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I'm currently in the rebuilding credit phase. So many lenders told me that not having revolving accounts was dragging down my credit score. So I got some. Now I have 3, all reccently opened. I think I should close one before they report... if this is possible.
Card 1 - Orchard Bank (HSBC) $300 CL - 19% APR
Card 2 - Capital One Secured $700 CL - 23% APR
Card 3 - NFCU Cash Rewards $8k CL - Prime + 12.99% Capped @ 18ish B/C CU
Cards listed in order of first applied for. I love that I have an 8k card. I would really like this to be my primary as it actually has rewards.
My concern is that I heard CU Cards are viewed less favorably by FICO. Is this true?
I would love to cancel Orchard becauase of the measly CL but I did pay them $59 when I got the card.
I would love to cancel Capital One because I get $700 back in my pocket.
I'm keeping Navy Fed. That rocks. I feel like I've made it, in a sense.
I'm stopping all inquires now. I feel that I have enough available to show responsibility. I also recently bought a new car, because the dealer got me a great rate, so that's going to report as $19k in debt.
If you've already paid an AF, then leave it alone for a year and close it at the anniversary date so that you don't incur another AF.
Ok. So I should leave all 3 open? I did pay Capital One $29. On the other hand they do have $700 of my money in a savings account.
Tell us more about your credit file. Like your scores, AAoA, baddies (if any).
@halld84 wrote:Ok. So I should leave all 3 open? I did pay Capital One $29. On the other hand they do have $700 of my money in a savings account.
Keep the Orchard and Capital One open for atleast a year. You might as well since you've already paid the fees for them.
If you're not planning to apply for any new cards or loans anytime soon, you can offset the $700 you have on deposit with Capital One by utilizing the high limit you received on your NFCU.
A year goes by quick. You wont miss it.
I currently have a 625 EQ, which is really the one I'm trying to grow.
8 Accounts, 3 with derogatory marks.
3 in dispute process with results by April 7th:
2 are student loans with old lates, I asked that they just fix the lates since I signed up for the rehab program they offer.
1 is power bill from my parents using my social showing $293 past due, but no 30, 60, or 90 therefore no DoFD.
The above 3 are fairly old accounts, the student loans are from 2002. If they drop off fully it will hurt AAoA.
1 closed Citi revolving from 2003, was opened for a year with nothing ever charged and they closed it. =(
Auto $0 bal $5k high from 2003
Auto $0 bal $16k high from 2005
Auto $0 bal (soon) 19.5k high from late 2008
Personal installment $0 bal $2k high from 2010
So... I'll be adding Orchard, Capital One, NavyFCU, and a chase installment for $19k.
All in 2011. My current AAoA by myFICO is 6 years.
My last late 3 years 1 month.
633. I think they're slightly partial to active duty.
Oh my... I'm terrible. I forgot that I was strongly considering app'ing for a STAR card. If I plan to start my home buying adventure in May of 2012 would this be a wise, or poor decision?
I've been on the CC roller coaster before when I was 18. I know how to decide whether or not I can afford something before swipping. At this time I do not intend to ever carry a balance.