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Hello Myfico Family,
I only have 1 TL and I am going to be purchasing a home in the next 1 year. I spoke to the mortgage broker and she was like...well if it won't affect your score too much than I wouldn't worry about it...blah blah blah....but I have time to take the hit and recover, so I decide to go for it!! However, I don't wanna get denied!! Ugh....I hate that part!!
Anyway, I opened orchard secured in 8/07 CL $200...It automatically went unsecured in 10/08 or 11/08 (can't rem.) CLI to $300. I have never been late (of course).
So, what would you suggest? I am really worried that my baddies will ruin my chances (all over 2 years old). Or only having 1 TL open will be the reason for denial.
I app'd in 3/08 for:
Target - denied (not enough TL's)
Hooters - denied
Please help!!
Thanks,
Happy
Capital One.
a World Financial Bank Card, Express, Victoria Seceret, etc.
Possibly a GE card, Gap, JCPenney, Dillards, Walmart, Sams, etc.
Hi Creditaddict,
Thanks. So, you don't see an issue with only having 1 open TL? I know my scores are what they are. I just can't get over believing it. With all the credit problems I've had in the past, I feel like it's too good to be true to ever actually recover! Thanks, again.
happy0510 wrote:Anyway, I opened orchard secured in 8/07 CL $200...It automatically went unsecured in 10/08 or 11/08 (can't rem.) CLI to $300. I have never been late (of course).
Congrats! You are one of the rare few that had their Orchard Bank secured CC go unsecured. It is also mythical it seems, but have read a couple other successes. They were one of my first CCs and still have $500 parked with them after 1.5 yrs.