@Revelate wrote:
@SoulMaster wrote:
@Revelate wrote:I do personally have a Wally card for the freebie FICO and for GE's laudable CLI policies;
Hitting this one in particular because it stuck out and I only have 2 seconds to post before lunch;
A regular Discover IT (now) also provides a free TU FICO, AND if you buy online then pick up in store (via ShopDiscover), gives you 5% cash-back on all Walmart Purchases.
BarclaysRewards does the same thing (free TU FICO), but it's only 2pts/dollar via RewardBoost (2% cash back).
You'll start to see more free FICOs on major cards this year (according to Forbes magazine). Down with the store cards!
-SM
True, but I could make the argument that a Walmart card when it comes to a financial defensibility play (if the proverbial feral matter hits the air circulation device) with a large limit and an incredibly general purpose low-cost retailer is one of the best out there.
The 10K tradeline I'll probably obtain on it in the next two years buys a lot of groceries and clothing worst case, and unlike some others I don't have interest in either a mainline Discover or a Barclay's card (well maybe Sallie Mae) anytime in the forseeable future for a FICO score and won't open a FBNO account just for that either. Everyone's path is different when it comes to building a credit portfolio, but unilaterally excluding certain tools which can accelerate some individuals past some silly hurdles shouldn't be done
I think that's doubly true for people with major derogatires like a massive Federal tax lien in my case, or repossessions, or bankruptcies: don't close any door prematurely just because some underwriter *might* frown at it in the future: people get underwritten for mortgages and auto loans with both secured and store cards on their report (and worse items too). FICO and one's credit report health is more important regardless of term, and any secured card or even store card is better than FP, CreditOne, Matrix... if you can come up with the fees for those, you can get a Cap 1 secured which has far more upside.
I agree 100% with your nicely articulated position.
I'd finish your Experian clean-up, then grab the C1 Quicksilver for average credit. After you've had it for a year, call C1 and have them waive the AF for the rest of your life. You might need to email the EO to do this, but it's very easy to do.
Don't worry about burning C1 in your BK, I know I did, and I got approved just fine (so do most on these boards).
You need to have 3-5 major revolvers. Also, if you don't have some installment loan, go get a credit builder... you need the mix of credit silliness too, and a credit builder loan won't cost you much (and forces you to save $1000, which is also nice).
Cheers,
-SM
Starting Score: ~470 preBK(8/2010)
SoulMaster, Thank you for the reply. I do have two installment loans...student loans...one from 2004, and both are have always been paid on time. I figure those are installment loans. I'm a little leary of trying for the Quicksilver because I've tried pre-approvals with Cap1, and not yet had anything offered. At this point, I think I should not app anyone until I have exp cleared up.
I'm trying hard to keep inquiries down, although I really don't have a lot. 7 on EX, 4 on TU and 5 on EQ over two years. I'm trying to follow your "700 in two years" plan. I got started late, but that's ok. Both EQ and TU are over 600. I got the reciepts on Certified Mail for both EX and TU saying they recieved on 1/21, so I'm hoping for some resolution soon. Also working on soom GW letters.
I have several old student loans with lates from 2010 an having no luck getting them changed. I'm thinking 4-year old lates are hurting, but not nearly as bad as if they were 2013.
I've been keeping a journal under on here.
Starting Score 12/2013: 547 EQ; 529 EX; 540 TUSo, I should have 3-5 major CC's as well as the Installments? Got it. Thanks, again. I'll try for CapOne as soon as EXP is resolved. The major issue with EX is they are showing an incorrect recent collection. TU never showed it, and EQ deleted the account from my CR upon disspute. I ahd no idea who messed up a CR could be with inaccuracies. I'm getting there, things are better by the day.
@bunga7 wrote:So, I should have 3-5 major CC's as well as the Installments?
Yep, and your right about getting that Experian problem taken care of before you app for the CapOne. They're going to pull all 3 CRs, just for fun.
You're definitely on the right road... good luck!
-SM
soulmaster....I don't agree and give me 1 year post BK and I will show secured cards are not worthless. I'm not dicharged yet but I will let you know when I am. It won't take me 4 year to hit 700 fico. I'm looking for this to happen in 12-24 months using secured cards. Time will tell but I disagree for now...... 