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Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013
0

Took the hard pull, now I need a battle plan

Ok so I was approved three weeks ago for an unsecured Cap1 card and today, after being denied by three others I decided to face another hard pull and get a Cap1 secured card as well. I only want/need these cards to build a revolving credit history to satisfy my home loan lender in six to eight months when I go back for my next crack at getting approved for a home loan.
What I need to know now is what would be the the best way to make these two cards not only make my fico score all it can be but also what's the best monthly practices I can stick to boost my CL's (although I don't think that's near as important as just having the accounts and using them) .
I need a specific play book to stick to over the next six to eight months, such as how much to charge, pay in full or carry a small balance. When I go in for my Home loan app should I have a zero balance or leave a very small one one or both cards? Should I dump as much cash as possible into the deposit of the secured card?

Basically, if you were me what would you do to make sure you get approved for the home loan? For anybody who hasn't read any of my post the last few days, here's my brief situation summary. I went in and applied for a home loan and could not get approval because I didn't have any revolving credit accounts. In fact I only had one open good account for an auto loan I have perfect history on. I had a few derogs on there and have since paid them off in full and WOW did my CS's get a boost from that. My lowest score of 584 went to a 626. So at this point my scores are all high enough to qualify for the loan but still need the good revolving credit to be reported for a few months and I'd like for my revolving credit to increase my score as much as possible to qualify me for a better IR. thanks in advance everyone.
Established Contributor
NJTurnpike
Posts: 662
Registered: ‎02-20-2013
0

Re: Took the hard pull, now I need a battle plan

frankly im surprised people qualify for home loans with scores in the lower 600's, but mehh..i don't know much about mortgages at all.

 

anyway, just chage the "proverbial" stick of gum to each card each month, and PIF. at the 6 month mark for both cards, email the EO and request CLI.

 

Get a BOA secured too, not a cap1 secured. two different lenders rather than two from the same lender is better IMO, but i suppose it doesn't really matter.

 

6-8 months is an extermely short time to build credit history so just PIF each month to get positive reporting.

 

you might try for the shopping cart trick on a commenity card to get aother HP-free trade line.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Community Leader
Senior Contributor
myjourney
Posts: 26,526
Registered: ‎02-07-2013
0

Re: Took the hard pull, now I need a battle plan


750orbust wrote:
Ok so I was approved three weeks ago for an unsecured Cap1 card and today, after being denied by three others I decided to face another hard pull and get a Cap1 secured card as well. I only want/need these cards to build a revolving credit history to satisfy my home loan lender in six to eight months when I go back for my next crack at getting approved for a home loan.
What I need to know now is what would be the the best way to make these two cards not only make my fico score all it can be but also what's the best monthly practices I can stick to boost my CL's (although I don't think that's near as important as just having the accounts and using them) .
I need a specific play book to stick to over the next six to eight months, such as how much to charge, pay in full or carry a small balance. When I go in for my Home loan app should I have a zero balance or leave a very small one one or both cards? Should I dump as much cash as possible into the deposit of the secured card?

Basically, if you were me what would you do to make sure you get approved for the home loan? For anybody who hasn't read any of my post the last few days, here's my brief situation summary. I went in and applied for a home loan and could not get approval because I didn't have any revolving credit accounts. In fact I only had one open good account for an auto loan I have perfect history on. I had a few derogs on there and have since paid them off in full and WOW did my CS's get a boost from that. My lowest score of 584 went to a 626. So at this point my scores are all high enough to qualify for the loan but still need the good revolving credit to be reported for a few months and I'd like for my revolving credit to increase my score as much as possible to qualify me for a better IR. thanks in advance everyone.

Use the card as much as you like when statement cuts PIF

Have a balance report on only one card

secured card will aslo help and if you have extra cash increase the deposit

keep UTL between 1-9% reporting and you should see your scores inrease over the next 6 months

good luck

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013
0

"Get a BOA secured too, not a cap1 secured."

Is this really a good idea for me to do right now considering I will be going back in to try to get my loan approval in six to eight months and considering I already have like five or six inquiries in the last thirty days? I'm not sure how closely my lender will look at my inquiries but on the other hand the only reason I have all the inquiries is because they told me to apply for some new revolving credit so if they were to deny me next time because of to many recent inquiries it would be their own fault.
Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013
0

Paying in full?

I read somewhere on here somebody mentioning on any card you decide to carry a balance on or "your report card" as I think he or she called it that you would have to make two payments a month, one before due date and one a few days after. Is this true? What's this accomplish?
Regular Contributor
Johnny_Favorite
Posts: 266
Registered: ‎09-05-2012
0

Re: Paying in full?

[ Edited ]

Just read your other thread. You ask for advice and then don't take anyones advice. You did what you wanted to do. I think you should honestly just do what you want to do going forward. It's really not like you're going to listen to anybody anyway. Just one persons opinion.

