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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: I'm in Heaven

Same affect, other than that Orchard will probably shut you down if you don't use it once every 2 months or so. (HSBC/Orchard is much quicker to chop you for non-use.)

If you drive, put a 10 buck charge on it at the beginning on the month, and then pay it off the very moment it shows up on your online account. Do this at the beginning of the month, as they update to the bureaus at the end. Orchard is so screwy about reporting that there's no point in letting a balance every show on your credit reports and then wait and wait and wait for them to report the $0 again. Your util will remain $0, you won't pay any interest, and the card will remain open.
* 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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RichRaven
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

  Thanks, I'll do that. So do you think I'll be ok with the 4 cards I already have?

Starting Score: 721
Current Score: 799
Goal Score: 800


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haulingthescoreup
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Re: I'm in Heaven

[ Edited ]

RichRaven wrote:
Thanks, I'll do that. So do you think I'll be ok with the 4 cards I already have?



I'd hunker down and let them work for you. Time is on your side now.

Once the inqs go over a year, you might look around then, but I wouldn't stir anything else up for now. Just do research by reading here and see which cards have gone berserk this month, and which will actually be good for you. Then when the time comes, you can go straight for the good ones and skip the duds.


edit to add: This is the credit gardening phase that I keep harping on. :smileywink:

Message Edited by haulingthescoreup on 09-13-2008 02:48 PM
* 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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RichRaven
Posts: 239
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Re: I'm in Heaven

 As you all know I'll be buying a home in 2009. My question is if AmExpress or other prime cards come with a pre-approval with great terms should I go for it?

Starting Score: 721
Current Score: 799
Goal Score: 800


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Moderator Emerita
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haulingthescoreup
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Re: I'm in Heaven

I wouldn't if you're 6 months or less away from mortgage time. Before that, it would depend on where you are with your scores, what your current credit limits are, and how many accounts are still less than 12 months old, in other words a solid maybe.

Don't scare off mortgage lenders. A good solid mortgage at a beneficial rate is infinitely more important than plastic in your wallet.
* 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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Orioles
Posts: 34
Registered: ‎08-19-2008
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Re: I'm in Heaven

I've read your entire thread and to say the least it's impressive. You've started from scratch and built a solid foundation. Keep up the good work and I hope others will read this thread for motivation. If this were a movie it would inspire everyone. If you need hope read this thread and see how you can rise from the ashes.
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RichRaven
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

[ Edited ]
   I would like all to read this entire post and give me any recommendations that could improve my quest for my ultimate goal that's revealed here. I value this forum and the advice given because you've all helped me so very much thus far. You've helped guide me from absolutely no idea what's needed to make my life better to the knowledge of knowing that my actions now affect my family's future. I shall never forget the help you've given us. Our country is at a crossroad regarding credit and finances but I know we'll learn and understand and recover from this unfortunate crisis but me as an individual need your help because quite frankly I'm scared because of all I've read. Again please read this entire post and help me do the right things. Our country was built on unity and I ask my fellow citizens for there expertise.
 
Maybe I poured it on a little bit but please help for I respect your opinions....thanks


Message Edited by RichRaven on 09-25-2008 11:26 PM

Starting Score: 721
Current Score: 799
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jrami024
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Registered: ‎06-04-2008
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Re: I'm in Heaven

Congrats !!! Keep up the good work.
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RichRaven
Posts: 239
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Re: I'm in Heaven

bump

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RichRaven
Posts: 239
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Re: I'm in Heaven

 An update on my family's quest. I added my wife on my WaMu, BofA, and Discover cards as an authorized user to establish her credit file and all three reported.After a month we checked her score using Scorewatch and was amazed that she had a 729 score. She then applied for a BofA card in her name and was approved with a $1000 limit and a Walmart store card with a $500 limit which now gives her 5 accounts. Before the trail period ended we checked her score again and it was 715. I know this is because of the new credit cards and inquires but this was necessary to establish credit in her name in case Fico 2008 takes over and in time her score will rise again. I think we're finished with cards unless American Express steps up to the plate.

 

My questions are:

 

1. As you all know we'll be buying a home in Dec 2009 but since my wife is pregnant she want a minivan which we will buy in Feb. which will help our mix since it'll be a joint loan. Does this time frame allow our scores enough time to recover? My score is 703.

 

2. Should my wife add me as and Au on her Walmart card to give me a store card which I don't have to add to my mix? I don't want to get my own card there because I don't want to shorten my average account history.

 

3. Please give us advice on how to proceed to get the maximum possible scores so that we can move forward with no worries. I know it's asking a lot but you may have to read this entire thread to understand where I'm coming from but as stated many times your opinions are respected and helpfull....Thank you.

 


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Current Score: 799
Goal Score: 800


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