty — Mon, 19 Mar 2012 05:22:49 GMT

so i have 3 secured cards all opened oct 11 just waiting for a fico score after my 6th statement cuts so hopefully ill have an idea where i stand at the end of the month. I was thinking about bumping the navy federal to 1000cl but just didnt know about the bofa card being they are most likely to hp when i add to the limit. the FP card i got before i knew about myfico. so question is do i have a chance at being approved for anything? i would like to get my first unsecured card but if im better off holding off for a year and hopefully my navy card and boa graduate. i would really like a walmart card cause i shop there alot and the free tu fico would help. suggestions? my tu and eq file is clean except for 4 inquiries and ex has 2 medical collections that seem impossible to fix but im not giving up hope

Re: what should i do next??

rootpooty — Fri, 23 Mar 2012 01:36:26 GMT

anyone?

Re: what should i do next??

Repo-ed — Fri, 23 Mar 2012 01:37:25 GMT

Pay-off and close those maxed cards.

Re: what should i do next??

rootpooty — Fri, 23 Mar 2012 01:40:28 GMT

your joking right? i dont have a balance on any of them

Re: what should i do next??

ctb89 — Fri, 23 Mar 2012 01:43:54 GMT

Do you have any idea what your scores are? You would probably be good applying for a rebuilder card.

Re: what should i do next??

honky — Fri, 23 Mar 2012 01:50:51 GMT

I think to get any real advice, people need to see the scores you have. I think the walmart card would be a great idea since you seem to be running blind right now. Those monthly scores would give you a snapshot of where you sit. However, it doesnt help to take an INQ and be denied... Maybe buy a score and see if youre in the ballpark for the Walmart?

Re: what should i do next??

webhopper — Fri, 23 Mar 2012 02:16:10 GMT

The OP doesn't have a credit score yet guysss!

My advice would be to garden those cards and get a secured loan or a personal loan to create a credit mix since installment loans are a higher quality credit than just credit card accounts.

Re: what should i do next??

rootpooty — Fri, 23 Mar 2012 02:33:15 GMT

yeah thanks Im holding out until i get my 6th month statement then I will pull my reports to see if I have a fico from tu and eq. Ive read about secured loans and I know navy federal does offer them but you really think I should do a secured loan?

Re: what should I do next??

GBPac12 — Fri, 23 Mar 2012 02:40:04 GMT

You always have the option of becoming an AU on a credit card with good history. I actually plan to add my younger sibling on one of my CC before they turn 18. After that, then you should see a pretty generous score increase along with a good amount of history. I would actually recommend getting added on an Amex card, so that you can always backdate to the date you were added as on AU.

Re: what should i do next??

webhopper — Fri, 23 Mar 2012 02:43:02 GMT

Yes! A secured loan will help you build Installment loan credit, which is a 3 star credit quality. Real estate loans are 4 stars, credit cards are 2 stars, and retail cards are 1 star

Re: what should i do next??

discernment — Fri, 23 Mar 2012 04:13:22 GMT

rootpooty wrote:
so i have 3 secured cards all opened oct 11 just waiting for a fico score after my 6th statement cuts so hopefully ill have an idea where i stand at the end of the month. I was thinking about bumping the navy federal to 1000cl but just didnt know about the bofa card being they are most likely to hp when i add to the limit. the FP card i got before i knew about myfico. so question is do i have a chance at being approved for anything? i would like to get my first unsecured card but if im better off holding off for a year and hopefully my navy card and boa graduate. i would really like a walmart card cause i shop there alot and the free tu fico would help. suggestions? my tu and eq file is clean except for 4 inquiries and ex has 2 medical collections that seem impossible to fix but im not giving up hope

My husband and I are in the same boat. We are looking forward to seeing what our FICO® scores will be once they are generated too! We intend to garden through the remainder of this year so that we will have at least one year's worth of good solid credit reporting history.

I've never heard what webhopper posted regarding the "star levels" of different types of credit/loan products -- very interesting!

Re: what should i do next??

LS2982 — Fri, 23 Mar 2012 09:54:20 GMT

discernment wrote:
rootpooty wrote:
so i have 3 secured cards all opened oct 11 just waiting for a fico score after my 6th statement cuts so hopefully ill have an idea where i stand at the end of the month. I was thinking about bumping the navy federal to 1000cl but just didnt know about the bofa card being they are most likely to hp when i add to the limit. the FP card i got before i knew about myfico. so question is do i have a chance at being approved for anything? i would like to get my first unsecured card but if im better off holding off for a year and hopefully my navy card and boa graduate. i would really like a walmart card cause i shop there alot and the free tu fico would help. suggestions? my tu and eq file is clean except for 4 inquiries and ex has 2 medical collections that seem impossible to fix but im not giving up hope
My husband and I are in the same boat. We are looking forward to seeing what our FICO® scores will be once they are generated too! We intend to garden through the remainder of this year so that we will have at least one year's worth of good solid credit reporting history.

I've never heard what webhopper posted regarding the "star levels" of different types of credit/loan products -- very interesting!

Good plan!!! :smileyhappy:

Re: what should i do next??

haulingthescoreup — Fri, 23 Mar 2012 13:43:33 GMT

webhopper wrote:
Yes! A secured loan will help you build Installment loan credit, which is a 3 star credit quality. Real estate loans are 4 stars, credit cards are 2 stars, and retail cards are 1 star

Huh?

Re: what should i do next??

LS2982 — Fri, 23 Mar 2012 13:47:12 GMT

The info. that webhopper posted is EX FAKO advice from freecreditreport.com.

Re: what should i do next??

FrugalRican — Fri, 23 Mar 2012 13:58:19 GMT

I'd just garden til I had a year. And then switch slowly from securd to unsecured territory.

I know there's a itch to "DO SOMETHING" but sometimes the best thing you can do is wait.

Re: what should i do next??

LS2982 — Fri, 23 Mar 2012 14:42:41 GMT

@FR Good advice, but for some (yup me lol) its just too hard to do!

Re: what should i do next??

rootpooty — Tue, 27 Mar 2012 07:53:20 GMT

FrugalRican wrote:
I'd just garden til I had a year. And then switch slowly from securd to unsecured territory.
I know there's a itch to "DO SOMETHING" but sometimes the best thing you can do is wait.

yes the ITCH hits me from time to time. at first i had little hope with about 7-8 baddies on each report with no good history. now 6 months later i have 3 secured cc's and only 2 baddies left on exp and tu and eq are squeeky clean so yes the ITCH is starting to get to me