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Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
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Re: Need some advice before I do anything dumb.

You should join your credit union. Move part of your money there and paid most of your bill with it. Apply for Credit Union card after few months of good used or they might have some best offer for you that you dont even know.

Goodluck on building credit. It's take time and patient.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Established Contributor
CashOnDelivery
Posts: 502
Registered: ‎04-17-2013
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Re: Need some advice before I do anything dumb.


nicholasyud wrote:

You should join your credit union. Move part of your money there and paid most of your bill with it. Apply for Credit Union card after few months of good used or they might have some best offer for you that you dont even know.

Goodluck on building credit. It's take time and patient.


+1

OP, Credit Unions are the way to go. My 1st CC was from a credit union and because of that I was able to get a personal loan a year later. Credit Unions have opened a lot of doors for me since. YMMV and good luck.


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
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Established Contributor
jamie123
Posts: 845
Registered: ‎03-22-2012
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Re: Need some advice before I do anything dumb.

I agree with some of the other posters. It is definitely okay to try and apply for 1 or 2 cards just to see where you stand. If you get approved, that would be great! If not you at least know where you stand and exactly what you need to do. Don't worry, a couple of HPs at this point won't really matter.

 

Apply for one of the Capital One cards that have an annual fee. Pick your poison. Two cards have a $39 annual fee and one card has a $19 annual fee.

 

Apply for a Walmart store card. Walmart cards are backed by GE and they are very generous with CLI. You also get a free monthly TU 08 score after signing up for electronic billing.

 

I think you have a great chance at being approved for both of these cards.

 

You can do it!

 

Good luck!



Starting Score: EQ 658 6/18/12
Current Score: EQ 700 9/27/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
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Moderator
09Lexie
Posts: 25,558
Registered: ‎09-13-2012
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Re: Need some advice before I do anything dumb.

 IMO, I would do the following

 

  1. Join a CU- try for their product probably will be secured but at least they will probably have better terms
  2. Cap 1 for newcomers
  3. Walmart for free TU score and GE clis

good luck!

Community Leader
Valued Contributor
improvingmycredit
Posts: 1,384
Registered: ‎07-12-2011
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Re: Need some advice before I do anything dumb.

[ Edited ]
Hey sidney79!
Welcome to the forums!
Well, the unfortunate part is that you've racked up some inqs with no luck. Starting out- it's a crap shoot. You probably have generated a FICO score because of your auto loan so that is a good thing. My recommendation- get your FICO from here. Let us know the actual FICO score. If you don't have one yet- let your auto loan age one more month. If you do have one- because you have no revolving credit - as others have stated- it's difficult to get that first CC. As @09Lexie recommends- I'd say app the CapOne New Comers card. See if you get it. You will likely not be approved unsecured for anything else if you can't get this card. If you do get it- garden it for a full 6 months then app Discover It and Walmart cards. You'll be good to go. If you are denied New Comers- unfortunately- secured card is way to go. I'd deposit $200. Let it report for 6 months since you already have a generated FICO then go for the New Comers- Discover It and Walmart then. JMHO. Sorry so long. :smileyhappy:

Starting Score: 642
Current Score: EQ 798, EX 780, TU 787 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, QuickSilver 20K, TotalRewards 18K

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New Member
sidney79
Posts: 5
Registered: ‎05-02-2013
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Re: Need some advice before I do anything dumb.

@improvingcredit, 

 

I actually decided to get my TU/EQ score from here last night. TU is 663, and EQ is 628.

Established Contributor
jamie123
Posts: 845
Registered: ‎03-22-2012
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Re: Need some advice before I do anything dumb.


sidney79 wrote:

@improvingcredit, 

 

I actually decided to get my TU/EQ score from here last night. TU is 663, and EQ is 628.


Those scores are pretty good.

 

You should be approved for both the Cap1 and Walmart cards.

 

I know other posters are telling you to apply for the Cap1 Newcomers card but I disagree with them. The Newcomers card is for people that are new to this country, not new to credit.

 

Do it now! Apply for one of those cards and stop back to let us know how it went.

 

You can do it!

 

Good luck!



Starting Score: EQ 658 6/18/12
Current Score: EQ 700 9/27/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
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Community Leader
Valued Contributor
improvingmycredit
Posts: 1,384
Registered: ‎07-12-2011
0

Re: Need some advice before I do anything dumb.

[ Edited ]
@sidney79
Great on getting your FICOs. I'm a little concerned as to why your EQ is so much lower then the TU. Where the reasons listed? Is it because of inqs?
It is true that the NewComers was designed for new to US, but lending requirements are almost identical to AF version of starter cards but it has no AF. The New Comers is the way to go. And, only app this one first. If approved, garden it for at least 4 months to 6 then app the Discover It and Walmart. FICO isn't everything- having no revolving credit will net you a lot of denials as you have already noted. Most lenders like to see experience with revolving credit before they will give you some themselves. Even GE (walmart Card) likes to play this game unfortunately.

Read this thread- almost similar situation: good results:
http://ficoforums.myfico.com/t5/Credit-Cards/Young-credit-report-want-another-card-HELP/td-p/2131663

Starting Score: 642
Current Score: EQ 798, EX 780, TU 787 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, QuickSilver 20K, TotalRewards 18K

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Established Contributor
ztnjpv
Posts: 726
Registered: ‎02-01-2012
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Re: Need some advice before I do anything dumb.

Cap1 Platinum MC.

 

I had roughly the same score as you when I applied for it back in oct. 2011. It was my first card on the path to restoring my credit. (i have since upgraded it to a Cash rewards as seen in my sig). I had no open cards at the time. I had a mid-600s FICO, some derogs...but also a pretty decent sized file (20-27 total accounts depending on the bureau).

 

Bottom line, Cap1 will have an unsecured card you can apply for. Whether it's the Plat MC or some other for newcomers. CU's are good too. Of course, just know that Cap1 will triple pull you....guaranteed.

 

Good Luck.


Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 801 (3/28/14), EQ FICO 808 (3/28/14), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!

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