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Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Advice on Next Steps


Kit_Knox wrote:
Is Billmelater a waste of time btw? Who is that through? Anything significant I should know about them? I got the GTX680 (woot) and I got the financing for s&g and immediately made a payment on it for the full amount charged.

––Kit
That's great although I don't know what a GTX680 is... lol Billmelater is a waste of time because they don't report to the bureaus. They are managed by WFNBB I think (someone correct me if I'm wrong) Honestly id rather see you with an amex green card than billmelater. At least amex will grow with you and be useful later. Amex is not inquiry sensitive so if you want to apply for another card; consider amex green or gold. Don't apply for a revolver as you wont be approved. Apply for a charge card.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Kit_Knox
Posts: 10
Registered: ‎10-13-2012
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Re: Advice on Next Steps

Revolver vs. charge card? Charge card is PIF every month, right?

--Kit
(credit n00b)
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: Advice on Next Steps

Bill me later is a paypal/ebay finance program. It is a hard pull to get, but then it does not report to your credit report. It is not great, I would not recommend it.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


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SportBike4Life
Posts: 123
Registered: ‎07-22-2012
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Re: Advice on Next Steps

Step #1: Don't apply for any more credit that you don't need.

Step #2: Continue to pay all of your payments in a timely manner. =)

Jun 2012 FICO® ~ 734 EQ
Sep 2012 FICO® ~ 684 EQ; 734 TU
Oct 2012 FICO® ~ TBA

Goal for 2014 ~760+

Trying to stay in the garden...but also trying to get as many apps as possible for now :smileywink:
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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Advice on Next Steps


SportBike4Life wrote:

Step #1: Don't apply for any more credit that you don't need.

Step #2: Continue to pay all of your payments in a timely manner. =)


Wash.... Rinse...  and   Repeat!!!!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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jamie123
Posts: 782
Registered: ‎03-22-2012
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Re: Advice on Next Steps


Kit_Knox wrote:
Revolver vs. charge card? Charge card is PIF every month, right?

--Kit
(credit n00b)

Yes, charge cards MUST be paid in full every month.

 

You need to think LONG term when applying for credit and I think you did yourself a slight disservice with the types of credit you applied for. You need to apply for credit that you will use on a regular basis. Good scores are acheived by USING credit. Putting your cards in a sock drawer doesn't work.

 

These are my suggestions:

 

Immediatly go to your credit union and ask for a credit line increase on your existing credit card to $5000. You've had that card for 10 years so you will be approved. This will keep your utilization down in the future as long as you don't change your spending patterns. Any future credit cards you apply for will start you out with higher limits if you already posess a card with a high limit.

 

If you shop at Walmart, apply for this card NOW. You will get a free TU08 FICO score for free after you sign up for electronic bill pay. They are very good with automatic credit line increases and you will eventually have a high credit line here also.

 

Besides the Walmart card don't apply for any other store cards. Bank cards are much better in the LONG term.

 

Your Barclays card is okay but I would suggest in 6 months you apply for a credit card from one of these major banks:

 

AMEX

CitiBank

Chase

Bank of America

Wells Fargo

Discover

 

A credit card from one of these banks will grow with you through life. If you had one of these cards for 10 years you might have a 10K credit line by now.

 

Good luck!

 



Starting Score: EQ 658 6/18/12
Current Score: EQ 683 8/24/14 - EX 687 7/21/14 - TU 682 7/21/14
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Revelate
Posts: 8,895
Registered: ‎12-30-2011
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Re: Advice on Next Steps

FWIW, the OP really isn't in a bad situation. Sure some tradelines which are suboptimal for various reasons but if that were the biggest mistake any of us had made in our credit lives, we'd have a lot more gold-platedness on these forums.

That said I think there's merit to both Web and Jamie's posts; but to clarify FICO itself doesn't care whether that use is $5 or $5000 that month. It does matter for underwriting sometimes, and in certain cases for cards or flexible spending accounts which don't report a limit; but those aren't even on the table in this case.

Anyway for future purposes, Kit if you can handle the discipline of having to pay a charge card off every month, I second Web's suggestion of just going and getting a Green now; it's not a bad everyday card compared to the rest of your lineup, and Amex is a good company to have a relationship with anyway. There's a niche benefit called 'backdating' (search the forum) which would behoove you to apply before the end of the year.

Failing that Jamie's plan of waiting six months, figuring out your expense pattern, and then going and finding a rewards revolver that works for you is good too; however, these two options aren't mutually exclusive.

For myself in your situation, I would do Web's idea as step 1 and Jamie's idea as step 2.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
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Kit_Knox
Posts: 10
Registered: ‎10-13-2012
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Re: Advice on Next Steps

 

 

I tried to apply for the Wal-Mart Credit Card (not the discover card) and I received this message:

"We are unable to process your application at this time and ask that you try again later. We apologize for the inconvenience."

 

Thoughts?

 

--Kit

 

 

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Advice on Next Steps


Kit_Knox wrote:

 

 

I tried to apply for the Wal-Mart Credit Card (not the discover card) and I received this message:

"We are unable to process your application at this time and ask that you try again later. We apologize for the inconvenience."

 

Thoughts?

 

--Kit

 

 


 

Computers may be down. You'll want to apply in the store if possible. I still think you need a green card by amex if you can get it. That will do wonders for teaching you to manage spending as well as build a relationship with a lender that consistently offers superb customer service.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
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Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Advice on Next Steps

Amex is your grandaddys card. When grandaddy paid with his green card; you knew he had his stuff together.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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