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Hooter's Approval and applying for more cards

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Anonymous
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Hooter's Approval and applying for more cards

Hi there.  I am a new member.  After years of fighitng ID theft, finally all fraud is off my report.  My EQ score is 737.  I am using 98% of credit, due to the fact that I only have a mortgage which is 17 months old, and one credit card with a $300 limit.  I applied and was approved for the Hooters card.  I do not need to use the card, I just need to add available credit.  I will pay off the other CC, but that still only gives me a small amount of credit not being used.  Mortgage is $390K down from an initial $408K loan. Should I apply for another CC to give me more available credit?  If so, which one?  Also, how long before I know my Hooter's limit?  Thank you very much for the help.
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Anonymous
Not applicable

Re: Hooter's Approval and applying for more cards



sandy76 wrote:
Hi there.  I am a new member.  After years of fighitng ID theft, finally all fraud is off my report.  My EQ score is 737.  I am using 98% of credit, due to the fact that I only have a mortgage which is 17 months old, and one credit card with a $300 limit.  I applied and was approved for the Hooters card.  I do not need to use the card, I just need to add available credit.  I will pay off the other CC, but that still only gives me a small amount of credit not being used.  Mortgage is $390K down from an initial $408K loan. Should I apply for another CC to give me more available credit?  If so, which one?  Also, how long before I know my Hooter's limit?  Thank you very much for the help.


Wow. I am glad to hear that you have fought back well. what are you other scores?
Message 2 of 4
Creditaddict
Legendary Contributor

Re: Hooter's Approval and applying for more cards

sounds like your scores are real good but lack of current credit is keeping your limits low.
I might wait and get the Hooters card reporting for 3 months, then apply for other credit, because with 700's you should be able to pick any bank you wish, but with no other credit cards, or one, that is going to cancel some of your options
Message 3 of 4
haulingthescoreup
Moderator Emerita

Re: Hooter's Approval and applying for more cards

Don't worry about the mortgage. The utilization that affects your score, and that we all obsess about, is revolving util. So your $300 CL card and the Hooters card will be the only ones counted for util.

Loans and mortgages do get counted for util, but only within their own category, and they have very little impact on your scores. Just be sure to stay timely with the mortgage, plus on the CC's.

Have you pulled your scores from FICO? (Your EQ score should be a FICO.) If you look at your FICO score report, look at screen 2, where they list your negatives and positives, and check out what percentage they list for your "ratio of your revolving balances to your credit limits." It should be low, unless you maxed out your first card (easy to do with a $300 CL card, LOL!)

The big score goose that you can get from your CL's is to have fewer than half (as in =1) card reporting a balance, and that should be under 10% of its credit limit. The other/s should be PIF'd (paid in full.) If you have three cards, that means one reporting, 5 cards mean two reporting, and so forth.

That's a very pretty EQ score, one that I'd like to have! Right now it sound like you have what's called a "thin file," meaning not a whole heck of a lot of credit history. Stick around, and do some research on the good cards, and build up your credit profile. If you don't have any lates on your files, Citi is good, as is Chase, although Chase is pretty abusive to its cardholders. Depending on your EX score, AmEx and Discover ought to be in the picture, too. Bank of America would love you. You should also check out the various credit union options, both local and national.

But for now, I would save up the inqs and do a bunch of research. You might be in an ideal position to pick and choose among cards in a time when all the CCC's are getting a serious case of cold feet.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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