Credit Cards

[happy0510]

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

[Creditaddict]

Capital One.

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

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

[happy0510]

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.

[Creditaddict]

you should be good to go for capital one and WFFB for sure, GE would be toss up but probably still approved.

[LYNNY47]

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.  

[txjohn]

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. 

[SherriLynn]

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. .

[llecs]

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.

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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).

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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.