06-24-2013 06:09 AM
Question for the community,
I have been rebuilding my credit for about a year and half now. I just closed out my Matrix Discover card last month due to the fees. Right now I still have 5 cards, 1 secure, 4 unsecure. My Fico according to Walmarts free score is 650. Should I just continue to garden for a while or apply for a new card maybe something decent with rewards ?
I also am going to try and buy a house in the spring or at least start looking then. So I'm not sure if I want another few inquires. Currently have a decent ammount from my initial app spree but they are due to fall off in the winter/spring.
06-24-2013 06:30 AM - edited 06-24-2013 07:25 AM
06-24-2013 06:48 AM
Accounts that I currently have Cap1 Secure opened in Jan 2012($400 Limit), Orchard bank Feb 2012($300), Credit One Feb 2012 ($600), Bar Clay Aug 2012 ($1250) and Walmart ($450) can't remeber when I got it but its been at least 8months. Total usage right now is $350 total spread out on 4/5 cards. Baddies include a GMAC loan for $3k that was settled, a Citi fin loan that was settled, and a Navy Federal card that I have not gotten a settlement yet but is $3.5k. Baddies are from 2008, have not had a missed payment or late in past 4 years. Before starting to rebuild my credit in 2012 I had a auto loan for 2 years that was paid on time every month.
current inquirys is about 16.
Not looking to get a new card because I need to purchase something. Would like to drop orchard bank with something that gives me a higher limit that will grow over time unlike the orchard card and matrix that I used to have. However I am looking at trying to purchase a house maybe spring time so I don't want to damage my credit with inquires if I probably wont qualify for a card at this time.
If its a possabilty I would most likey pay down all cards to 0 except 1 to give my score a small bump before applying next month.
06-24-2013 07:35 AM
06-24-2013 05:45 PM
IMHO its time to garden until after mortgage process is complete
06-25-2013 04:49 AM
Thanks for the responces, I was thinking the same thing. By spring next year most of my inq will fall off, most of my accounts will be 2+ years old, and should have my last baddie settled out at least. Maybe even get a GW letter to work by then. My Credit utilization is 22% right now according to Credit Karam. I know I'll get a decent boost once I get it down. Its reproting $900 used but really its at $300. Its hard with such low limits to use the credit and not get dinged for it. Last month I bought a grill with my walmart card. $300. Posted last day of my cycle so reported $300 balance. I have since paid it off. Happens with other cards too. Barclay reported $234 which was my grocery bill that I pay off soon as it posts but once again posted last day of the cycle.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.