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New Contributor
Posts: 52
Registered: ‎06-24-2009
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Time for Credit hunting

Well, reports are about clean.  Have a problem though, only revolving tradeline is student loan.

 

Now, if you all could go credit hunting all over again, what would you go for...

 

Just got approved for NFCU rewards visa 1200, no card yet and not reporting.

 

15 year oldest credit on file,  AAofA is 6.9 years.  FAKO's below and EQ FICO.

 

What would your plan be?  Not sure what info to put here, so just ask.  Should I wait for NFCU to report? 2 inq on EX, 1 on EQ.  Have at it.  I only have an FPO so there are limitations and I will report them when/if I apply.

 

Lets hear your plan.  I am your guinea pig.

Moe
FAKOS - EQ-625/EX-633/TU-614
FICO's - EQ-623
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Time for Credit hunting


moemeadors wrote:

Well, reports are about clean.  Have a problem though, only revolving tradeline is student loan.

 

Now, if you all could go credit hunting all over again, what would you go for...

 

Just got approved for NFCU rewards visa 1200, no card yet and not reporting.

 

15 year oldest credit on file,  AAofA is 6.9 years.  FAKO's below and EQ FICO.

 

What would your plan be?  Not sure what info to put here, so just ask.  Should I wait for NFCU to report? 2 inq on EX, 1 on EQ.  Have at it.  I only have an FPO so there are limitations and I will report them when/if I apply.

 

Lets hear your plan.  I am your guinea pig.


Please do not take offense. If you got $1200 from Navy I would stop right there unless you want Cap One or Orchard cards. Some might tell you to get a store or a gas card. Navy is normally very generous. Proceed carefully.

New Contributor
Posts: 52
Registered: ‎06-24-2009
0

Re: Time for Credit hunting

[ Edited ]

The whole point was to get advice from experience.  Do I need anything to increase scores besides Navy?  Should I consider the NFCU MC and NavChek and call it a day?  I haven't used credit in over 2 years and have a 0% DTI, I make enough I don't need it, but I do need a good interest rate when I buy a home.  If the 8k extends to next june...I want to buy then (not eligible until March) and 700 fico is my goal.

 

No offense taken.  No fee cards...I have NFCU, no worries. Just want to get the right mix the first time.

 

 Would love to hear more.

Message Edited by moemeadors on 07-28-2009 03:04 AM
Moe
FAKOS - EQ-625/EX-633/TU-614
FICO's - EQ-623
Frequent Contributor
Posts: 359
Registered: ‎06-06-2009
0

Re: Time for Credit hunting

Can read your FAKOS but not your FICOS - the FAKOS are really irrelevant. Another bank card probably wouldn't hurt, but you may need to get a secured card because of your score. Same goes for a retail or gas card. My opinion is get them now so the inquiries won't hurt by next year and your points will have gone up by then after a year's use. However, be careful where you apply with low scores or else you will be wasting inquiries. Do I have any specific advice? No, sorry. But at least show your FICOs and someone else might have more specific advice where to apply...

 

Good luck.

---------------------------------------------------------------
Recent Cards:
12/2012 - Discover (ICL 3,375 CLI to 5,375 05/2014)
12/2013 - Chase Freedom (ICL 3,500 ACLI to 4,500 07/2014)
03/2012 - Gander Mountain MC (WFNNB) 7,000 CL
04/2012 - Ace Rewards Visa (US Bank) 12,000 CL
Back to gardening for a year or two
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Time for Credit hunting

[ Edited ]
You are reporting a recent EQ FICO of 602. What is holding your scores down? You really need to stop at this point. Something is amiss and you are not going to get good results on app's.
Message Edited by creditwherecreditisdue on 07-28-2009 10:23 AM
Valued Contributor
Posts: 1,424
Registered: ‎07-24-2007
0

Re: Time for Credit hunting

To be honest, your scores a little low. NFCU pulls EQ, exclusively.  Since you are already in with NFCU,  I would apply for the NFCU  nRewards MC, and a NAVCHECK LOC.

 

 After that, I'd try to get a store card, such as Macys, and a gas card, such as Shell or Exxon.

 

After that, I'd sit tight. The inquiries you're gonna get are gonna hurt a little, but the points will come back.

