Credit Cards

[happy0510]

Hi Guys,

I have done all I can do as far as repair.  I got an Orchard secured in 8/07 and have seen my scores go up dramatically.  Problem is I have no other credit cards let alone open credit period.  I need to get on the ball with this!! I want to get through the aging now!

All I have on my report is:

1 Collection $30 2006

1 Orchard CL $300 8/2007

1 Charge Off 2004 Repo

1 Judgment for the Repo 2005

1 paid off installment loand for $600 1999

I got turned down after apping in March/April 08 from Hooters, Target, and Mervyn's.  My Orchard was still a baby so I don't know if that had anything to do with it.  I am planning on purchasing a home this year and don't want to have too many IQ.  I am just soooooooo curious!  It's been almost a year since I last applied!

Any suggestions?

Happy

[Creditaddict]

BofA secured

Target

Macy's

[shalane85]

My advice to you is that if you want to buy a house this year dont open any new accounts until you close on that house. Today underwriters (FHA loans) dont care about you having a mix of revolving, installments, etc.. type of credit. They dont want to see any new debt or new credit obligations. So my advice and I strongly urge you to hold off until you finish the house business. BTW what are your credit scores? When you close I would suggest BOA secured, or Capitol One. They are pretty easy to qualify for when you are rebuilding credit.

[haulingthescoreup]

Temporarily disregarding the mortgage issue, I'd say join a local credit union and get a card from them.

Most pull EQ. You can print out a new EQ FICO report and visit them. Be sure to tell them that this is a Beacon 5.0 score.

They won't tell you anything official from this --they'd have to do a hard inquiry --but they might be willing to tell you what you would qualify for.

But if you're going for a mortgage soon, probably better to hold off.

[happy0510]

My scores are Ficos 2/2009 TU 657 EX 660 EQ 615 (Hi Util) .  According to the simulator when I pay down the Orchard I will be near or over 700.  Stupid me, they report at the end of the month.  Ok.  I see. I will take your advice and not app until after the mortgage.  I am told I can use non traditional forms of credit when I apply.  I'll apply a few months after I get the mortgage (assuming I get it).  Otherwise, if I am declined for mortgage for any reason i'm going on an appy spree!!

[hotsaka]

i would def suggest bofa secured. In fact if you dont mind two inquiries just apply for the platinum plus and its possible they will offer you the partially secured card($99 deposit and $500 limit) in 9 months it unsecures and limit will likely get increased.