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Hello Everyone, Please bare with me here, It's been a long two years but I have managed to go from a 500 credit score with multiple collections, not being able to get a cell phone or internet through cox to having multiple credit cards on file and 0 bad marks, all the collection items have been wiped from my report as well, here is hte breakdown of what i have and I wanted to ask everyone here what I should do moving forward;
Currently I have
These are some of the questions I have
Question do you have your real scores from the mortgage process? That would help
@madnutz wrote:Hello Everyone, Please bare with me here, It's been a long two years but I have managed to go from a 500 credit score with multiple collections, not being able to get a cell phone or internet through cox to having multiple credit cards on file and 0 bad marks, all the collection items have been wiped from my report as well, here is hte breakdown of what i have and I wanted to ask everyone here what I should do moving forward;
Currently I have
- 10 Credit cards, 3-4 of them are store accounts for Macy's/express - total credit available is about 5k(very low yes i know)
- total amount utilized is 3% on credit cards
- Car loan at 10% interest, I want to refinance this as FAST as possible, think it's possible with my score? loan was for 25k and current balance is 20k
- I got approved for a mortgage loan and I am due to close on the 30th, the loan amount is 243k and interest rate was at 4.25@30 years, since I haven't closed, this is not on my credit report yet
- equifax from their site is showing me at a score of 630
- I have NO bad marks on my credit, no late payments, no collections and again carrying a very low balance
- 28 inquiries This is what I hope to fix, but I think this is the reason why i am not at over 700?
- Credit sesame is showing me at 695
- creditkarma at 650
- equifax at 630
These are some of the questions I have
- I have some cards with very low credit limits, I want to apply to some other cards but don't know which ones would be best, I want to get some with a higher credit limit and close out hte small ones, the small ones also charge me yearly fees which i HATE! WHat do you guys think? Amex? chase slate? Kinda lost on this one
- Will the mortgage loan help or hurt my score?
- The other thing I would like to do is get credit at ashleys furniture to buy some furniture for my new home, I have hte cash to buy it but I was wondering if i should just ge thte loan then pay it off while im in the no interest period
- Should I start applying for cards the day i close on my mortgage loan? Or after my mortgage loan is on file?
- any other suggestions? Please feel free to ask any quesitons that would help you get a better idea
About those INQs, when and where? Are they all on EQ? how many within 6 months? 1 year?
1. Wait until your house closes, dont do anything at all until then, after that it may be a stretch to get an Amex right away and slates aren't known for huge limits. Everyone is pretty excited about certian animal cards (cough beaver cough duck) or try GE, but you still may want to hang tight a few more months and let those INQs age.
2. Will the mortgage help? Unscienficly and just IMO i think it looks good on a manual review and it will help the mixture of debt
3. I dont think it matters as long as the big purchase is done.
4.Time is your friend, it'll take a little bit to build. In the meantime list out your current cards and open dates so others can speak to CLIs (when and how often)
So in closing. Do nothing until the house closes, work on SP CLIs on your current cards, age those INQs.
I don't have them on hand, but remember that they were 3 scores the loan officer told me i had
690 something
620 something
and 650 something
Although I don't remember what score was from what credit buereau, I can ask the loan lady I was working with on Monday if that would help, also I had 1 late payment on my credit when I applied for hte mortgage loan, this was due to someone having me as an authorized user on THEIR credit card, after I found this out, i filed a dispute with the 2 credit agencies it was reporting on and got them deleted from my credit report, so the scores should be higher on the lower 2 since it was reporting on those two only
@madnutz wrote:I don't have them on hand, but remember that they were 3 scores the loan officer told me i had
690 something
620 something
and 650 something
Although I don't remember what score was from what credit buereau, I can ask the loan lady I was working with on Monday if that would help, also I had 1 late payment on my credit when I applied for hte mortgage loan, this was due to someone having me as an authorized user on THEIR credit card, after I found this out, i filed a dispute with the 2 credit agencies it was reporting on and got them deleted from my credit report, so the scores should be higher on the lower 2 since it was reporting on those two only
It would certianly help to know which ones are which so people can direct you more specificly to certian lenders/products.
@wHiTeSoL wrote:
@madnutz wrote:I don't have them on hand, but remember that they were 3 scores the loan officer told me i had
690 something
620 something
and 650 something
Although I don't remember what score was from what credit buereau, I can ask the loan lady I was working with on Monday if that would help, also I had 1 late payment on my credit when I applied for hte mortgage loan, this was due to someone having me as an authorized user on THEIR credit card, after I found this out, i filed a dispute with the 2 credit agencies it was reporting on and got them deleted from my credit report, so the scores should be higher on the lower 2 since it was reporting on those two only
It would certianly help to know which ones are which so people can direct you more specificly to certian lenders/products.
