01-28-2013 11:33 AM
Okay, so I have been with Cap 1 for 7 months now, paid on time and in full each month. Using less than 10% of Credit. I only have two tradelines in good standing, the Cap 1 card, and a student loan I have been perfect on for 24 months. My credit before is BAD. I was young and dumb and didn't pay my bills on time. Lots of charge offs and one open collection for 2gs w Ford Credit (should I pay this?). My wife and I want to buy a home this year and would like to get pre-approved ASAP. My scores are Experian 592, Equifax 634, and TU 649,and she is around 620 w a foreclosure from 3 yrs ago. My question is should I remain the course with my two tradelines and very minimal credit ($300), or apply for a new another secured, or unsecured card? If so, any recommendations on cards? My gross income is around $70k a year and my wife's is 115k a year. I have been in current position about 18 months and she has been at her job 2 plus years. Any tips, recs, help would GREATLY appreciated! Thanks so much!
01-28-2013 11:36 AM
Ill also add we have very LITTLE debt between the two us so I am wondering if there is a company that would look at our income and low DTI for approval more than just our scores.
01-28-2013 11:50 AM
01-28-2013 12:11 PM
Since it's a secured card, you can also increase your CL by depositing more money.
01-28-2013 12:14 PM
They didn't automatically give you one at the 6 month mark? That's usually the only unsecured CLI you will get on Secured card if anything.
Maybe try for one Capital One's other cards? Usually of the Average Credit variety.
01-28-2013 01:11 PM
I pulled the EQ score from My Fico and the Experian and TU scores I paid for through myfreecreditreport.com. Not sure if they are FICO or not?
01-28-2013 01:14 PM
Just log into your account online and make an additional deposit to increase your credit line.
01-28-2013 01:14 PM
Thank you. I am a little hesitant to apply and get denied but I dont think my credit will improve much until I get some new lines w good history. I dont have any hard pulls since 6/12, when I applied for the CL card. I do have a couple unknown pulls from creditors on 8/12 and 12/12. Can I get those removed since I obviously did not give them consent? Any tips on easy to qualify for unsecured cards?
01-28-2013 01:16 PM
Hey Speeding Wheels,
I see you have a cap 1 card as well. Was that your first card on the road back? Was the Cap 1 cash rewards hard to qualify for?
01-28-2013 01:17 PM
Personally I wouldn't apply for anything right now.
Make an additional depost on your Cap1 card to increase the CL, let your INQ's age and your score will go up.
GIve it a few months and then you'll be in a much better position to try for something unsecured.