BankAmericard Secured Do I have a chance?

[Sneakytiki]

I'm currently waiting for 7 different companies to get back to me regarding GW letters. Everything is current in my reports and now I'm just trying to add more positive tradelines to my credit reports. My history is very limited and what I have is embarassing.

I only have 19-21 accounts listed on my reports. 3-4 hard pulls in the past year. 1 was a car loan which I have in good standing at 9.9% APR. 2 are with secured cards through USAA at 9.9% APR with $500 and $750 limits. The final pull was with Veterans United to see where I stand regarding a mortgage, those are listed in my sig. I also have a Military Star card with a $2300 limit and a Victoria Secret card with a $500 limit from years ago, never used and just started using it for good history. I also have 8 accounts listed as negative...soon to be 7 and hopefully down to 2 when everything is finally finished.

Utilization is 51% right now but when everything updates in the next two weeks, it will be in the 25-30% range. I also have 4 student loan accounts, 3 of which are currently being paid. The 4th is a federal loan account in forbearance until the military can SLRP the thing and pay it off.

I just don't want to waste a hard pull right now since I would really like this card and the secured discover card if thats even possible. When everything updates I should be looking at a 20-30 pt increase for my monthly credit score updates but those are just FAKO scores. I will be waiting until my accounts report again until I app for this just to increase my chances.

Thank you.

[Luscher]

I would hold off on applying and work on getting those GW letter replays yet. Adding another card right now will just bring your score down, due to AAOA.

[Sneakytiki]

Alright ill hold off for a few months and let everything settle down. Ill just keep increasing the limits of the secured cards.

Thank you

[Luscher]

Once you have the secured cards long enough and show good rapport, and increase your score, I would look into a non secure card. But you are going to have to get those scores into at least the high 600's

[Sneakytiki]

Alright, sounds good. My first goal is a 620 middle score by early next year since we're looking for a mortgage next summer. I'm really hoping the GW letters work out....at least with the collections and paid charge offs. I really don't know how much to expect my score to go up in the next few months to a year.

The largest score increase I've gotten in the USAA Experian simulator was increasing my card limits by a couple thousand, it was a 60+ point increase somehow. Hopefully it's somewhat accurate...

[Luscher]

If your looking into getting a mortgage, you especially should not app for anything. You don't want any new accounts or negatives when it comes time for that.

[Sneakytiki]

Everythings been current since May/June, Collections paid off in July. I've only been at this since March-May. I'm focusing on getting rid of charge offs, student loan lates and collections. If managing the accounts I have is all I need to worry about that's great, much easier than stressing about getting new accounts.

I appreciate the help.

[empiror22]

Here what i did for the credit card side of my rebuliding.  I had two secured USAA cards over two years increased to 2500 each, after the two years (credit file was very similar before and after except that i had the 2 USAAs cards, nothing dropped off or was added, however stuff aged, and no new HPs)  after the two years i was able to get 2 NEW USAA cards that the limit was 5000 each with an apr of about 13.5%.    Right around that same time i was able to get 2 NFCU cards(3-5k cl), and 1 Amex (green), 1 US bank (4k) as well as my scores going from 590 range in the USAA credit monitor system to approximately 650 range on same FAKO system (lender score were in the upper 690's on all three CRAs). 

[Luscher]

congrats!!!! I do recommend you go for 1 or 2 unsecured cards but not until your scores increase and some of those negatives go away. Also don't apply for new credit for the 6 months before you want to get a mortgage. ( I would recommend 1 year, but you said you were looking for one next summer)

[Sneakytiki]

Wow you guys are definitely giving me hope. I've been alternating cards and using drill pay to increase the limits. Honestly we only really use them for gas and food etc and pay most of them off each month. Last credit pull was May, so I can hold off on apps.