Understood I will get the info from the loan officer Monday, here are my inquiries, At one point i was frantically applying everywhere trying to get more credit.... And you got it! I am not applying to anything until my house closes, although cox did a credit pull to establish internet service at my new place, hope that doesn't cause a problem, here are my inquries
Name of Company | Date of Inquiry |
ADVANTAGE CREDIT/FCF2 ::3798235970 Show Details | 09/30/13 |
CABELA'S Show Details | 03/16/13 |
CAP1/BEST BUY Show Details | 07/31/12, 12/15/11 |
CAPITAL ONE Show Details | 02/13/13, 01/24/12 |
CAPITAL ONE Show Details | 08/15/12 |
CAPITAL ONE Show Details | 07/31/12 |
CHASE HOME FINANCE Show Details | 03/05/13 |
RELS ::3798235970 Show Details | 08/03/12 |
COX COMMUNICATIONS Show Details | 10/24/13 |
CREDCO::3798235970 Show Details | 03/06/13 |
DIRECTV Show Details | 07/10/13 |
DISCOVER FINANCIAL SERVICE Show Details | 10/07/12 |
EARNHARDT DODGE Show Details | 01/21/12 |
EM QUICKEN ::3798235970 Show Details | 05/08/12 |
FIRST INVESTORS FIN. SERVICES Show Details | 01/23/12 |
FIRST PREMIER BANK Show Details | 05/07/13 |
FLAGSHIP CREDIT ACCEPTANCE Show Details | 01/23/12 |
FUNDING SUITE ::3798235970 Show Details | 09/24/13, 05/31/13 |
PENTAGON FCU Show Details | 07/03/13, 08/03/12 |
PRESTIGE FINANCIAL SERVICE Show Details | 01/23/12 |
REGIONAL ACCEPTANCE Show Details | 01/24/12 |
THE HOME DEPOT/CBSD Show Details | 07/31/12 |
WEBBANK/BML Show Details | 08/27/12, 08/05/12 |
ZALES/CBSD Show Details | 12/08/11 |
@madnutz wrote:I don't have them on hand, but remember that they were 3 scores the loan officer told me i had
690 something
620 something
and 650 something
Although I don't remember what score was from what credit buereau, I can ask the loan lady I was working with on Monday if that would help, also I had 1 late payment on my credit when I applied for hte mortgage loan, this was due to someone having me as an authorized user on THEIR credit card, after I found this out, i filed a dispute with the 2 credit agencies it was reporting on and got them deleted from my credit report, so the scores should be higher on the lower 2 since it was reporting on those two only
Amex and Chase in most cases will pull EX and possibly EQ so if scores are over 670 there your in better shape
Close on the mortgage and go straight home and app away but be prepared to recon all due to the large number of INQ's
Some of which can easly be explained as mortgage ...hopefully the car too.
All but 7 INQ's are over a year old so that will help a little
Here are the cards I currently have
Date Opened | Credit Limit | |
CAPITAL ONE BANK USA | 10/08/2010 | $500 |
CAPITAL ONE BANK USA | 04/07/2011 | $750 |
CFC | 04/16/2013 | $300 |
COMENITY BANK/EXPRES | 04/16/2013 | $250 |
express store | ||
CRDT FIRST | 03/08/2011 | $0 |
CREDIT ONE BANK | 06/10/2011 | $800 |
FINGERHUT/WEBBANK | 11/29/2010 | $200 |
FIRST PREMIER | 05/09/2013 | $700 |
FIRST SAVINGS CREDIT | 11/03/2012 | $350 |
MACY'S/DSNB | 11/01/2010 | $200 |
MERRICK BANK CORP | 05/13/2011 | $1,600 |
@myjourney wrote:
@madnutz wrote:I don't have them on hand, but remember that they were 3 scores the loan officer told me i had
690 something
620 something
and 650 something
Although I don't remember what score was from what credit buereau, I can ask the loan lady I was working with on Monday if that would help, also I had 1 late payment on my credit when I applied for hte mortgage loan, this was due to someone having me as an authorized user on THEIR credit card, after I found this out, i filed a dispute with the 2 credit agencies it was reporting on and got them deleted from my credit report, so the scores should be higher on the lower 2 since it was reporting on those two only
Amex and Chase in most cases will pull EX and possibly EQ so if scores are over 670 there your in better shape
Close on the mortgage and go straight home and app away but be prepared to recon all due to the large number of INQ's
Some of which can easly be explained as mortgage ...hopefully the car too.
All but 7 INQ's are over a year old so that will help a little
Thank you for the insight Which Amex do you recommend would give me the best shot, where would i find recon number for amex? I have the chase slate recon number already
@madnutz wrote:
@myjourney wrote:
@madnutz wrote:I don't have them on hand, but remember that they were 3 scores the loan officer told me i had
690 something
620 something
and 650 something
Although I don't remember what score was from what credit buereau, I can ask the loan lady I was working with on Monday if that would help, also I had 1 late payment on my credit when I applied for hte mortgage loan, this was due to someone having me as an authorized user on THEIR credit card, after I found this out, i filed a dispute with the 2 credit agencies it was reporting on and got them deleted from my credit report, so the scores should be higher on the lower 2 since it was reporting on those two only
Amex and Chase in most cases will pull EX and possibly EQ so if scores are over 670 there your in better shape
Close on the mortgage and go straight home and app away but be prepared to recon all due to the large number of INQ's
Some of which can easly be explained as mortgage ...hopefully the car too.
All but 7 INQ's are over a year old so that will help a little
Thank you for the insight Which Amex do you recommend would give me the best shot, where would i find recon number for amex? I have the chase slate recon number already
I would suggest a charge card first, the PRG is a good choice with the waived AF the first year (look around for a better bonus offer). The recon number for amex should be in the sticky but it will probily result in another HP if you recon with them