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I am confused at the moment. Recently my FICO reached 656, clear background, no late payments. Bankruptcy in 2003 due to unemployment but it cleared from my report in January this year. I rent, have not vehicle loan (paid cash) and no other loans. I have a annual salary of 45k.
I have the following Cards:
So recently I wanted to add at least one more card, so I applied for :
I only have one hard hit according to my reports from myFICO and freecreditreport.com (auto loan Ford Motors) . When I applied for the Walmart Card that I have, I was instantly approved. I did use it at Christmas to about 60% of my limit used, but paid it off January 25th. Could maxing the Walmart Card been a determining factor although it was paid off almost immediately? Or way the denials due to me not having a longer credit history considering I was given a clean slate. (Oldest card 8 months).?
I am just trying to find a way to add a credit card closer to 2000.00 Limit , or should I just remain with my Secured Card and Walmart Card and allow my history to age and quit being so hasty? Should I add more cards at this time? And If so, what cards could I be approved for considering my history.
you might get a look from another GE card, but probably a toy limit. I would wait if possible to hit a 12 month mark on your secured card. You will be in position for some nice cards if you slow your roll.
You should try the shopping card trick at one of the Comenity websites: Express, Victoria's Secret, Jcrew, Buckle, etc. You might get a 500 limit with no hard pull.
Also, maybe try another GECRB card but with easier approval chances like JCPENNEY.
@Johnny_Favorite wrote:You should try the shopping card trick at one of the Comenity websites: Express, Victoria's Secret, Jcrew, Buckle, etc. You might get a 500 limit with no hard pull.
Also, maybe try another GECRB card but with easier approval chances like JCPENNEY.
I'm not certain there's much point adding store cards in this situation of trying to build limits in the future.
OP: your file is on the thin side as the others have suggested. You'll look better when the secured card hits even six months or more likely a year. If you have some cash laying around, consider boosting up the secured card deposit with Cap One.
You don't need an additional card right now, and building a credit file does take some patience. While I can understand the desire to rush to higher limits (I suffer from that myself) it still is going to take some time.
If you have the funds, add to your secured card limit to get your $2000 CL that you want. It can help you get bigger limits in the future, espcially wiht Capital One. Also suggest you wait until you have a year of CC history before next application.
Ur Walmart Utilisation as you suspected may have hurt your score when they pulled it. What did your Walmart bill say when you received it for january? The CRAs usually have a snapshot of your credit card from your statement date not your due date so if you racked up some christmas charges then waited til you got your bill to pay them then the CRAs saw high ulitisation. The good news is that that is a credit problem easily remedied. In fact you already fixed that by paying your bill. in the future pay our bill down to below 9% uiltisation on one card and have a zero balance on the rest prior to applying for cards. That is the scenario for the highest FICO score. As for your general situation, you may want to just garden for a while and let your cards age while keeping paying on time. You credit score will improve that way. If you want one more card I might suggest different choices. If you can chill for 6 months or a year and make your next card a "prime" card like maybe a Chase Freedom for example then you will really be goin places.