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Established Contributor
jamie123
Posts: 925
Registered: ‎03-22-2012
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Re: Successful app!! Now what do I do?

I agree with some of the others, apply for some type of GE store card. They are very generous with CLIs.



Starting Score: EQ 658 6/18/12
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improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
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Re: Successful app!! Now what do I do?

Hey LB!

I this is a really wise decision!  I was pretty much in the same boat as you regarding scores (620 in 04/11 then jumped to 642 after CU card approval)and CCs about 1.7-1.8 years ago.  Got approved for a 5.4K limit CU card and everything has been up hill since.  Got my baddies removed and waited a few months and my score skyrocketed.  I then apped Prime and they all beat my CU CL upon approval.  (It also helped me a LOT that Amex backedated some real age to my accounts).  It was sweet!  Patience is a golden.  I bet you find that after your CU card reports and some time is there with a high limit card, you'll be approved with great starting limits.  Let the CU card be the catalyst to Primeville!


Starting Score: 642
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improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
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Re: Successful app!! Now what do I do?

 

Hey LB!

I this is a really wise decision!  I was pretty much in the same boat as you regarding scores (620 in 04/11 then jumped to 642 after CU card approval)and CCs about 1.7-1.8 years ago.  Got approved for a 5.4K limit CU card and everything has been up hill since.  Got my baddies removed and waited a few months and my score skyrocketed.  I then apped Prime and they all beat my CU CL upon approval.  (It also helped me a LOT that Amex backedated some real age to my accounts).  It was sweet!  Patience is golden.  I bet you find that after your CU card reports and some time is there with a high limit card, you'll be approved with great starting limits.  Let the CU card be the catalyst to Primeville!


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

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Sparkz1920
Posts: 271
Registered: ‎08-09-2009
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Re: Successful app!! Now what do I do?


mmmagique wrote:

I love Amazon, and the certain amount of months with no AF depending on how much you spend at one time. I don't have the numbers in front of me, and for right now it doesn't matter that much because I've been PIF; but it's nice to know that if I need a new laptop or some other largish purchase, that I can do that and have a little breathing room. : )

 

We also have Amazon Prime, which is amazing! Most items are here with free shipping in two days (or less!) and if I NEED it the next day, we pay 3.99 for next day shipping! (we've had some huge and heavy items delivered absolutely free with our Amazon Prime. It's been really good to us.)


yeah, I actually like my Amazon Card too. Purchased my IPad and financed it for the 6-month period no interest


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Lzzybeth
Posts: 50
Registered: ‎03-13-2008
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Re: Successful app!! Now what do I do?


improvingmycredit wrote:

Hey LB!

I this is a really wise decision!  I was pretty much in the same boat as you regarding scores (620 in 04/11 then jumped to 642 after CU card approval)and CCs about 1.7-1.8 years ago.  Got approved for a 5.4K limit CU card and everything has been up hill since.  Got my baddies removed and waited a few months and my score skyrocketed.  I then apped Prime and they all beat my CU CL upon approval.  (It also helped me a LOT that Amex backedated some real age to my accounts).  It was sweet!  Patience is a golden.  I bet you find that after your CU card reports and some time is there with a high limit card, you'll be approved with great starting limits.  Let the CU card be the catalyst to Primeville!


Wow, thanks a lot for sharing that!! I'm going to be going back through your forum history if you don't mind. Thank you, thank you!

 

It's great to know that I'm on the right path and hopefully others will benefit from this thread.

 


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Current Score:Sept 2014: EQ - 652
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Lzzybeth
Posts: 50
Registered: ‎03-13-2008
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Re: Successful app!! Now what do I do?


Sparkz1920 wrote:

mmmagique wrote:

I love Amazon, and the certain amount of months with no AF depending on how much you spend at one time. I don't have the numbers in front of me, and for right now it doesn't matter that much because I've been PIF; but it's nice to know that if I need a new laptop or some other largish purchase, that I can do that and have a little breathing room. : )

 

We also have Amazon Prime, which is amazing! Most items are here with free shipping in two days (or less!) and if I NEED it the next day, we pay 3.99 for next day shipping! (we've had some huge and heavy items delivered absolutely free with our Amazon Prime. It's been really good to us.)


yeah, I actually like my Amazon Card too. Purchased my IPad and financed it for the 6-month period no interest


I'm leaning the most heavily towards the Amazon Card simply because of how much online shopping I already do with them. This is a definite a check in the "pro" column for going with an Amazon Card over JC Penney!

 


Starting Score: Jan 2012: EQ - 624
Current Score:Sept 2014: EQ - 652
Goal Score: Across the Board: 720
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Regular Contributor
ACsteel
Posts: 237
Registered: ‎08-19-2012
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Re: Successful app!! Now what do I do?

[ Edited ]

Lzzybeth wrote:

SUCCESS!!!

