09-07-2012 06:58 AM
Short history, I destroyed my credit with a Macy's card. I now have a 618 score (chase pulled for a new slate card). I have paid everything up to date but closed the Macy's card. About a year ago my wife got a Chase Freedom card and added me to it and I have a car payment of $400 a month that will be paid off in a year or so. I make $40,000 a year and was accepted for a Chase Slate card with a limit of $200 solely because my wife added me to her chase. She also signed up for a Slate card because we want to pay off an old dell bill (that I am paying of for an old GF because I am true to my word).
I plan on using the card for everyday purchases and when it gets to $60 (30%) pay it off immediately.
What should be the plan for me for the next 6 months to a year. Freecreditreport.com is reporting 3 Hard Inquires (but not updated to today) so it could be 4 I am not sure if the slate card is considered a hard inquiry.
09-07-2012 07:13 AM
Send GW letters to Macy's perhaps you can reduce some of the damage. I would AP for a CapOne card you should be able to get a 500 CL card and then after 6 months they give a auto-cli. Use the card for 6 months to a year hopefully your score will grow. And Macy's damage will fade away, then you can AP for a Chase Freedom and/or a AMEX Zync if your scores are over 650. You may also be eligible for a CLI on the Slate card hopefully they are nice and give you a decent CL then.
09-07-2012 07:22 AM - edited 09-07-2012 07:26 AM
I would get my foot in the door with a GE walmart card, free TU score with paperless statments and it will grow much faster with you then a cap one or chase... garden for 6months to year WITH usage and PIF you will grow the card fast. at this point the inqs not affecting socre PC slate to freedom and app for zync
the slate is a hard inq
09-07-2012 07:25 AM
I forgot to mention the Macys card that destroyed the credit is now charged off Some reason I opened a new one used it for a bit and closed it...Thanks for your knowledge.
09-07-2012 07:28 AM - edited 09-07-2012 07:28 AM
even with charge off its its paid i think you have a good shot at GE card
i think GW macys could not hurt as well
WELCOME TO Myfico !
09-07-2012 07:30 AM
What do you mean by GE Walmart card?
09-07-2012 07:36 AM
the walmart credit card is backed by GE
GE is known for auto CLI every 4 months if you use right and pay ONTIME i would say pay in full after use.
GE is a bank that is forgeving of other credit mishappes as well with a 618 score (fako btw) and if your macys charge off is paid you have a good shot of approvel
it also comes with a montly free TU FICO that will allow you to get rid freecreditscore.com, chose paperless montly statments and your good to go
09-07-2012 07:40 AM - edited 09-07-2012 07:44 AM
Thanks a ton....I was thinking. Should wait until I get my August Statement from freecredit about my hard inquires since I do not want too many of those?
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.