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I made lots of mistakes with credit in my 20s and have several baddies on my report from 2004/2005. Can't wait for them to fall off! In the meantime, I've started to rebuild and got an unsecured Orchard Bank CC this year with a $500 CL. My EQ FICO is 650 and should go up next month once my balance shows as less than 10% of my CL (which I learned to monitor on this forum).
My question is: I clearly need additional credit cards to boost my score in the right direction. What's the next step, and which CC should I go for?
Welcome to the forums.
Lots of people here recommend joining a local credit union. In many cases they seem to be more understanding.
Good luck to you.
(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".
@Anonymous wrote:My question is: I clearly need additional credit cards to boost my score in the right direction. What's the next step, and which CC should I go for?
Good work rebuilding!
For FICO scores, you really only NEED one bank card - which your Orchard is. Additional cards won't increase your score. If additional cards are your preference, watch your AAofA before apping for something new - and of course, watch your inquiries. You're keeping your utilization down, and watching those baddies fall off - so you're on the right path.
We don't know what other accounts you have - if you don't have an installment on your reports, adding one might give you a score bump. (But most people don't want an installment just for the FICO gods).
Right now, the thing that will probably improve your score the most is if you can GW or PTD any of your baddies.
Definitely recommend joining a CU or two.
Thanks everyone -- I really appreciate your feedback!
I haven't tried Capital One. I'm terrified of being rejected, so is there a particular card you like or recommend?
I've looked at the credit unions and think I could join PenFed. Are there particular benefits to joining from a CR perspective, or is it more that they are more lenient extending credit than prime CC companies?
I would have to say you may want to try a Credit Union like Alliant or Penfed or if you have some disposable cash try Bank of America secured card as they have brought the card back. It's a prime name card and it will go unsecured after a while once you have built a relationship with them. Click ----->Here
I know others will probably disagree with me on Bank of America because of some of their business practices as of late but I have nothing but positive words to say about them, they have always treated me with decency and respect and I have a Signature card with them.
Just a few thoughts on this.....
I got pre-qualified for a HSBC Platinum MasterCard, I already have a HSBC card through Orchard Bank. Is it wise to have 2 cards from the same bank in regards to credit building? I wouldn't think there would be a difference but i wanted to check before i open the card. By the way i only have 1 credit card and am looking to rebuild as well.
FICO: EX 660 LOpull
EQ 629
TU 609