topic Re: Advice Please in Credit Cards

Advice Please

snowytimber — Fri, 05 Oct 2012 19:43:23 GMT

Advice Please. Eight years ago both of my parents died within 8 months of each other. They had bought life insurance when they got married in 1946 and never updated it so there was about $3500 in insurance. I am an only child so I ended up with all of the hospital, nursing home and funeral bills, it killed me financially. I have just recently started to rebuild.

My current accounts:

Care Credit $100/$500 opened May 2011

Orchard/Cap 1 Mastercard $0/$400 opened Nov 2011

Kohl’s $0/$400 opened Feb 2012

Personal loan from One Main Financial $1000/$1500 opened June 2012

PayPal Smart Connect $0/$500 opened Aug 2012

Amex Green NPSL opened Aug 2012

Current Scores:

MyFico EQ 674 MyFico TU 691 EX Fico 653 (Amex BCE denial)

One CO from 2006 on EX not on EQ or TU

One Judgment from 2008 that I just recently became aware of. Trying to get information from the court so I can try to get this vacated this because this is in a different state (NY) that I do not live in, the address listed for me in the lawsuit is someplace I have never lived (in NY) and I was never served.

No lates on any of my current accounts.

3 INQ TU 4 INQ EQ 6 INQ EX

Thinking of waiting until Jan and apping for Barclays Rewards, Discover More, BofA 123 rewards, and maybe BCE again.

Does this sound like a reasonable plan or should I try sooner or wait longer? Are there any other good cards to consider? I would rather have cash rewards or maybe points, don’t fly don’t need miles. I have a small fine art photography business and travel by car and would like to get a high enough CL at some point to upgrade some of my equipment.

Thanks in advance.

Re: Advice Please

nisargshah12 — Fri, 05 Oct 2012 19:54:10 GMT

AMEX is considered a pretty strict lender for their revolvers. You should be fine for Discover with that credit score given you have stable employment history. Your score isn't TOO bad, I say find one of the credit unions and start building relationship with them before jumping over to big banks.

Thats just me.

Re: Advice Please

SnackTrader — Tue, 09 Oct 2012 01:59:36 GMT

I think the most important step you can take in the near term is getting that judgment (if it really is innacurate) removed. Your scores will likely increase, and therefore the likelihood of approval from any lender. Given that you had credit issues in the past that show up on your report, that judgement looks all the more dangerous to a potential lender.

Good luck in getting that taken care of.

Re: Advice Please

LS2982 — Fri, 05 Oct 2012 21:50:44 GMT

I agree with the previous posters, get that judgment vacated and get in with a good CU before going to big banks.

Re: Advice Please

Shogun — Fri, 05 Oct 2012 21:54:13 GMT

+1 Get that judgement vacated. Then start cleaning up your reports. This will greatly improve your odds.

Re: Advice Please

beautybrainsbooty — Sat, 06 Oct 2012 02:31:50 GMT

Absolutely agree. Vacate and clean the report. The cleaner your reports, the more likely you can apply anywhere with confidence. Personally, I have no use for the "big boy banks" because the credit unions fulfill all my needs with a human touch. While your cleaning, start credit union shopping and don't be scared to try. Step out and take some risks once you get your report looking good. YOU are ultimately in control. Best of luck to you! ;)

Re: Advice Please

rosegardener — Sun, 07 Oct 2012 12:33:59 GMT

snowytimber wrote:
Advice Please. Eight years ago both of my parents died within 8 months of each other. They had bought life insurance when they got married in 1946 and never updated it so there was about $3500 in insurance. I am an only child so I ended up with all of the hospital, nursing home and funeral bills, it killed me financially. I have just recently started to rebuild.

My current accounts:
Care Credit    $100/$500 opened May 2011
Orchard/Cap 1 Mastercard   $0/$400 opened Nov 2011
Kohl’s $0/$400   opened Feb 2012
Personal loan from One Main Financial   $1000/$1500 opened June 2012
PayPal Smart Connect     $0/$500    opened Aug 2012
Amex Green   NPSL   opened Aug 2012

Current Scores:
MyFico EQ 674            MyFico TU 691       EX Fico 653 (Amex BCE denial)

One CO from 2006 on EX not on EQ or TU
One Judgment from 2008 that I just recently became aware of. Trying to get information from the court so I can try to get this vacated this because this is in a different state (NY) that I do not live in, the address listed for me in the lawsuit is someplace I have never lived (in NY) and I was never served.
No lates on any of my current accounts.
3 INQ TU     4 INQ EQ    6 INQ EX

Thinking of waiting until Jan and apping for Barclays Rewards, Discover More, BofA 123 rewards, and maybe BCE again.

Does this sound like a reasonable plan or should I try sooner or wait longer? Are there any other good cards to consider? I would rather have cash rewards or maybe points, don’t fly don’t need miles. I have a small fine art photography business and travel by car and would like to get a high enough CL at some point to upgrade some of my equipment.

Thanks in advance.

My sympathies go out to you. That was a tough situation and good for you for pulling yourself out of it.

+1 on attacking that judgement and getting it vacated. You were not properly notified.

Try a goodwill or pay for delete on the CO (but I would spend some time reading about these options on the board. There is great info from folks who have a much better idea than I of how to go about it)

Barclays is really inquiry sensitive-I apped with about the same amount and got turned down for inquiries. Stupid me didn't recon, but thats another story.

The idea of a CU is a great one....are you USAA/Navy eligible?

One last bit, that one Main Loan. The interest rates on those SUCK (ask me how I know). If you can, throw a little extra at it every month and get rid of it. Save yourself some money in the long run.