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Established Contributor
Posts: 1,027
Registered: ‎04-22-2013
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Re: What Credit Card to get?!?

Which CR do you want me to grab that info from? It seems to differ by a little from each report.

     
Valued Contributor
Posts: 2,151
Registered: ‎04-04-2013
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Re: What Credit Card to get?!?

Ok, we can keep asking you for more information, but eventually we also need to give some answers:smileywink: . So, take what I say with a grain of salt, as there are more experienced people on this discussion board. 

 

Basically, you need a 2 pronged approach. This is what i would do:

 

1) Fight to get as many of the negatives off your reports, any way you can. The others here can assist with that, since I've only read about that in books, whereas there are many here who have experienced it first hand. This is the MOST IMPORTANT of the two steps, though.

 

2) I agree with you wanting a second credit card. But ONLY a second card at this point, not a third. And you need to get a credit limit increase on that $300 limit card. I would suggest getting a secured credit card for $1000 or so from your bank or credit union. Since its Secured, you should be a shoo-in to get it, and since you're putting up the cash to secure it, you should be able to get a $1000 limit card, which takes you at least one step out of toy credit limit land.

 

   Use both cards, between 1% - 9% usage each month, and pay in full. This should quickly get you at least a small bump in Fico. Then you start asking for the credit limit increase on the $300 card, ask for, oh, $1500 or so, but you really want to get at least $1000. Remember, you're NOT asking for an increase because you NEED it, tell them you want to keep your credit usage to 10% or less, and a higher limit would make it easier to manage the card. 

 

   Then, just keep using each card at 1% - 9%, pay each card off in full and on time each month, and just before 12 months are up on the secured card (ie, just before you have to pay an annual fee) your Fico should be in good shape, and you haven't requested credit in about a year, so you would have a good shot at applying for a good credit card from a prime lender. You might even be surprised at how large they might start you out (I was, when they gave me $8,500 on my first non-secured card). 

 

Good luck.


Established Contributor
Posts: 1,027
Registered: ‎04-22-2013
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Re: What Credit Card to get?!?

I've made two payments on the Capital One Card already in full for two months now, but it hasn't showed up on any CR? does it take a while?

     
Contributor
Posts: 77
Registered: ‎04-15-2013
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Re: What Credit Card to get?!?

Cap 1 was slow with reporting on my report initially as well. 


10/01/2012 STARTING FICO SCORES: EQ 585 TU 598 EX 539
09/12/2013 CURRENT FICO SCORES w/ 9 REVOLVING TLs = $4,550 + INSTALLMENT TL: $23,300
EQ 598= AAoA=10m, UTIL=43%, 12m INQ=22, COLL=0, PUB REC=0, MISS PAY=0
TU 644 =
AAoA=1yr 8m, UTIL=46%, 12m INQ=19, COLL=0, PUB REC=0, MISS PAY=0
EX 614 = AAoA=3 yrs 11m, UTIL=63%, 12m INQ=17, COLL=0, PUB REC=0, MISS PAY=0
04/01/2014 GOAL FICO SCORES: 720s = AAoA=+7m, UTIL ≤ 9%, 12m INQ ≤ 6, COLL=0, PUB REC=0, MISS PAY=0
Moderator
Posts: 27,206
Registered: ‎09-13-2012
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Re: What Credit Card to get?!?

[ Edited ]
Before you start applying, you need to look at each cr and pick the cc that will give you an approval based on the CRA they usually pull from. If you have an unpaid judgment on your cr your choices are slim.

For example, your TU does not show the judgment but shows the paid CA. Based on that info, I would suggest a GE store card and or a Barclay based cc.

Obviously, the best thing to do is to address all the negatives and then start applying. Rebuild and repair should be done at the same time as much as possible.

Cap 1 can take two- three months to report but they will report.

Again, review each cr and notate the baddies- their age and status. Based on that information it will be better to choose the type of cc ( store vs charge) that will work best for you.

You might also look through the Rebuilding Forum. They may be able to assist as well.
Established Contributor
Posts: 1,027
Registered: ‎04-22-2013
0

Re: What Credit Card to get?!?

thanks for the tip guys!!

     
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