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Cards for Limited History to Help Rebuild?

Mega Contributor

Re: Cards for Limited History to Help Rebuild?


Shizume wrote:

My secured card started reporting in June of this year, as I mentioned. I knew my history was very limited, which is why I never bothered with FICO scores until it was suggested here.


I would wait about 20 days after your 6th statement on your Cap one card and then try again.




EQ FICO 548 3/3/16
Valued Contributor

Re: Cards for Limited History to Help Rebuild?

Shizume,
you can try in December, if a score still can't be pulled, you won't be charged. Then you could try in January.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

New Member

Re: Cards for Limited History to Help Rebuild?

So I guess the best advice here is just to wait and do nothing else but maintain my payments as I've been doing? I'll report back once I get my FICO score(s) and also when I hear back from Chase, which I'm pretty sure will be a denial, but there's nothing wrong with hoping against it.

 

Thanks for the help thus far. Smiley Very Happy Much appreciated.

Gardening until I finally can check my FICO scores.
Capital One Secured Card, 400.00 CL, Opened 06/2011 | Capital One Platinum Card, 500.00 CL, Opened 11/2011
Valued Contributor

Re: Cards for Limited History to Help Rebuild?

Good luck!

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Frequent Contributor

Re: Cards for Limited History to Help Rebuild?

Hello again.

 

This is Shizume. There was an issue where I got locked out of my original account and decided to start a new one until I can get things sorted. I purchased my Equifax FICO score today and was shocked when I saw that it was 672. That completely blew my mind because my FAKO Equifax score is only 626! I was expecting my FICO score to be lower but lo and behold, it wasn't. I'm wondering now what I'm paying Equifax monthly for when the scores are so drastically different. That said, I don't know my Transunion FICO, but my FAKO is currently around 660-ish, according to Credit Karma. I'm going by the Vantage Score, not the Transrisk score, since multiple times in the past, the Vantage Score has matched my purchased FAKO Transunion score.

 

That said, I've officially reached the 6 month history stage. Any suggestions for cards, as all my current cards are rebuilders and have smaller limits. I have a Capital One Secured card with a 400.00 limit, a Capital One Platinum card with a 500.00 limit and an Orchard Platinum card with a 300.00 limit. The last two are unsecured and the last one hasn't even arrived yet. I was wondering if I should get another secured card or just wait until I have a longer credit history? I've been stalking the Dungeon and I've got to say, it always makes a bit app-curious but I know my baby history is going to be an issue and I don't like being declined. Smiley Sad

Officially in the garden as of 07.01.2015
Community Leader
Valued Contributor

Re: Cards for Limited History to Help Rebuild?

I know you probably don't want to hear this but you should garden. Smiley Happy I know how hard that can be when you are just getting started. My advice- wait at least 6 more months with your current cards- use them and pay them off every month but one keeping utility to around 7-10% on just one card. When the 6th month mark hits and if you just can't wait- hit up Barclays for a card and see what they say. (maybe the Apple Card or any other). I think you are doing good other then all the recent inquiries. It'd be best if you could garden for a full year or at least 8 months. Hope this helps.

Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Frequent Contributor

Re: Cards for Limited History to Help Rebuild?

It's hard to listen to good advice, but I figured that was my best option at the moment. I just wanted to see what others would say, kind of like validating what I already knew. Smiley Very Happy

 

I'm actually very proud of myself, though I don't like the inquiries. It wasn't until I discovered the forums here that I really understood how horrible inquiries were. Some of them will be falling off soon, but at least I can say that I have under ten inquiries in all. Thanks for the advice, it means a lot and I'm going to find myself some willpower and stick it out.

 

When I can finally say I have scores that look like yours and a lot of other members here on the board, it'll all have paid off. Smiley Happy

Officially in the garden as of 07.01.2015
Contributor

Re: Cards for Limited History to Help Rebuild?

You are at an important part of your credit life. Dont screw it up. Garden those cards and dont get any more. Make every payment and dont be late. 2 years from now youll be asking us whats better, amex or barclays.  4 years down ghe road you may very well be house shopping with a great score and rate offers.

700 Club
Amex Gold PR, Main card, Role: rewards
Chase Amazon Visa, Role: Amex backup
Pen Fed Promise, Role: low APR, balances
Amazon Store Card, Role: 0% financing
New Contributor

Re: Cards for Limited History to Help Rebuild?

As one rebuilder to another.......

 

GARDEN, GARDEN, GARDEN......

 

In this last year, I have watched mine grow, with alot of work, time....and basically just taking care of business.

 

FICO TU  608,  FICO EXQUIFAX 542

PULLED THIS AM  12/10/2011

 

I say this because when I pulled my FICO last January, I actually had a FICO EQUIFAX OF 350'S  I was so shocked an appalled, I refused to accept it, unitl I started reading and educating myself from this forum.

 

I know my scores are still POO, but its a  long stride for me in a year.

 

Good luck, Good luck and GARDEN, GARDEN AND THEN GARDEN SOME MORE.

 

JMHO

1-1-11 350's TU/EQ
MYFICO TU 656
EQUIFAX 593 TODAY
GOAL: HEAVEN
Frequent Contributor

Re: Cards for Limited History to Help Rebuild?

my suggestion would be different from others as I think you need to step up the game a little. "Higher limit begets higher limit" is a general rule in credit game so you  should increase CL on cap1 secured to more usable amount like $1000-2000 in order to to get higher limit on later TLs. Amex Zync is somewhat easy to get even with

small collection on report. If CO're old enough( more than 3 years), there's chance you might get approved for zync with limit cap which would be later lifted if your credit improve. And reson I recommend apping for zync now is, if approved, you get "member since 2011" which would be very benificial for AAoA and fico score later on. And you might need to check TU FICO, if it's more than 660, you have good chance with barclay travelocity or apple. You might get declined at first but you could request reconsideration and approval is quite easy. You might need to read through many credit forums and you will see members whose credit on borderline for approval share experiences. Some get approved with recent derogatory, some get declined with even 5-6 years old paid collection. YMMV.