 

Use your NFCU cards - and pay them back before they report.You have to use your cards.  NFCU relies on your history with them when considering a CLI. 

 

New York Yankees - 2009 World Series Champions. 27... and counting.....
Established Contributor
Posts: 645
Registered: ‎10-24-2007
0

Re: Time for Credit hunting

Congratulations on your new NFCU credit card!

 

I agree with the previous posters...your scores aren't high enough yet to app for a prime card. Maybe a store or gas card,  possibly a Kays Jewels card...many posters here have had good results apping for this with low 600 scores.  Then just sit tight and let them age a bit. Your scores will improve as this happens and then you can apply for the better cards.

Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
0

Re: Time for Credit hunting

Get added as an authorized user to a friend or family members cards that are old, clean, little utilized and have decent credit limits.

Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Time for Credit hunting


moemeadors wrote:

The whole point was to get advice from experience.  Do I need anything to increase scores besides Navy?  Should I consider the NFCU MC and NavChek and call it a day?  I haven't used credit in over 2 years and have a 0% DTI, I make enough I don't need it, but I do need a good interest rate when I buy a home.  If the 8k extends to next june...I want to buy then (not eligible until March) and 700 fico is my goal.

 

No offense taken.  No fee cards...I have NFCU, no worries. Just want to get the right mix the first time.

 

 Would love to hear more.

Message Edited by moemeadors on 07-28-2009 03:04 AM

 

There have been othe posts by early rebuilders who were unable to obtain much of any credit other than NFCU.  They reported being approved for BOTH Visa & MC at around $1200 CL each.

 

So, since you know that they are willing to give you 1 card, you may want to ask for the other, thus having 2 TL's. This would be a much more valuable card than any other rebuilder cards, because it will grow, whereas the CapOne's, Orchards, FP and others will not.

 

In addition, you will get competitive rates, no fee access to cash and BT.  Plus NFCU has a great secured card.  If NFCU won't give you another unsecured card, I HIGHLY suggest going with their secured card and then work toward graduating that card.

 

You may want to consider a store or gas card as an additional TL.  Then you will need age/history on these accounts.

 

NFCU (IME) gives you more credit, initially, than any other CCC.  If you got $1200 CL with NFCU, I would not expect you to get anything that high anywhere else, until these TL's are reporting and show a little history.  Most CCC's don't want to "go first" unless they are subprime

 

Good luck.

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
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Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Time for Credit hunting


txjohn wrote:

moemeadors wrote:

The whole point was to get advice from experience.  Do I need anything to increase scores besides Navy?  Should I consider the NFCU MC and NavChek and call it a day?  I haven't used credit in over 2 years and have a 0% DTI, I make enough I don't need it, but I do need a good interest rate when I buy a home.  If the 8k extends to next june...I want to buy then (not eligible until March) and 700 fico is my goal.

 

No offense taken.  No fee cards...I have NFCU, no worries. Just want to get the right mix the first time.

 

 Would love to hear more.

Message Edited by moemeadors on 07-28-2009 03:04 AM

 

There have been othe posts by early rebuilders who were unable to obtain much of any credit other than NFCU.  They reported being approved for BOTH Visa & MC at around $1200 CL each.

 

So, since you know that they are willing to give you 1 card, you may want to ask for the other, thus having 2 TL's. This would be a much more valuable card than any other rebuilder cards, because it will grow, whereas the CapOne's, Orchards, FP and others will not.

 

In addition, you will get competitive rates, no fee access to cash and BT.  Plus NFCU has a great secured card.  If NFCU won't give you another unsecured card, I HIGHLY suggest going with their secured card and then work toward graduating that card.

 

You may want to consider a store or gas card as an additional TL.  Then you will need age/history on these accounts.

 

NFCU (IME) gives you more credit, initially, than any other CCC.  If you got $1200 CL with NFCU, I would not expect you to get anything that high anywhere else, until these TL's are reporting and show a little history.  Most CCC's don't want to "go first" unless they are subprime

 

Good luck.


 

+1

 

Do this, plus add a Macys (afterwards) if they will deal with FPO addresses. Then stop and let everything settle for at least six months. If you try to rush a bunch of app's just to try and get something you are going to end up with bad results. If you are seeking to build (or rebuild) you will have to exercise some patience.

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