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Established Contributor
happy0510
Posts: 808
Registered: ‎03-07-2008
0

Please help me decide on my next card!!

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 :smileyhappy:


Starting Score: 615
Current Score: 709
Goal Score: 750


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Epic Contributor
Creditaddict
Posts: 21,553
Registered: ‎10-23-2007
0

Re: Please help me decide on my next card!!

Capital One.

a World Financial Bank Card, Express, Victoria Seceret, etc.

Possibly a GE card, Gap, JCPenney, Dillards, Walmart, Sams, etc. 

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Established Contributor
happy0510
Posts: 808
Registered: ‎03-07-2008
0

Re: Please help me decide on my next card!!

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.


Starting Score: 615
Current Score: 709
Goal Score: 750


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Epic Contributor
Creditaddict
Posts: 21,553
Registered: ‎10-23-2007
0

Re: Please help me decide on my next card!!

you should be good to go for capital one and WFFB for sure, GE would be toss up but probably still approved.
Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
65 Cards and Counting :smileytongue:
Regular Contributor
LYNNY47
Posts: 133
Registered: ‎03-28-2008
0

Re: Please help me decide on my next card!!

I have been working on paying down my balances on all my 4 credit cards and 2 store cards and 1 gas card.  I shold have them all down to  0 balances by December.  This is my dilema.  When I got my Household Bank Card it was in 2002 and I cannot get them to waive my annual fee.  The same goes for Capital One which I got in 2005 and Orchard which I got in 11/2007.  I also have a Washington Mutual Credit Card that has no annual fee and a good limit.  The Household Bank Card has an 800 Limit; the Orchard has a 1000 limit and the capital one of course has that little 500 Limit.  Now if I pay off and try to get rid of these cards how bad a hit do you think I will get on my credit report and score.  I am sitting at 648 EQ; 692 TU and 693 Experian.  I would like to get rid of these cards or find some way to get them to remove the annual fees.  As I see it if I don't use them then I am paying annual fees for cards I am not going to use and even if I did use them I am headed back to where I was 3years ago when I used them and paid the bills off by the end of the month.  Any help or information anyone can give me would really be great.  Thanks.  

Starting Score: 800
Current Score: 800
Goal Score: 850


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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Please help me decide on my next card!!

Go with a credit union...build relations for next year, then get your mortgage with them too.  They can provide secured & unsecured cc's and loans, plus auto, loc, mortgage, etc. 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Regular Contributor
SherriLynn
Posts: 106
Registered: ‎08-26-2008
0

Re: Please help me decide on my next card!!

Capital One would be a great choice.  It is my highest CL so far, and they also financed my new car in January, even though they were IIB in 2005. .
08/08 FICO TU649 EQ645 EX639
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Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Please help me decide on my next card!!

You were already doing what I would have suggested: app based on the higher FICO score, which is TU. I would app for 2-3 more cards then call it quits and then app for another secured CC. I would probably suggest a Macys (known for lower limit approvals, but great at CLIs) or your local CU or local bank (if small). Try also the CC pre-approval at BofA (soft inquiry) or even gun for a CapOne.


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.

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