 

My advice: logoff for the night. Think about what you really want. Come back on tomorrow prepared to take advice if that's what you really want.

 

Summary of the other thread for those interested:

 

Person: Don't do another capital one.

 

Another person: Capital one does too many hard pulls, don't do it.

 

Person 3: Id say get a different card

 

750orbust: goes with capitalone secured.

 

I have to shake my head at why you even bothered asking anyone? Was it just to waste everyones time?




Community Leader
Senior Contributor
myjourney
Posts: 26,526
Registered: ‎02-07-2013
0

Re: Paying in full?


Johnny_Favorite wrote:

Just read your other thread. You ask for advice and then don't take anyones advice. You did what you wanted to do. I think you should honestly just do what you want to do going forward. It's really not like you're going to listen to anybody anyway. Just one persons opinion.

 

My advice: logoff for the night. Think about what you really want. Come back on tomorrow prepared to take advice if that's what you really want.

 

Summary of the other thread for those interested:

 

Person: Don't do another capital one.

 

Another person: Capital one does too many hard pulls, don't do it.

 

Person 3: Id say get a different card

 

750orbust: goes with capitalone secured.

 

I have to shake my head at why you even bothered asking anyone? Was it just to waste everyones time? Lol 


 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Regular Contributor
Johnny_Favorite
Posts: 266
Registered: ‎09-05-2012
0

Re: Took the hard pull, now I need a battle plan

[ Edited ]

750orbust wrote:

Ok so I was approved three weeks ago for an unsecured Cap1 card and today, after being denied by three others I decided to face another hard pull and get a Cap1 secured card as well. I only want/need these cards to build a revolving credit history to satisfy my home loan lender in six to eight months when I go back for my next crack at getting approved for a home loan. They don't call it Crapital one for nothing.

What I need to know now is what would be the the best way to make these two cards not only make my fico score all it can be but also what's the best monthly practices I can stick to boost my CL's (although I don't think that's near as important as just having the accounts and using them) . From what you posted on the other thread, it's clear you're not here to take advice. you just want to hear the sound of your own voice.

I need a specific play book to stick to over the next six to eight months, such as how much to charge, pay in full or carry a small balance. When I go in for my Home loan app should I have a zero balance or leave a very small one one or both cards? You should do what you want to do since you're not going to listen to anyone.
Should I dump as much cash as possible into the deposit of the secured card? Your reasons for not getting a secured card with another card company was that their deposits are too high (300 bucks as opposed to capital ones 200 bucks). How exactly is it that you don't have enough money for a 300 dollar secured card but you plan to buy a house?

Basically, if you were me what would you do to make sure you get approved for the home loan? I would lock myself in the bathroom and cry at my getting a second capital one card that is going to cost me 3 hard credit pulls.

For anybody who hasn't read any of my post the last few days, here's my brief situation summary. I went in and applied for a home loan and could not get approval because I didn't have any revolving credit accounts. In fact I only had one open good account for an auto loan I have perfect history on. I had a few derogs on there and have since paid them off in full and WOW did my CS's get a boost from that. My lowest score of 584 went to a 626. So at this point my scores are all high enough to qualify for the loan but still need the good revolving credit to be reported for a few months and I'd like for my revolving credit to increase my score as much as possible to qualify me for a better IR. thanks in advance everyone.

 

 



For anyone who didn't read her post, she asks everyone to NOT LET HER MAKE A BIG MISTAKE. She posts that she wants a second capital one card and wonders if she should do it. People give her other advice and tell her about the soft pull trick as well as other secured methods. She supposedly weighs the pros and cons and proceeds to "pull the trigger" and get another 3 hard pull capital one card.

 

My advice is to do what you want to do and stop wasting everyone's time. Go rush into everything without thinking it through. Get your loan in 6 months, rushing into that as well because you must do it NOW. Buy a bunch of crap you don't need, pay it off twice a month per your friends advice so that the bureau shows you're pumping a lot of money through it (it doesn't work that way by the way). And then 2 years from now post in the credit problems forum something like, "Foreclosure Advice anyone?"

 

 



Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013
0

Re: Took the hard pull, now I need a battle plan

Wow, you're real mature aren't you? Your mommy must be so proud.
Regular Contributor
Johnny_Favorite
Posts: 266
Registered: ‎09-05-2012
0

Re: Took the hard pull, now I need a battle plan

[ Edited ]

750orbust wrote:
Wow, you're real mature aren't you? Your mommy must be so proud.

Good luck with your Capital One "battle plan"

 

I can see your battle plan in progress at the Circle K every morning, war paint on your face, charging a slurpee at exactly noon then running for cover. At midnight you return for a 2 for 2 dollar Aquafina while yelling "hut hut hut hut." With enough slurpees you're going to hustle your way right into that home loan. Remember to rotate those cards - slurpees on the unsecured, donuts on the secured. Don't forget to wear your Kevlar vest.





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