11-20-2012 06:27 AM
In Aug 2010 I was discharged BK. In October of 10 I got a 500$ rebuilder card from Cap1 that I used wisely only for travel or online purchases and PIF. In Feb 11, I bought a car through cap1 blank check financing. A few months ago I received a preapproved offer for Barclays rewards mastercard and I accepted it.
I was going to garden until February when the 2 car shopping inquiries fall off my report and my Barclays has aged over 6 months, and then I planned to app for WM. However, yesterday I received a preapproval offer from WM and I'm really tempted to go for it. I would love to take advantage of the 0% financing and the free TU score. I'm afraid of Barclays closing my account or not giving me the promised CLI at the end of 6 months. What would you do?
3 inquiries on report
2 cards (1 a Barclay <6 months old)
Should I app WM?
11-20-2012 06:34 AM
I say go ahead. If you get approved I would hit up 1 more GE card like Amazon or Lowes, but stop there.
11-20-2012 06:34 AM
What's your Fico score buddie !??? AAOA ??
11-20-2012 06:35 AM - edited 11-20-2012 06:37 AM
I would wait...you dont really need the walmart card, and even the score isnt really that big of a deal. For rebuilding purposes somthing like CK provides access to your report and thats all you need.
You have a good setup with the 2 cards and 1 installment loan, just be patient. And let your score build.
11-20-2012 06:42 AM
wait a lil. Bit till your score close to 700 then apps for some CC that you really want.......Do them all at one so they all aged at the same time........
I will wait for a lil bit..........Just be patience.....
11-20-2012 07:47 AM
I am signed up at CK, but I thought their score wasn't accurate? The site says they use TU info, but lots of ppl say the score is a FAKO. So is it really just as good as using the WM free TU check?
11-20-2012 08:26 AM - edited 11-20-2012 08:27 AM
The info from CK is fine and accurate (except their AAoA calculation) but the score is essentially worthless. If it is inline with a FICO TU it's mere coincidence. WM gives your TU08, MyFico.com Quarterly Monitoring gives you TU98, and many lenders use TU04. The good news with apping for the WM card is it only hits you once for a HP from TU. I doubt that would kill Barclay's, but who knows.
Does your credit mix need it?
Will is help your UTIL?
What is your AAoA and will this hurt it?
Are you applying for credit in the next 6 months for something other than a CC?
Do you intend on using any of the WM perks like Gas, 0% electronics, etc?
Financed car @ 5.49% w/ DCU, Added DCU VIsa, Chase Freedom,
AMEX Gold and BCE, Lowe's
11-20-2012 08:44 AM
I have often heard on these forums that having 3 cards is the best way to go. My utilization right now is 0 and I'm not planning on applying for any credit or other cards for a long time. I eventually want a couple of really prime cards, but I know that's at least 4 more years down the road because of the BK. I would possibly take advantage of the perks during the holidays, but it's not a sure thing.