cancel
Showing results for 
Search instead for 
Did you mean: 

Should I apply for CC?

tag
CC40
Regular Contributor

Re: Should I apply for CC?

How can sallie Mae verify if I was in forbearance. C'mon - that ain't right! Disputes won't work - ya think?
Message 11 of 23
Anonymous
Not applicable

Re: Should I apply for CC?

The limit on your BofA card is $2,100 and you currently owe next to $1,400 on it?  So, you only have about $700 available credit right now? 

 

You need to get your balance down to PAID OFF. 

 

When you apply for a new credit card, you want to show that you can handle paying off a $2,100 credit line, otherwise, your FICO® score is not what it could be and, you are not going to make the best possible impression that you can on potential new creditors. 

 

I understand that you are anxious to get on with your credit life --  but, its best for you to be as fiscally fit as you can be before you begin applying for more credit. 

 

I wish you the best! 

Message 12 of 23
CC40
Regular Contributor

Re: Should I apply for CC?

I got in trouble with credit so I set up bank draft payments - ignored I even had the card. No transactions or activity on that account in years. I don't live on credit cardS. If I can't pay for it - I don't get it. And I am finding out that has actually hurt me. I can easily pay the thing off but I don't want to use my savings for that. And it will benefit my FICO more (according to FICO simulator if I do it over a period of time. Don't go throwing stones discernment! You don't know me. I am on here asking for advice - not seeking reprimands or demeaning. Okay?
Message 13 of 23
Crashem
Valued Contributor

Re: Should I apply for CC?

Sorry did I miss the answer to when you think you can get your BofA below 10% utilization?

               LIMITS IN CARD DESCRIPTIONS
Message 14 of 23
Anonymous
Not applicable

Re: Should I apply for CC?


@DixieGirlx3 wrote:
I got in trouble with credit so I set up bank draft payments - ignored I even had the card. No transactions or activity on that account in years. I don't live on credit cardS. If I can't pay for it - I don't get it. And I am finding out that has actually hurt me. I can easily pay the thing off but I don't want to use my savings for that. And it will benefit my FICO more (according to FICO simulator if I do it over a period of time. Don't go throwing stones discernment! You don't know me. I am on here asking for advice - not seeking reprimands or demeaning. Okay?

Oh dear, I was only trying to help.  Please forgive my inarticulate mouth! 

Message 15 of 23
Voodard
Contributor

Re: Should I apply for CC?

I would imagine your mortgage loan officer will want you to pay off the balance before they will send your application to underwriting. If you have to use savings, I would say do it. Get it off your credit account free and clear and be done with it.
TU 743 as of 5/12
EQ 715 as of 10/13
EX Plus 780 as of 7/12

Cards in wallet: Chase Sapphire Preferred ($25k) Chase Freedom (8k) NFCU Platinum ($24k) HHonors Reserve ($11k)
United MileagePlus Club ($17k)
Message 16 of 23
CC40
Regular Contributor

Re: Should I apply for CC?

Okay .... So what about the 90 day late from dec? Will that stop it?
Message 17 of 23
MarineVietVet
Moderator Emeritus

Re: Should I apply for CC?


@Anonymous wrote:

@DixieGirlx3 wrote:
I got in trouble with credit so I set up bank draft payments - ignored I even had the card. No transactions or activity on that account in years. I don't live on credit cardS. If I can't pay for it - I don't get it. And I am finding out that has actually hurt me. I can easily pay the thing off but I don't want to use my savings for that. And it will benefit my FICO more (according to FICO simulator if I do it over a period of time. Don't go throwing stones discernment! You don't know me. I am on here asking for advice - not seeking reprimands or demeaning. Okay?

Oh dear, I was only trying to help.  Please forgive my inarticulate mouth! 


I agree that discernment was only trying to help and I saw no kind of personal attack in her comments.

 

When any of us come into a public forum and ask for suggestions/advice/comments what we receive is (usually) the honest opinion of others who have been in our same situation and who only want to offer what has worked for them. So you will receive a plethora of different ideas. Some will be good; some not so good. But take them in the spirit that they are usually offered; that of a sincere willingness to help.

 

One drawback of the written word is the inability often times for the reader(s) to know exactly what the intent of the writer actually is. That can often lead to misunderstandings. I've certainly been guilty of misreading the words of others.

Message 18 of 23
pizzadude
Credit Mentor

Re: Should I apply for CC?


@Anonymous wrote:

@DixieGirlx3 wrote:
Why does it bother me so much when everyone reads but doesn't respond?

LOL relax. You have to give us enough time to respond.

 

Anyways, if you're thinking about reapplying for mortgage, I would suggest for you to just focus on paying off your credit card. Applying for another credit card will not help you IMO. Save the inquiries for your mortgage.


+1.  DixieGirlx3 if you are going to be applying for a mortgage soon then you might try something to help you deal with waiting.   Transcendental meditation or whatever it takes.....Because the mortgage & underwriting process is a GIANT game of hurry up and wait.      Seriously you are going to have issues if waiting for an hour on MyFICO bothers you.  

 


 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 19 of 23
LionLaw
Frequent Contributor

Re: Should I apply for CC?

I don't think the 90 day late will bar you from getting a mortgage as long as your current FICOs would still qualify you.  That being said, if that's your only derog, its presence on your CR is probably costing your FICO some serious points, which means you'll get hit with a higher interest rate on a mortgage.

Message 20 of 23
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.