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Anthony81
Posts: 3
Registered: ‎03-19-2009
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Looking for new credit

Long story short when I was 16-19 I've made some bad credit descions, maxed out all my cards, and couldn't pay, they all went to collections and finally dropped off my report 2-3 years ago. Since I've gotten a car loan, and some more credit cards. Currently I'm using about 81% of my credit (I made some large purchases to fix my car late last year which i'm paying off slowly). I'm trying to look for some new credit cards. Currently I have 2 bank cards with my bank and one line of credit. My FICO's score falls around 595 - 623 depending on which creditor you ask. I'm looking to get one or two new cards which will sit in my draw nicely and help slowly drag up my score. On top of paying down my old balances. My credit limits aren't high currently.

 

Any ideas on where to look for credit cards with bad to fair fico scores but 27 or so months of no late payment history? Thanks.

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Creditaddict
Posts: 20,897
Registered: ‎10-23-2007
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Re: Looking for new credit

under 600 scores is going to leave you a bunch of starter cards with 300 limits.

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Capital One

 

I might work on paying debt off and continue to fix your credit reports to get score up before getting more credit. 

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Established Contributor
Posts: 513
Registered: ‎04-03-2007
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Re: Looking for new credit


Anthony81 wrote:

Long story short when I was 16-19 I've made some bad credit decisions, maxed out all my cards, and couldn't pay, they all went to collections and finally dropped off my report 2-3 years ago.

 

 Currently I'm using about 81% of my credit (I made some large purchases to fix my car late last year which i'm paying off slowly).

 

Any ideas on where to look for credit cards with bad to fair fico scores but 27 or so months of no late payment history? Thanks.


I wouldn't apply for more cards at this point. You are maxed out again.Your credit history seems to be repeating itself. If you pay down your debt, your credit scores will increase substantially.

 

 

 


Anthony81 wrote:

 

* Currently I have 2 bank cards with my bank

  and one line of credit. 

* I'm looking to get one or two new cards

  which will sit in my draw nicely

  and help slowly drag up my score.

* My credit limits aren't high currently.

 


You have three lines of credit with 81% utility.

 

How can you be sure that "one or two new cards" will actually sit unused in your drawer for very long? Have you considered the probability that your interest rates will get raised on your existing debt if you apply for more credit?

 

One or two new cards will certainly lower your credit scores since you won't be able to get any substantially higher credit limits. Do you realize that one or more of your existing tradelines could have the credit limits lowered and interest rates raised, as you "slowly" pay them down, if you obtain more new credit?

 

Is there a reason that you can't pay down your existing debt faster in order to raise your FICO scores? Pyramiding debt is almost impossible to do these days without receiving painful adverse action by existing creditors.



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