Credit Cards

[hbarboza]

Ok So the score from scorewatch and quaterly monitoring from myfico.com is not the same as if I were to purchase the FICO for each CRA  for $15 ?

I'm so confused. I'm sorry.

Message Edited by hbarboza on 04-07-2008 01:24 PM

[Brammy]

No, any score you purchase on this site is going to be thh 'Classic FICO'.  That however may not be the version of the score used by your lender.  More than likely the score here will match for any mortgage applications.  However, there are sores designed to predict repayment n different types of loans, ALL sold by FICO to lenders but none sold to the consumer but the classic.  There is Bankcard (how well you may do paying off credit cards), Auto-enhanced(whether you're likely to go bad on car payments),  Beacon 5.0 (WTH knows?), Bankruptcy risk (Will you or won't you file BK)

[hbarboza]

Oh lord! I wasn't even aware of this!

I think I ought to wait at least until my credit history is 1.5 yr old to even apply.

My dreams are crushed.

[Brammy]

Dont be crushed, just start with a builder card.

[hbarboza]

Is a builder the same as a secure?

Now, which lenders offer builder card?

I was turn down today by WAMU and CAP and BOFA didn't have any pre-approved offers for me.

[Timothy]

No - you just need to pay those balances down-

They are hurting your score and high UTL scares WAMU.

[beenthere]

You're to young to have crushed dreams over a 9 month wait to re-aply. Get the util down on your 3 little cards and app when all are over a year old and I think you'll be amazed at what you can do.

Being young, Keep that util DOWN!

I think your thinking is on the right track. Good luck.

---

hbarboza wrote:

Oh lord! I wasn't even aware of this!

I think I ought to wait at least until my credit history is 1.5 yr old to even apply.

My dreams are crushed.

---

[betamunupe]

yea...they will not issue you a card with high util on the cards you already have....it makes you look desperate for credit....I would apply in like 2 months after you get them down to 10 percent util and you should have no problem getting approved...its a numbers game....you just have to find the sweet spot!!!

[dizzier]

you have two things working against you:

1. high balances: this is absolutely killing you. you look like you are maxed out on all of your cards.

2. young credit history: only time can fix this.


i'd recommend that the first thing you do is get all of your balances down to under 10% of your total credit line and keep them there. secondly, wait until your history is at least a year old then app for cards that are specifically for people who want to build credit history. Capitol One has these, or if you are in school your might want to try the student cards.

good luck

[hbarboza]

Just an update... CAP1 didn't deny me, they actually approved me for $300 CL and so did Orchard. Haven't received the denial letter from WAMU yet.