Suggestions for 1st app spree

[space10]

Hello...

Thanks to help from here I have been able to increase my credit score for 500's to 690's. I have a very HIGH debt-to-income ratio (50%+ or so) but its all in mortgages, no credit cards. I have a charge off from Sears from 2008. I need a credit bump and thought I could get one by adding a credit card to the mix. I can't afford to get a denial. What cards would be a safe bet? I have not gotten any prequalification offers in years. 

[DrZoidberg]

My suggestion is don't. Your app spree will be a disappointment. Will you get some cards? Sure. But they will be low CL and not worth the HPs. I would pay down your debt and wait 6 -9 months from now to do a spree. your debt will be lower, your credit score higher and you will get much better cards with better limits. 

[space10]

Thanks DrZoiberg

That is my biggest concern right now. My only chance at lowering my DTI is a refi which I can't get unless my score is over 700. Without cc's or auto loans or any other debit my score has not changed more than 5-10 points in months. 

[space10]

Do you think a secured card would work to help pull up my credit?

[duyen28262]

I currently have 4 credit cards, each is maxed out at 99%; I have a plan to pay them down this year though. My score is mid to high 600s. Got a vehicle loan 3 weeks ago.

This week, I got approved for Discover IT and BoA cards, but was declined for Wells Fargo, Barclays, Amex, and probably Chase.

I'd say try for one card that you like best, but it's just my opinion.

[jamie123]

If you don't have any other credit cards, you will find it difficult to get a CC from a major bank until you have at least one year of good history managing at least two minor credit cards.

I would suggest first apping for a Walmart credit card. They may start you out with a small CL but are very generous with CLI. You will also get a free TU FICO score once a month after signing up for electronic billing.

If you are approved for the Walmart card, I would suggest apping for a Capital One Classic credit card. Cap1 might also start you out with a low CL and they are terrible with CLI but it will help to improve your score and history.

Use these cards sparingly every month and make sure to pay them off in full every month and your scores will look much better six months from now.

Stop back and let us know how your apps turn out.

Good luck!