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Regular Contributor
Legions36
Posts: 207
Registered: ‎06-29-2012
0

What do u guys think about me obtaining new Cards here.....

I have 2 baddies due to fall off next year from 6 years ago, 2 defaulted student loans currently in month 4 of rehab, and 4 cc's (cred1 $300 limit, cap1 secured $200 limit, orch $300 limit, fp $300 limit) all on 4 months of on time payments. Last i checked my score was at 588 ex and im sure i can get it above $600 if i only show 1 card reporting. I also have a cu secured loan and am au on prime cards, average credit history is like 5 years. I can when im ready deposit the max 3k on my cap1 secured to show a good line in my name.

My question is do i have any pull in the next few months to apply for anything at all? I can prepare myself well in advance for all of this. Or will those few things affect me from getting anything until it is cleared up? I believe i have done everything right to put myself in the right direction, its only these things from lack of being responsible when i was younger. But i found this forum and now im a changed man :-D

(Fico Equifax-721 11/19) (Fico Experian-729 11/14) (Fico Trans-691 11/4)
NFCU(10k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(3k), Quicksilver(3k), DiscoverIT(1500), AmexBCE($800), Orch Bank($400)
Established Contributor
emptypockets
Posts: 999
Registered: ‎02-03-2009
0

Re: What do u guys think about me obtaining new Cards here.....

[ Edited ]

I would probably deposit more on the secured Cap 1, and look into a secured card from your credit union and get rid of First Premier. I say this because you are already putting money into the secured card, there is no sense in paying the monthly "participation fee" plus AF for FP, when you could just deposit that money into a secured card, at least you get it back when they unsecure the card.

 

Those baddies are hurting you right now, and the chances of approval for anything else with a sub 600 score is not good (sorry, just my opinion :smileysad:. Anything you get approved for will likely have a very low limit, and high interest/fees until those baddies fall off, and the student loan lates get some age to them.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (4), Chase (5), Nordstrom Visa,US Bank Cash+, Huntington Voice, UMB Visa, Nasa FCU Plat Cash Visa, Barclay's Visa, Citi (4), Discover IT, Walmart Discover, Sam's MC, Cabela's Visa, Cap One QS, BOA (2), BMW Visa, Comenity Visa/MC (3), Ebates Visa Siggy, 5/3 RLR MC, DC Premier MC, Macy's AMEX; Several store cards.

Current Scores: EQ (6/14): 800; TU MyFico (6/14): 814; Walmart TU Fico 08 (10/2014): 813; EX (6/14): 775
Valued Member
driventoscore
Posts: 31
Registered: ‎08-05-2008
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Re: What do u guys think about me obtaining new Cards here.....

WELL; FIRST LET ME SAY THAT I AM NO EXPERT AT CREDIT CARDS.  AND I ALSO STARTED OUT ON THIS FORUM ( WHICH I REALLY DON'T POST TO VERY MUCH ) WANTING TO CLEAN UP MY ACT. I VISITED THE FORUM FREQUENTLY & READ ALOT.   I HAD POOR CREDIT SCORES AND A RECENT BANKRUPTCY.  MANAGED TO OBTAIN A B of A, AMEX, TARGET, LOWES.  INITIAL CARD WAS AN ORCHARD / HSBC.    I NEVER APPLIED FOR A NEW CARD UNLESS I SAW A SIGNIFICANT IMPROVEMENT IN CREDIT SCORE.  ( USING MYFICO OF COURS ) .  BUT THIS IS WHAT I WOULD DO IF IT WERE ME..........  I WOULD KEEP MY NOSE CLEAN FOR ABOUT A YEAR.  STAY CURRENT ON CARDS YOU HAVE.  NO NEW CARDS FOR A WHILE.   BTW.....MY B of A WAS ORGINALLY A SECURED CARD FOR 600.00.  ALL I DID WAS KEEP MY CHARGES BELOW 30% FOR A YR.  PIF EVERY MO.   THEY CHANGED IT TO UNSECURED AND 6 MO LATER GAVE ME A CLI. 

Moderator
Revelate
Posts: 9,648
Registered: ‎12-30-2011
0

Re: What do u guys think about me obtaining new Cards here.....

Abbreviated advice:

 

- Pay down your balances

- Push the Cap One card to a higher limit if you can afford it financially

- Wait two more months while your current credit cards tick over the six month mark

 

At that point see where you're at FICO wise.  You're sort of in the limbo land of just establishing credit right now, your report will look better in a few months as will your score, and at that point it's better to make the decision rather than right now.  A CU secured card isn't a bad idea, but you just don't need any more tradelines for FICO purposes, and I wouldn't rush to close your current ones right now when you're so close to a seasoning boundary.  Take the points from the six month mark on those cards, if you can kick Cap One to 3K, I'm just guessing you can pay the ~$20 in fees to keep those tradelines open another two months... especially as that $20 will help more in the short-term than that $2700 CLI.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Regular Contributor
Legions36
Posts: 207
Registered: ‎06-29-2012
0

Re: What do u guys think about me obtaining new Cards here.....


emptypockets wrote:

I would probably deposit more on the secured Cap 1, and look into a secured card from your credit union and get rid of First Premier. I say this because you are already putting money into the secured card, there is no sense in paying the monthly "participation fee" plus AF for FP, when you could just deposit that money into a secured card, at least you get it back when they unsecure the card.

 

Those baddies are hurting you right now, and the chances of approval for anything else with a sub 600 score is not good (sorry, just my opinion :smileysad:. Anything you get approved for will likely have a very low limit, and high interest/fees until those baddies fall off, and the student loan lates get some age to them.

Sorry i wan't to clear all my baddies are atleast 6 years old even the student loan that is currently in rehab. Also i was gonna close first premier and credit1 right before my year is up, i already paid the year fees for these cards so im not being charged monthly fees right now.

