A little lost with my options.

Anonymous · ‎03-15-2015

Hello,

First time poster long time reader.

Let me start off saying I'm new to credit. I live with in my means so have never needed it. Late next year I'm going to buy a house so I wanted to start building my numbers. Anyway currently I have a capital one with a 500 limit and a finger hut with a 300 limit. I'm looking to get one more card before I apply for a car loan in the next 6 to 8 weeks "before all the pulls"and let my accounts garden for the next 9 months to a year. I currently have a TU score of 673 and a Equifax of 648. My utilization is 14% which I pay off as soon as I get the statement. I was turned down for Barclays prior to getting my Capital One so I'm thinking that's out. I guess I'm just a little lost. I really do not want to get a secured card because I'm putting all my money away for a new car. Would Chase be the best option for me? Do they recon well?

Thanks so much for all the help.

Santi78342 · ‎03-15-2015

How old are your current accounts? Any collections? How long ago were you turned down for Barclays? INQs? Income? Have you checked Chase Prequal? Where are those scores from?

Anonymous · ‎03-15-2015

My oldest account is 11.4 years old. A student loan. I was late 1 payment 6 years ago due to a mix up with the post office.The student loan is now completely paid off. Credit report says my AAoA is 3.3 years. But my Capital One and Finger Hut cards are only 3 months old. I have nothing in collects or any charge off's. I was turned down from Barclays about 3-4 months ago. And personal income in 42-50k per year depending on work load but total house hold income is around 75k.

My TU is from Capital One they offer free Scores for members, and my Equifax is from the Equifax web site. I caught a deal and got a year member.

Santi78342 · ‎03-15-2015

Are both of your accounts reporting balances on your reports currently?

Those scores are FAKOs and are not your actual FICO scores. If I were you I would purchase FICO scores & reports from this site to see where you truly stand.

What Barclaycard were you denied for 3-4 months ago?

Anonymous · ‎03-15-2015

Last month both accounts reported to 14% total. This month it will be around 10%. I got turned down for the Barclays Rewards Master Card. When I reconed it the man on the phone told me basically that Barclays dose not deal with people that are new to credit.

Thanks I'll look into the scores on this site.

Anonymous · ‎03-15-2015

@Anonymous wrote:
When I reconed it the man on the phone told me basically that Barclays dose not deal with people that are new to credit.

Thanks I'll look into the scores on this site.

How long have you had the Cap1 and Fingerhut?

If more than 6 months, and better yet 9 months, then apply for Barclays again. If you are denied Barclays, RECON

Also apply for Chase Freedom and Capital One Quicksilver or Venture. Discover is also a good card for those with little credit history but clean reports.

If it were me, I'd also apply for AMEX to get in the door as early as possible.

So pick 3 of those options and apply. That should be enough for you to garden before your car.

Santi78342 · ‎03-15-2015

Your scores will jump up if you only let ONE account report a balance & that account should only report a balance between 1-9% of its limit. Barclays is the most recon friendly lender out there IMO so I would let your accounts reach 6 months of age and try them again.

Just remember to apply for their Rewards MasterCard for AVERAGE credit and not the one for EXCELLENT credit.

Good Luck!

Anonymous · ‎03-15-2015

The Equifax score may not be a FAKO. Equifax's Score Power product is FICO 04. Helpful if you're about to get a mortgage but few banks use it for credit card apps.

Anonymous · ‎03-15-2015

Wow thanks for all the quick response's. My Capital One and Finger Hut are 4 months old. This month the only thing that will report with be my Capital One and I'll pay it now to make sure when it reports under 10% when my statement post's on tuesday.

Anonymous · ‎03-15-2015

@Anonymous wrote:
Wow thanks for all the quick response's. My Capital One and Finger Hut are 4 months old. This month the only thing that will report with be my Capital One and I'll pay it now to make sure when it reports under 10% when my statement post's on tuesday.

I think you have all the answers.

You only need below 10% when you APP.

But seeing as you only have 4 months on your 2 cards, I personally would not app today... so no need to get below 10% just yet. Of course you can pay just to pay.

Wait the extra 2 months so you have AT LEAST 6 months reported, then get your balances to 9% before your app and you should have some great news to share with us.