Cards to Help?

[Jarnog]

I am really REALLY new to the boards and credit rebuilding.  I am working on getting my and my wife's credit up to snuff to hopefully be able to purchase a home within the near future.  I was wondering if anyone knew of any creditor's that would be willing to extend a line of credit for my wife (I say her because her Fico from Score Watch is way higher than mine).  It is 578, I believe it is jus the EQ one.  I will list what we already have in terms of credit, and maybe some of you more experienced members can suggest some things .

I appreciate any help and any assistance provided. 

Wife

NFCU Secured (joint) - $600 - $300 used

Cap 1 Secured - $300 about $200 used

Cap 1 Quicksilver One - $500 - $100 used

J Crew - $250 - $20 used

OneStopPlus - $250 - $58 used

Self

NFCU Secured (joint) - $600 - $300 used

Cap 1 Plat (xfer from Orchard) - $500 - $400 used

Cap 1 Quicksilver One - $1000 - $200 used

Woodforest Visa (AU with my mom) - $2000 - $1400 used

Auto loan with GMAC - $17000 - $14000 remaining

Express - $250 - $30 used

HSN - $250 - 0 used

I realize that our utilization is high but that was due to the holidays along with a new addition to our family as of 11/12/13.  I plan on getting the utilization for the revolving credit down to around 10-15% by the end of January. 

We were shocked to get the Quicksilver One cards, but they were "suggested" via Credit Karma and we took a shot as we both had only 1 inquiry within the past year, and we got them.  Also we used the "shopping cart" trick for the store cards.  I think that we are ok, it is just a matter of getting the balances down, but I would welcome any and all input, as I have stated, I am brand new to this forum and such.

Thanks!!!

[Creditaddict]

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@Jarnog wrote:

I am really REALLY new to the boards and credit rebuilding.  I am working on getting my and my wife's credit up to snuff to hopefully be able to purchase a home within the near future.  I was wondering if anyone knew of any creditor's that would be willing to extend a line of credit for my wife (I say her because her Fico from Score Watch is way higher than mine).  It is 578, I believe it is jus the EQ one.  I will list what we already have in terms of credit, and maybe some of you more experienced members can suggest some things .

I appreciate any help and any assistance provided. 

Wife

NFCU Secured (joint) - $600 - $300 used

Cap 1 Secured - $300 about $200 used

Cap 1 Quicksilver One - $500 - $100 used

J Crew - $250 - $20 used

OneStopPlus - $250 - $58 used

Self

NFCU Secured (joint) - $600 - $300 used

Cap 1 Plat (xfer from Orchard) - $500 - $400 used

Cap 1 Quicksilver One - $1000 - $200 used

Woodforest Visa (AU with my mom) - $2000 - $1400 used

Auto loan with GMAC - $17000 - $14000 remaining

Express - $250 - $30 used

HSN - $250 - 0 used

I realize that our utilization is high but that was due to the holidays along with a new addition to our family as of 11/12/13.  I plan on getting the utilization for the revolving credit down to around 10-15% by the end of January. 

We were shocked to get the Quicksilver One cards, but they were "suggested" via Credit Karma and we took a shot as we both had only 1 inquiry within the past year, and we got them.  Also we used the "shopping cart" trick for the store cards.  I think that we are ok, it is just a matter of getting the balances down, but I would welcome any and all input, as I have stated, I am brand new to this forum and such.

Thanks!!!

---

How long have you been with Navy?

Is your Direct Deposit with Navy?

How long have you had the secured card? did you get it because you were denied unsecured?

[longtimelurker]

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@Jarnog wrote:

I am really REALLY new to the boards and credit rebuilding.  I am working on getting my and my wife's credit up to snuff to hopefully be able to purchase a home within the near future.  I was wondering if anyone knew of any creditor's that would be willing to extend a line of credit for my wife (I say her because her Fico from Score Watch is way higher than mine).  It is 578, I believe it is jus the EQ one.  I will list what we already have in terms of credit, and maybe some of you more experienced members can suggest some things .

I appreciate any help and any assistance provided. 

Wife

NFCU Secured (joint) - $600 - $300 used

Cap 1 Secured - $300 about $200 used

Cap 1 Quicksilver One - $500 - $100 used

J Crew - $250 - $20 used

OneStopPlus - $250 - $58 used

Self

NFCU Secured (joint) - $600 - $300 used

Cap 1 Plat (xfer from Orchard) - $500 - $400 used

Cap 1 Quicksilver One - $1000 - $200 used

Woodforest Visa (AU with my mom) - $2000 - $1400 used

Auto loan with GMAC - $17000 - $14000 remaining

Express - $250 - $30 used

HSN - $250 - 0 used

I realize that our utilization is high but that was due to the holidays along with a new addition to our family as of 11/12/13.  I plan on getting the utilization for the revolving credit down to around 10-15% by the end of January. 

