Hello all,
I am contemplating applying for a Walmart cc in efforts to continuing rebuilding my credit. As a teenager I mishandled my finances and in turn wreaked havoc on my credit score and over past 4-5 years have been trying to repair the damages. I one day would like to purchase a home and stop renting and also I have a suspicion that I soon will be shopping for a new automobile. I am starting to have serious problems with my car more often than i'd like, afterwhile the repair bill is going to outweigh a monthly note.
But anyways... I have read of others success with approvals and substantial credit limits on this board. However I am concerned that I may not be approved due to the fact that I had a CO Paypal in the past and if im correct they are backed by the same bank as the Wal-Mart cc. Would I be blacklisted because of the past defaulted account which has fallen off my TU credit report but not EQ, haven't checked EX. I just wanted to ask for someone's opinion on this, do you think there's a chance for approval?
Also I have rebuilt my credit score from the low 500's to the upper 680's (687 myFicoTU)I don't have any credit cards at the moment. I have an account with Badcock with an avail CL of 1000 and a secured loan (lien against my car valued at 4500) with a sub-prime lending company of 1500 that I've maintained a consistent positive payment history with. My hopes is to get a few positive trade lines going for myself now.
So. what do you say should I go for it or just sit tight???
Starting Score: TU: 687 (MyFico, 4/15/12), TU: 659 (WalMart 8/6/12)
Definitely go for it!
You scores are being pulled down because you don't have any credit cards. You need to have a minimum of 3 credit cards reporting to maximize your scores. Unfortunately by not having ANY credit cards MOST prime banks won't give you a card.
For right now I would suggest doing the following:
Apply for the Walmart card. You get a free TU score every month. You should be approved.
Apply for a Capital One rewards card that does NOT have an annual fee. You should be approved.
You will be pleasantly suprised at how your score will rise by having 2 cards report GOOD activity for a few months.
Wait until your cards are 6 months old and then apply for a PRIME bank cedit card.
Make sure to use your credit cards every month paying in full a few days BEFORE the due date. If you want to maximize your scores to the fullest, have 1 card report a small balance and the other card report zero.
You are doing a great job!
Good luck!
Starting Score: TU:650 - EQ: 672
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
