Torrid Credit Card Requirements

[redbeard]

Keep in mind, scores are one part of a gatekeeping operation, they do not get you 'credit' by themselves.

Every credit company looks at your actual report to make a decision, if you get in the front door.  Heck, I don't think a lot even know what your score is, they use internal algorithms on your report to say yes, no, and set a limit.

Don't get fixated on scores just yet.  Figure out what you can fix on your report to improve them.  In a lot of cases, time is the best factor, not more credit cards.  For score optimization, yes, sometimes a few extra tradelines can help, but that doesn't get rid of the issues on the report.

Look at it this way, a lot of people with a BK on their report have scores of 700+, but they can't get past the front door with many creditors because of the BK.  Same thing with a foreclosure, repo, or even multiple 90+ day lates.  These are the things creditors are looking at, far more than the score itself.

Work on your whole report, not just the score.

Dan

[Anonymous]

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@Anonymous wrote:

What tradelines do you have already?

With your scores, I suspect that you have some baddies on your record. You should head over to the Rebuilding Credit forum. They're excellent at helping people address the issues on their reports.

In terms of building tradelines, I would start with 3 non-store cards, if possible. See if you can get a Discover, CapOne, or BoA secured card. I would stay away from Credit One and First Prime, as they charge for too many things and have no grace period. 

After you have a 3 tradelines, I would look up the shopping cart trick and go to town. The goal isn't to use any of them more than a token amount, but to set up your report so that in 2 years, when your inqs fall off an your baddies are addressed, you'll have a really solid credit report with a ton of lines. The other benefit is that with a ton of tradelines, the impact of a new tradeline on your AAoA is much smaller than if you only had 2-3 tradelines. 

However, if you do go down that road, you have to be careful to not put more than token amounts on the cards once per year. I'm guessing that one of your derogs is a BK, and I don't want you to go down that path again. 

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Most definitely about the BK, but the good news about the chapter 7 I have is due to drop off Nov 28 this yr.

My credit went down hill after I met a man and continued flying back and forth overseas to be with him. To make a long story short, he had no money so everything was paid for by me in cash. I met him right after my BK was discharged and was'nt thinking straight about keeping on top of my credit. It has been an extremely hard and invaluable lesson that I've learned and will never ever go down that road in my life again.

Sometimes we don't realize how important excellent credit is until one day we may want to purchase a home or a car. Like what I am experiencing now. But, I will get back on top eventually with more determination than ever. I value your opinion bc I need to do this rebuild right. I will consider your suggestions as they are relevant to my situatioin. I just hate to have to get another secured card with a bank. More than likely I will be getting another card with my bank at the end of the month so I will indeed have in my arsenal of 3 tradelines then. Thank you so very much for reaching out to me to help me. I will never forget your thoughts in helping me out here. 

[LADYBUG7788]

They pulled experian for me just 2 days ago. i opened it for my daughter. i have a high score and they only approved for 250.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

What tradelines do you have already?

With your scores, I suspect that you have some baddies on your record. You should head over to the Rebuilding Credit forum. They're excellent at helping people address the issues on their reports.

In terms of building tradelines, I would start with 3 non-store cards, if possible. See if you can get a Discover, CapOne, or BoA secured card. I would stay away from Credit One and First Prime, as they charge for too many things and have no grace period. 

After you have a 3 tradelines, I would look up the shopping cart trick and go to town. The goal isn't to use any of them more than a token amount, but to set up your report so that in 2 years, when your inqs fall off an your baddies are addressed, you'll have a really solid credit report with a ton of lines. The other benefit is that with a ton of tradelines, the impact of a new tradeline on your AAoA is much smaller than if you only had 2-3 tradelines. 

However, if you do go down that road, you have to be careful to not put more than token amounts on the cards once per year. I'm guessing that one of your derogs is a BK, and I don't want you to go down that path again. 

---

Most definitely about the BK, but the good news about the chapter 7 I have is due to drop off Nov 28 this yr.

My credit went down hill after I met a man and continued flying back and forth overseas to be with him. To make a long story short, he had no money so everything was paid for by me in cash. I met him right after my BK was discharged and was'nt thinking straight about keeping on top of my credit. It has been an extremely hard and invaluable lesson that I've learned and will never ever go down that road in my life again.

Sometimes we don't realize how important excellent credit is until one day we may want to purchase a home or a car. Like what I am experiencing now. But, I will get back on top eventually with more determination than ever. I value your opinion bc I need to do this rebuild right. I will consider your suggestions as they are relevant to my situatioin. I just hate to have to get another secured card with a bank. More than likely I will be getting another card with my bank at the end of the month so I will indeed have in my arsenal of 3 tradelines then. Thank you so very much for reaching out to me to help me. I will never forget your thoughts in helping me out here. 

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You shouldn't take anybody's word as gospel here, mine included. I think it is a good thing that you are evaluating advice to see what works for you.

Some secured cards graduate. Whether they do or do not, you should think of them as a means to an end. Whether your goal is to get better cards, or a mortgage, or lower car payments, the method to do so is repairing your credit, which is a long process. Along that process, you'll reach a point where you don't need the secured cards any more, because you'll have better cards. When you reach that point, close them.