Established Contributor
Posts: 804
Registered: ‎03-07-2008

Best Card for my situation?

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?





Starting Score: 615
Current Score: 691
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Mega Contributor
Posts: 18,604
Registered: ‎10-23-2007

Re: Best Card for my situation?

BofA secured




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Frequent Contributor
Posts: 286
Registered: ‎06-19-2008

Re: Best Card for my situation?

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.

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Epic Contributor
Posts: 28,115
Registered: ‎04-01-2007

Re: Best Card for my situation?

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.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Posts: 804
Registered: ‎03-07-2008

Re: Best Card for my situation?

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!!

Starting Score: 615
Current Score: 691
Goal Score: 750

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Established Member
Posts: 62
Registered: ‎01-13-2009

Re: Best Card for my situation?

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.

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