Hello folks,
After consulting with a loan officer on getting my fico score raised so I could qualify for a mortgage, he suggested I establish some more lines of credit. Now I was approved for an FHA loan, however the amount was pitiful. I've b een on and off these forums for a while as I was rebuilding my credit, so I knew where to go, and where to start. I went from a EQ score of 510 to 660 now.
I had applied for a Barclays card in the past but was declined several times. I just so happened to apply tonight and bingo! I got approved for a 750 limit. Which I'm hoping to get a CLI on over the next few months. I got so excited I app'd for a Discover it. Unfortunately I was declined... I called them and spoke with a "app manager" she said I could get one if I had a co-signer, but I wont be doing that.
So where do I got from here?
I have a bad rap with Cap1 from years ago. However everything has been resolved. I'm still not sure they would take kindly to me however. I have 2 - 3 derogitory marks from four years ago on a student loan, but that's all been taken care of. I have zero collections. I also have a Firstprogress card with a 300 limit. What would be my next course of action?
Starting Score: 510I was just approved for a Chase Freedom with a CL of 3,500! Nice!
I will still be giving Discover a call when my rejection letter comes in the mail.
My FHA was only approved for 50k.
My loan officer said he doesn't know what's going on though he did have some ideas as to why they've approved me for so little.
A) I only had one revolving credit account. My First Progress card with a dimpy limit of $300.
B) The two other loans being used where installment loans. Mainly my Student loans.
He said my two derogitories are probably too far back in history to be taken into serious consideration. Now that I've been paying on my student loan for the past 4 years never missing a payment, lenders will probably overlook it.
Also... If I call Discovers backdoor number and ask them if they'll take my balance from my First Progress card, do you think that will fly with them? Or should I leave the First Progess card open as it's a mature line of credit?