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Thanks, I did notice that. The Fico 4 scores a quite a bit better. It's not just the mortgage though, we'd also like to have the peace of mind that if something breaks and we're low on cash we have credit.
Thanks, honesty appreciated. A question - does my earning potential factor into a CC application along my credit score?
@Anonymous wrote:Thanks, honesty appreciated. A question - does my earning potential factor into a CC application along my credit score?
Yes
Earnings, scores, history
Some are saying get a secured card.
Okay, depending on when you need this trade line to show up on your credit report and when you can work up to $2,500 are two different things.
That would be $500 deposit each month for five months. If the OP can handle that, then that might be a good option.
On the other hand, I personally have a Capital One QS1 that's just about a year old with a $2,000 CL.
I could have easily reached $2,500 by now, I have been eligible for a line increase since February 2016.
My cards were maxed out, so they wouldn't give me a line increase when I needed it. Oh well, but if you get a QS1 ask for a line increase after 90 days. If you use it heavy you should jump from $500>$1000 like I did.
I got my last $500 line increase last Nov 2015 for a total of $2,000
So it's entirely possible to hit $2,500 in six months with Capital One.
@Anonymous wrote:Cleaned up my credit and need to get a CC with over $2500 limit - which one is best?
You cannot rely solely on the card for limit. Your credit profile and income will determine the limit you qualify for. Some creditors/products may be willing to extend more to a given credit profile than other creditors/products but we cannot guarantee the limit you would receive.
@Anonymous wrote:no negative items except a few late payments on student loans ages ago.
Those are negative items and they will matter. Hopefully their impact has tapered with age but if they're still on your report there will still be some impact.
@Anonymous wrote:Only catch - we have no revolving credit other than student loans (no credit cards)
Student loans are not revolving accounts. They are installments.
@Anonymous wrote:Only catch - we have no revolving credit other than student loans (no credit cards)
Sounds like you both have thin profiles and that can make it difficult.
Again, we can't guarantee what limit you might qualify for. If you qualify for low limits then you'll just have to slowly build just like everyone else. There's no magic trick that is guaranteed to grant you $2,500+. If you have the cash to place a sufficent deposit to get a secured card with such a limit that would be one option and that's part of the reason why some are suggesting secured cards. Your thin profile is another reason why secured cards are being suggested.
It's possible that you may be able to get approved for an unsecured card but we can't say for certain and, again, we can't tell you the limit that you would qualify for. You need to apply to find out on both counts.
@Anonymous wrote:want to buy a house, so need to raise our scores. MyFico says with a card over $2500 my score will go to 701.
Keep in mind that mortgage lenders use older FICO models in their decision and not FICO 8 or other newer models. Don't rely on the simulator to determine what your mortage scores would be. Don't rely on the simulator in general. Read up here and educate yourself on how credit is assessed and scored. The general suggestion for scoring purposes is at least 2-3 cards and you'll have to gradually build to that point with your credit profile.
@Anonymous wrote:Hi - after some work I've managed to get my credit fixed to where all three are between 628 and 650, no negative items except a few late payments on student loans ages ago. Only catch - we have no revolving credit other than student loans (no credit cards) and want to buy a house, so need to raise our scores. MyFico says with a card over $2500 my score will go to 701. Wife is in a very similar situation - we both need to find CC's that will approve over $2500 limits without being a rip off in our situation so we can rebuild our credit. Any recommendations or thigns to steer clear off?
Thanks so much!
You may not get $2500 right off the bat, but that's fine. You want cards that can grow. With your scores, you could certainly get one of Cap One's offerings; check their pre-qual link. I think you might consider adding a store card or two, since those typically have easier requirements and many have the potential to grow larger CLs. Do you have any stores that you or your wife frequently shop at?
Thanks everybody for the contributions. I apprecaite it. Seems like a Capital One will be the way to go. Last question - is there a specific Capital One car that would be to be preferred over another card?
Thanks again
Your options if you dont want secured with capital one IMO would be either the the cap 1 platinum or the quicksilver one...i would honestly go for the quicksilver for the 1.5% cash on everything although there is an annual fee of $39