10-05-2011 10:05 AM
I'm new here and I would like advice if possible. I'm in a recent college graduate that had a bad run with cc freshman and soph year. I have a discover and captial one cc both were 500 CL. I was deliquent on both in 2008 for 90 days . The discover i started paying again after the 90 days and its was fully paid off in 2010 then the account was closed. The capitial one card was charged off however I did settle and pay half of the balance off in Jan 2011 . In the Feb 2011 I got a Orchard Bank card for 300 CL i've been current on it and have been paying off the complete balance most months . In April I was sent a preapproval for captial one and applied and recieved a 500 CL I current have that one also and I've been currrent and have a 175 balance which I will pay off before the 16th of this month. I checked my scores yesterday it was 694 707 and 717. My question is what are some steps I can take to improve my credit and also get a better credit card with a higher limit , I have learned my lesson . By the way I do owe student loans by I dont have to start paying until Dec in which I will be doing income based. Thank You
10-05-2011 12:36 PM
To assess your credit worthiness, you will need fico score which most creditors use. You can pull your Equifax fico and transunion fico from myfico.
I would guess your fico score is around high 500s to low 600s which means most prime creditors will decline you for any credit products. However, there is different route to get high credit limit cards. Credit unions are way to go. Some will let you open secured card or even grant unsecured credit. Usually they are more generous on CL size and more lenient on approval. I would go this route and after 3-4 years of good payment history your fico should be back to high 600s or over 700s where prime creditors will likely approve you for credit. At that point you might not even care for them anymore as credit union already upp your CL to over 5 digits.
10-05-2011 01:11 PM
Score Sense, are they not valid?
Welcome to the forums. Let me try and clarify all this because it can be very confusing.
With all due credit to llecs for this.
"Virtually everyone sells scores, but they are not all FICO scores. If you got scores from the big 3, then very likely 2 or all 3 of them are not FICO scores. Experian and TransUnion do not sell FICO scores on their website. Equifax does sell FICO scores but it is very hidden and difficult to find. It's not on their products page. We call these non-FICO scores, FAKOs, and can easily be as much as a few points to 100+ points off your real FICO when pulled the same day. If it didn't say "FICO" next to the score, then it isn't.
Other companies (e.g. freecreditreport.com, freescore.com, truecredit, creditkarma, Equifax Credit Complete, Quizzle, and dozens of others out there) sell scores, but they are nothing more than gimmicks and lenders don't use them. They do this because they want to avoid paying any fees to FICO and when they say "credit score" people buy it anyway on the assumption that it is a FICO. The scores are off because the formula is different, factors in different things as compared to FICO, and score ranges are different than FICO's (e.g. FICO is 300-850, Vantage is 501-990, PLUS is 330-830, TransRisk is 350-850, and so on)."
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".