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03-25-2013 12:47 PM
So, the good news is with the help of these forums over the last 8 months I will be closing on my first home on Thursday!
I plan to add one card to my wallet to continue rebuilding and I'm wondering what is my best option. My current scores are in my sig. EX is lender pull from Feb 6 and TU and EQ are pulled from here today. My most recent late was 2.8 years ago. I currently have 2 car loans, one 2.5 years old with no lates and 2 Cap 1 cards. One I have had since July 2012 and one since October 2012. Both have limits of $500 and I PIF every month but keep $80 so my util is at 8% (I have heard that is the sweet spot for util).
I do have some charge offs from 2008 (3 all for small amounts) and 2 released tax liens showing on my report.
Income is at $128,000 and total DTI right now is 6%, will be 30% once my mortgage reports.
Inquiries are high but they are mostly from rate shopping for a car loan in October and multiple pulls from the lender for my mortgage. Funny thing is when I run my FICO from here vs. the FAKO from TU and EQ the FICO pull here shows very few inquiries, much lower than the pull from the actual TU and EQ sites.
I'd like to get a card with at least a $2,000 limit. Rewards would be good but are secondary to building credit. Would love Southwest Visa but I suspect I'd be jumping the gun going for Chase right now. Discover IT also looks appealing but thinking that may be over my head right now as well. I'm consider the Barclay NFL Visa (Saints version). Ultimately I just want the best "next" card in my rebuilding efforts.
Any advice will be greatly appreciated!
03-25-2013 01:28 PM
03-25-2013 01:36 PM
03-25-2013 01:39 PM
Wow, Chase Freedom? I though Chase was a hard nut to crack. I figured I was easily another year away from going after Chase. I've always recieved great advice from here however so if you all say that's the way to go I'll go for it!
After reading one of the USAA threads I was wondering if I shouldn't try them. I'm a veteran so I think I can become a full member although I'm not sure exactly how to do it.
03-25-2013 01:44 PM
03-25-2013 01:48 PM
Thanks MF. I don't think I can go NFCU since I'm a veteran not active duty but I do think I can go USAA. I'm wondering if I don't have a chance for a better CL with USAA than Chase.
03-25-2013 01:49 PM
Could you hold out until July before apping?
That way your Cap1 cc is reporting a whole year old when you get pulled.
Are you a member of any CUs? You could always try a CU cc as well.
03-25-2013 01:51 PM