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Regular Contributor
Posts: 187
Registered: ‎01-20-2008
0

Looking for some advice on what to do next.

Got this so far:

 

Secured Master Card with WAMU for $1000, reports as a Secured.

Secured VISA with BoA for $500, reports as a Secured.

Sears store card for $1400, reports as a Charge Card.

 

Car Loan of $8500. Payed $4000 so far.

 

Only 14 month long credit history

 

No lates, always pay more than minimum, carrying about a 35% balance on the BoA and WAMU cards, 0% on the Sears.

 

Scores are in the lower 700's.

 

I'm wondering if I should apply for another credit card? I was offered an AMEX card only to be rejected when I actually applied. I'm not really sure if I need another card or not; mainly I had wanted to get a card from each of the major CC companies but is that really necessary? What other options do I have here? I'd like to get an Unsecured card but don't want to waste an Inquiry since WAMU should graduated me soon... I've hard the card for a year and want my $1000 deposit back, dammit!

 

Anyway, any advice would be helpful. This site has been a great help to me and thanks in advance to all who contribute Smiley Happy


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: Looking for some advice on what to do next.

Even though your history is only 14 months old, I'm surprised that your cards haven't unsecured yet. How long have you had them? Do they have a date for when they will go unsecured?

I would have suggested Bank of America, but I would want to get that other card unsecured first.

In this unusual situation, I would look into a local credit union (not a national one yet) to get an unsecured card. And those are FICO's, right?

Oh, btw, the Sears store card might say "charge card" on there somewhere, which happens with store cards, but they are treated as revolving credit (which they are.) You do get credit for it being retail (for the credit mix category.)
* 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
Regular Contributor
Posts: 187
Registered: ‎01-20-2008
0

Re: Looking for some advice on what to do next.

I've had the WaMu card since August of last year, making it my oldest card.

 

I just got the BoA and Sears cards 5 months ago.

 

They don't have anything printed on them that indicates when they go Unsecured, only an expiration date like any other credit card.

 

Those are real FICO's as obtained by this website. They might fluctuate between 710 and 735 depending on my spending patterns on any given month.

 

Thanks for the bit about the Sears card, I was wondering why it reported as a Charge Card since they do allow me to carry a revolving balance. Guess it's just a little different?

 

So getting an Unsecured card from a credit union might be a good option then? I had thought about that but I guess I'm kind of "eh" on using another inquery to get another VISA or MC which I already have... that seems to be the only cards that the Credit Unions carry.


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Established Contributor
Posts: 540
Registered: ‎06-07-2008
0

Re: Looking for some advice on what to do next.

I guess you could get Chase Freedom if you like that card, I got it with 10 months of credit history and credit scores in low 700s. 

 

 

-void
Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: Looking for some advice on what to do next.

I would highly recommend PenFed.

Please read this

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=119629

 

Besides, your secured BOA is going to graduate in 4 months.

 

IMO you have good chances with Chase and Citi.

 

Discover denied me when my credit file was 12 mos old, but YMMV.

 

I would not  recommend Amex, it is very unreliable.

IN VINO VERITAS.
Regular Contributor
Posts: 187
Registered: ‎01-20-2008
0

Re: Looking for some advice on what to do next.

PenFed looks awesome but I don't qualify. Neither I nor anyone in my extended family are in the military (we are all immigrants) and even though I work for a military contractor that does alot of work for the Navy and USMC, it's not listed on PenFed's website.

 

I would love to get a PenFed card though. Maybe I need to go meet me some lady Marines Smiley Happy


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: Looking for some advice on what to do next.

Anyone, who has SSN qualifies to join PenFed through National Military Family.

If you have family working for Navy, make them join Navy FCU and then join yourself. People say that NavyFCU is awesome.

I also recommend Alliant FCU, YOU CAN JOIN THROUGH Nat.PTA.

IN VINO VERITAS.
Regular Contributor
Posts: 187
Registered: ‎01-20-2008
0

Re: Looking for some advice on what to do next.

The problem is no one in my family works for the Navy. We're all "fresh off the boat" so to speak Smiley Tongue

 

I'm the one that comes closest, working for a military contractor. I've even worked aboard the ships designing structural modifications but for some reason my company is not on their list of elligible contractors.

 

Maybe I'll call their customer support line and ask them WHY we're not on their list of elliglble companies... seeing as we do tons of work for them.


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Established Contributor
Posts: 790
Registered: ‎09-09-2008
0

Re: Looking for some advice on what to do next.

I also thought these CUs wouldn't take me as I don't even have a green card. But PenFed looks like an option to me. The NFMA membership looks like a deliberate backdoor to membership in that CU.
Regular Contributor
Posts: 187
Registered: ‎01-20-2008
0

Re: Looking for some advice on what to do next.

Oh I just read the "fine print" and it does look like you don't actually need to have family in the armed forces. In that case this might work out Smiley Tongue

8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

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