Help Wanted!!!!

[Anonymous]

Help Wanted

                        Never thought about getting a credit card until recently. Back around 2009 I was ring shopping for my other half and at zales the lady asked if I wanted to apply for this 4 month same as cash card thing. I was 19 I believe and had no idea that it was actually a credit card. Needles to say I was approved and started to make my monthly $40 payments on a $300 promise ring that I had the cash for when shopping for it. Well I thought I was home free with just $40 monthly payments, soon after the fact I was laid off from my job at the time and did not pay for about 4 months straight. The card was shortly paid off in the same year of 2009 and closed. Now since then I have zero revolving credit on my report. But 3 bank loans, only one without a cosigner which was taken out in feb of this year. The first one being in 2008 for 6k, second in 2010 for 15k and third in 2012 for another 6k. The first was payed off about $1,500 early and there are NO late payments on my credit report from all three loans. I have in the past week applied for 3 credit cards getting denied for 2 of 3. The only reason I need the card really is for my current occupation, Im branching out a little and need some gear that I can not afford all at once but basically need all of it at once. Im need a limit of at least $1,500 would prefer a $2,000. The first card was a cabelas card which after doing more research, was a mistake to begin with. Denied and stated on the letter that my score was a 594. Second was a discover more i belive was also denied due to lack of revolving credit and it stated a score of 604. Third was a captial one who accepted me with a CL of $300 which frankly isnt going to cut it. Ive joined a ?scoresense? website to watch my credit report and get my score which is saying a TU-689 EQU-689 and EQF-682. And like i said before the only negative on my report was the zales card that did not even report to Equifax. Another loan would not be sufficent as im also trying to get some revolving credit started. I would be able to pay the $1,500 off in about three months then start with paying off card balance each cycle. Also ive read on here about NFCU whcih I've looked into but have not yet applyed for, though my father who passed away in 2010 was in the army. So basically what I'd like to know what is the best route for me to go from here. Sorry about the new thread but I've yet to find anything matching my particular case. Any and all information would be very helpful. Thank's a ton.

[marty56]

Welcome to the forum.  The site your are using provides FAKO scores so they can be ignored.  If you want to monitor your EQ FICO score, you can use Scorewathc here and or buy your TU/EQ scores here.  If you are looking for a cheaper way to mointor your CR, I would recommend True Credit.

Your Capitol One CC probably won't get a CLI but it is a start.   Also CU's are a great place to bank and even if you can;t get a CC with them right away, down the raod you might qualify.

You need to know what your EQ score is and then check those CCCs that pull from EQ would be a good plan if your EQ score is high enoough for them.

[Anonymous]

Thanks for the much needed advise. Guess I'll cancel the membership to scroesense and start from there. Would it be bad to also cancel the capital one CC. I really don't want or need more than one at this point.

[pizzadude]

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@Anonymous wrote:
Thanks for the much needed advise. Guess I'll cancel the membership to scroesense and start from there. Would it be bad to also cancel the capital one CC. I really don't want or need more than one at this point.

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Ideally you would want to have 2 or even 3 open revolving accounts, with all of them except one card reporting a zero balance, the other card should report a small balance, less than 9%. Also you mentioned NFCU, if you can get in with them absolutely do it, they are the best creditor in terms of approvals and generous CLIs for rebuilders.

[marty56]

If the Capitol One doesn't have an AF, then don't cancel it.  use it once in awhile to make a small charge and then PIF each month. It is ok to have and is FICO friendly, several CC cards.  I would recommend a good store card like Sams/Walmart, a gas card like Chevron (GE) and a Visa/MC.  Iy is good to get in with GE since they have a wide range of products and can be generious with their CLs.

It's not about quantity or even quality and as long as a CC doesn't charge an AF (except for some rewards cards), then it is prime in my book if you are approved for it.

My Sams card got me through 5 years of a DMP with a 400CL. 

[Anonymous]

Guess I'll keep the capital one then because it has no annual fee. But the apr is 24.9 which I'm guessing I got because the lack of revolving credit. Which I'm aware wont be a problem as long as it's PIF every cycle. Also I'll be in touch with NFCU first thing in the morning and let you know a verdict. Thanks again for all the help. I'm really not worried about rewards at this time. I think in my situation I just need to get a good start with a good CL. Thanks again guys.