07-27-2012 06:44 PM
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???
07-28-2012 07:57 AM
I went for it and was approved online for $500 CL. Not a lot but it's a start, thanks for your response :-)
07-28-2012 08:07 AM
07-28-2012 08:18 AM
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!
07-28-2012 08:21 AM
Now apply for a Capital One card!
It will really help your score having 2 cards reporting.
07-28-2012 08:32 AM
07-28-2012 09:00 AM - edited 07-28-2012 09:02 AM
Thanks everyone for your advice :-) in response to the Capital One card will you all take a look at my latest post "Remove Capital1 history..." I started the post before reading your suggestions here. I'd really like to hear what you all think about my situation with Capital 1. Thanks again!
07-28-2012 10:08 AM
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