We were shocked to get the Quicksilver One cards, but they were "suggested" via Credit Karma and we took a shot as we both had only 1 inquiry within the past year, and we got them.  Also we used the "shopping cart" trick for the store cards.  I think that we are ok, it is just a matter of getting the balances down, but I would welcome any and all input, as I have stated, I am brand new to this forum and such.

Thanks!!!

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How soon are you looking to get a house?  Most people suggest no apps for at least 12 months before applying for a mortgage, but I think that is a little extreme.  That said, if your wife's 578 is "way higher" than yours, getting a good mortgage rate is going to need a lot of work......

I would certainly stop getting any more store cards, these add little credit line and kill your average age of accounts, which impacts your score, and might encourage spending.  The exception is if the card has great discounts at a place you currently use.

[FastForward]

Not an "experienced" member, but those on these forums that are have really helped both my & my hubby's quest to re-build & improve our credit over the last 5 months. 

As far as card suggestions and depending on how your TU file/score looks like, you may want to consider the Barclay rewards MC (the version for average credit).  We've been very happy with our Barclay Rewards MC (and even happier that Barclay was willing to give us a shot despite our "not-so-perfect" credit).  IMO, compared to most of the other cards that are available for "rebuilders" like us, the Barclay Rewards has much better perks and rewards (overall) - plus no AF & a starting (limited time) APR of 0%. 

Now beyond my suggestion for the Barclay MC, I would say the revolving lines you've both already attained are very sufficient for your re-building efforts. So, definitely garden and work on any "baddies" that either of you may have on your reports.  IME, taking care of our baddies (slowly but surely) is what's helped/helping us the most (in addition to establishing a few more revolving lines & gardening what we have).  

Definitely head over to the "Rebuilding" forum (if you haven't already), take in all the great advice from the helpful & experienced contributors & apply that advice as it may relate to your & your wife's particular credit profiles. Then in a few months, I'm sure you'll be pleasantly surprised as to how much closer you'll be to your credit goals. 

Best of luck to you both & Happy 2014!

[Jarnog]

@Creditaddict wrote:

---

@Jarnog wrote:

I am really REALLY new to the boards and credit rebuilding.  I am working on getting my and my wife's credit up to snuff to hopefully be able to purchase a home within the near future.  I was wondering if anyone knew of any creditor's that would be willing to extend a line of credit for my wife (I say her because her Fico from Score Watch is way higher than mine).  It is 578, I believe it is jus the EQ one.  I will list what we already have in terms of credit, and maybe some of you more experienced members can suggest some things .

I appreciate any help and any assistance provided. 

Wife

NFCU Secured (joint) - $600 - $300 used

Cap 1 Secured - $300 about $200 used

Cap 1 Quicksilver One - $500 - $100 used

J Crew - $250 - $20 used

OneStopPlus - $250 - $58 used

Self

NFCU Secured (joint) - $600 - $300 used

Cap 1 Plat (xfer from Orchard) - $500 - $400 used

Cap 1 Quicksilver One - $1000 - $200 used

Woodforest Visa (AU with my mom) - $2000 - $1400 used

Auto loan with GMAC - $17000 - $14000 remaining

Express - $250 - $30 used

HSN - $250 - 0 used

I realize that our utilization is high but that was due to the holidays along with a new addition to our family as of 11/12/13.  I plan on getting the utilization for the revolving credit down to around 10-15% by the end of January. 

We were shocked to get the Quicksilver One cards, but they were "suggested" via Credit Karma and we took a shot as we both had only 1 inquiry within the past year, and we got them.  Also we used the "shopping cart" trick for the store cards.  I think that we are ok, it is just a matter of getting the balances down, but I would welcome any and all input, as I have stated, I am brand new to this forum and such.

Thanks!!!

---

How long have you been with Navy?

Is your Direct Deposit with Navy?

How long have you had the secured card? did you get it because you were denied unsecured?

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Sorry I didn't respond, I forgot to check the email button LOL.

You actually responded to my Navy Post today.  But I will answer your questions, just in case.

Been with Navy for 2 years as of Feb 2014.

Just opened the checking with them last week, I will have direct deposit set up.

Have had the secured card for the entire membership time...I got it as is, not because I was not approved for the regular.

Thanks

[Jarnog]

Thank you, I tried Barclays and was denied...when I tried the Recon number they told me no again, but it wasn't because of what I expected.  I expected it to be because of low scores and collections, but they said it was just because of the higher utilization I had with my current cards.  I explained to them that that will be taken care of by the end of January, but no go on approval .  They did say once I get the utilization down to give them a call and they will check again.  I think I will do that, just a matter of waiting. 

[Jarnog]

I don't mind waiting the 12 months if that will increase my chances of approval.  I would hope to get financed within the next year to 2 years.  I know there is a lot of work to do as far as my credit is concerned when it comes to mortgages, but I am going to do whatever I need to get this done.  Yea, I think we are done with the store cards, we actually use all of the places that we have cards from.  We know, from my reading of the forums that usage is key, and we will use them to show credit use but pay them off or down to virtually nothing to ensure low utilization.  We also plan to get overall utilization down to the acceptable 10-20% very very soon. 

I appreciate all of the info.