 

(Fico Equifax-721 11/19) (Fico Experian-729 11/14) (Fico Trans-691 11/4)
NFCU(10k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(3k), Quicksilver(3k), DiscoverIT(1500), AmexBCE($800), Orch Bank($400)
Established Contributor
calihlove75
Posts: 791
Registered: ‎05-16-2012
0

Re: What do u guys think about me obtaining new Cards here.....

Are the baddies paid? If so you could try sending a goodwill to remove early. I am not familiar with student loan rehab. Will that result in it turning into good status?


100% Ficos: EX 762, TU 767, EQ 762 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-1/1~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $9500~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $16,100~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $2500~ Amazon Store $7000~ Fingerhut $1050
Regular Contributor
Legions36
Posts: 207
Registered: ‎06-29-2012
0

Re: What do u guys think about me obtaining new Cards here.....


Revelate wrote:

Abbreviated advice:

 

- Pay down your balances

- Push the Cap One card to a higher limit if you can afford it financially

- Wait two more months while your current credit cards tick over the six month mark

 

At that point see where you're at FICO wise.  You're sort of in the limbo land of just establishing credit right now, your report will look better in a few months as will your score, and at that point it's better to make the decision rather than right now.  A CU secured card isn't a bad idea, but you just don't need any more tradelines for FICO purposes, and I wouldn't rush to close your current ones right now when you're so close to a seasoning boundary.  Take the points from the six month mark on those cards, if you can kick Cap One to 3K, I'm just guessing you can pay the ~$20 in fees to keep those tradelines open another two months... especially as that $20 will help more in the short-term than that $2700 CLI.

 


I can afford to do all of this and i figured to wait 6months before applying i really wanted to get everything working now so if i had a chance at the 6month mark apply for stuff. But there are no baddies for at least 6years and all good stuff recently. From now on i will only show a small amount on cap1 and the rest pif each month, and i will max deposit 3k since the cap1 shows a real line of credit and not a secured card.

Also everyone i don't think BOA will be giving me credit since its that bank that the baddies even occured, unless u know more than me and they forget. 

Can u suggest some cards i can apply for that i might get approved for after 6months? Any chance for Zinc? I bank at Chase, td, and a credit union that has my secured loan.

(Fico Equifax-721 11/19) (Fico Experian-729 11/14) (Fico Trans-691 11/4)
NFCU(10k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(3k), Quicksilver(3k), DiscoverIT(1500), AmexBCE($800), Orch Bank($400)
Regular Contributor
Legions36
Posts: 207
Registered: ‎06-29-2012
0

Re: What do u guys think about me obtaining new Cards here.....


calihlove75 wrote:

Are the baddies paid? If so you could try sending a goodwill to remove early. I am not familiar with student loan rehab. Will that result in it turning into good status?


The 2 baddies r not paid and they should just fall off by next year. The rehab is an aggrement i made that after 9 on time payments of $50 my student loan goes from negative to a positive line, so within the year this will show positive of at least 6years of good payments for a loan, i have read that after people have finished this program they get about a 100 point increase. 

(Fico Equifax-721 11/19) (Fico Experian-729 11/14) (Fico Trans-691 11/4)
NFCU(10k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(3k), Quicksilver(3k), DiscoverIT(1500), AmexBCE($800), Orch Bank($400)
Established Contributor
calihlove75
Posts: 791
Registered: ‎05-16-2012
0

Re: What do u guys think about me obtaining new Cards here.....


Legions36 wrote:

calihlove75 wrote:

Are the baddies paid? If so you could try sending a goodwill to remove early. I am not familiar with student loan rehab. Will that result in it turning into good status?


The 2 baddies r not paid and they should just fall off by next year. The rehab is an aggrement i made that after 9 on time payments of $50 my student loan goes from negative to a positive line, so within the year this will show positive of at least 6years of good payments for a loan, i have read that after people have finished this program they get about a 100 point increase. 


 

I would definitely wait for applying right now, especially if you are looking at an increase in score in 5 months. I would wait to see what that does. In the mean time, maybe you could work on a pay for delete on those two baddies, assuming it is affordable.

 


100% Ficos: EX 762, TU 767, EQ 762 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-1/1~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $9500~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $16,100~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $2500~ Amazon Store $7000~ Fingerhut $1050
Regular Contributor
Legions36
Posts: 207
Registered: ‎06-29-2012
0

Re: What do u guys think about me obtaining new Cards here.....

[ Edited ]

calihlove75 wrote:

Legions36 wrote:

calihlove75 wrote:

Are the baddies paid? If so you could try sending a goodwill to remove early. I am not familiar with student loan rehab. Will that result in it turning into good status?


The 2 baddies r not paid and they should just fall off by next year. The rehab is an aggrement i made that after 9 on time payments of $50 my student loan goes from negative to a positive line, so within the year this will show positive of at least 6years of good payments for a loan, i have read that after people have finished this program they get about a 100 point increase. 


 

I would definitely wait for applying right now, especially if you are looking at an increase in score in 5 months. I would wait to see what that does. In the mean time, maybe you could work on a pay for delete on those two baddies, assuming it is affordable.

 


See i don't really want to go threw the hassle of dealing with those collectors for $169 and $1001 this late when literally they should fall off within the year and i even have the rahab that will take less than a year to totally finish. Also the BOA will still stay there even if i pay these collectors from what i hear.

I would rather take this money and add it to the cap1 card or take out another secured loan from a different credit union.

(Fico Equifax-721 11/19) (Fico Experian-729 11/14) (Fico Trans-691 11/4)
NFCU(10k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(3k), Quicksilver(3k), DiscoverIT(1500), AmexBCE($800), Orch Bank($400)

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