 

I went into my credit union this morning and was approved for a $5,000 MasterCard. This is the first credit card I've had in many, many years. I'm very happy and grateful to my credit union, University Federal Credit Union in Austin, TX.

 

I think I have somewhat conflicting goals for next year and would appreciate your input on my next steps.

 

2013 Plans

  • Home Purchase : Fall or Winter of 2013
  • Prime Credit Card : Amex or Chase

Do I APP for another credit card today, such as Amazon store or department store? This way, I take the inquiry hits now and also have 2 positive tradelines showing in 6 months. At that time, I can consider whether to APP for a prime card.

 

Or do I garden for 6 months and see what the new credit card does for my score? 

 

Do you think this APP plan will have any effect on my larger goal of purchasing a home in a little over a year?

 

I'll admit, my trigger finger is feeling a little itchy due to this morning's success. However, I've been waiting this long for my credit to improve and I know there's no harm in waiting a little longer. I just like to know what you'd do in my place.

 

Thanks for your time and I'm so glad to have found this forum!!


I do not think a store card is a good move, it affects your AAoA however it doesn't get factored into your utilization ratio (at least my Macys card does not).  Since you have under 3-5 inquiries right now, I say you should try to get two more prime cards after your credit union credit card reports successful usage for two or more months, since one of the reason for being denied maybe lack of current usage of a major credit card. Also your fico scores look good enough for entry level prime cards and in two+ months your score will for sure go up very nicely.  Congrats on the master card!


Garden Member Since: 2014 - 4 - 1
Frequent Contributor
Roarmeister
Posts: 333
Registered: ‎04-21-2012
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Re: Successful app!! Now what do I do?

[ Edited ]

If you are going to apply, apply now then wait your year to get your mortgage.  Don't wait six months to apply for another card.  The hit you take from hard pull lasts only a year, and having two accounts age for a year before you apply for the mortgage will be better for your score at the time.

 

On the other hand, if you keep your credit to just the one card you have now -- garden it intensely.  Make sure you pay either on time or before the statement date and keep your overall usage of the card to less than 10% per month.  The credit scores you may pull between now and your mortgage mean very little.  It is only the the credit score pulled in the month you apply for the mortgage that is going to mean anything.

 

Or third, you could garden your accounts for a longer period and wait for a slightly better score and opportunity to get the house you really want.

 

Lastly, I have never seen the wisdom of getting a store card - PERIOD.  Some people shop a lot a a particular store and this give them some reward points or something but most store cards come with higher interest rates and practically every store is going to take a major vendor card (M/C, VISA, AMEX) so why limit yourself with a store's credit card.  Like I said... I just don't get it.

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Starting Score: 676 Feb 2008; Current Score: 791 EQ; 824 CA, Dec. 2014; TU 814, Oct. 2014; Goal Score: 800 by end of year Oldest Account reported by EQ: 12 years; EQ AAoA: 5.8 years; EQ Credit Utilization: 1.9%
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

Re: Successful app!! Now what do I do?

[ Edited ]

angelnyc wrote:


I do not think a store card is a good move, it affects your AAoA however it doesn't get factored into your utilization ratio (at least my Macys card does not).  Since you have under 3-5 inquiries right now, I say you should try to get two more prime cards after your credit union credit card reports successful usage for two or more months, since one of the reason for being denied maybe lack of current usage of a major credit card. Also your fico scores look good enough for entry level prime cards and in two+ months your score will for sure go up very nicely.  Congrats on the master card!


 

Macy's stopped reporting CLs many years ago; however over the last several months they have begun reporting limits for their cardholders again. Almost all other CCs will report the CL, with the exception of "Signature Visa" (some do and some don't), "World MC" (some do, some don't) and Charge cards (e.g. Amex Zync, Green, Gold, Plat). And there are some hidden TLs (e.g. Bill Me Later). All other CLs will be incl in your util.

 

Mid 600s FICO isn't high enough for most prime cards, and any approvals would likely have very low, toy limits.

 

In general, I agree about not sinking your AAoA w/ a bunch of store cards. However, getting 1 or 2 when rebuilding can help to establish positive tradelines and also help w/util.

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

New Contributor
Lzzybeth
Posts: 50
Registered: ‎03-13-2008
0

Re: Successful app!! Now what do I do?


bichonmom wrote:

 

Mid 600s FICO isn't high enough for most prime cards, and any approvals would likely have very low, toy limits.

 

In general, I agree about not sinking your AAoA w/ a bunch of store cards. However, getting 1 or 2 when rebuilding can help to establish positive tradelines and also help w/util.

 


Yup, that was my thinking and that's why I'm not going to use a HP for a prime card until I have a better chance of being approved.

 

Whatever my 2nd card ends up being, it'll be the last APP I submit for at least 6 months if not a year. That's why I'm taking some time to cool my heels before applying again.


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