Credit Cards

[Fredduke1]

MyFico EQ score on myfico is 647, I gross around 22-23k/year.

I've looked @ fako scores for both ex and tu and they are 570 and 666 respectively.

I do have 2 or 3 chargeoffs (unpaid), and 1 item in collections(also unpaid).

I have 4 to 6 hard inquiries in the last 24 months.

I have two credit accounts.

Cap 1 platinum (no annual fee) with a 500 limit with a 0 balance and my fingerhut has a 1500 cl with 0 balance.

(cap 1 i've had since october of 2011 and fingerhut i've had for 4+ years, but they keep switching banks so no single bank has a long history on it)

I do want to apply for a loan on a mobile home in 6 months or so.

Should I try to get a new CC so that I have more credit available to me?

Should I just sit on what I have.

I've haven't missed any payments on my 2 credit accounts.

I'm trying to contact the EO for Cap1 to get an increase for my CL, but that seems to be difficult even for people with excellent credit.

[MovingForward_2012]

You might try and apply for the green Cap1 Cash Reward card for average credit. You have over a year of history with Cap1 and if you had no missed payments, they should approve you for at least $750 with a CLI in 6 months through the credit steps program.

I don't know how old your unpaid collections are but they will be a major hindrance to obtaining credit through prime lenders such as Chase or Discover. You may have a small chance with Discover but you would have a better chance with Cap1.

Mortgage lenders like to see 3-4 open trade lines in good standing for a mortgage. However, the financing requirements for a mobile home are similar to auto loans, which means approval will be easier and 3-4 trade lines may not be required.

[SnackTrader]

You listed a collection and charge offs. How long ago was your most recent late?

[Wolf3]

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Fredduke1 wrote:

MyFico EQ score on myfico is 647, I gross around 22-23k/year.

I've looked @ fako scores for both ex and tu and they are 570 and 666 respectively.

I do have 2 or 3 chargeoffs (unpaid), and 1 item in collections(also unpaid).

I have 4 to 6 hard inquiries in the last 24 months.

I have two credit accounts.

Cap 1 platinum (no annual fee) with a 500 limit with a 0 balance and my fingerhut has a 1500 cl with 0 balance.

(cap 1 i've had since october of 2011 and fingerhut i've had for 4+ years, but they keep switching banks so no single bank has a long history on it)

I do want to apply for a loan on a mobile home in 6 months or so.

Should I try to get a new CC so that I have more credit available to me?

Should I just sit on what I have.

I've haven't missed any payments on my 2 credit accounts.

I'm trying to contact the EO for Cap1 to get an increase for my CL, but that seems to be difficult even for people with excellent credit.

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Since the goal is to qualify for mobile home loan, IMO, it is best to do nothing as mew credit will hurt your score in the short term.  Plan on getting your utilization to below 10% about a month before you apply for loan, if you can do that, you total CL does not matter.

[Fredduke1]

SnackTrader,

I'm not sure how recent because I see that creditors are buying the debts and placing them on my CR.  Would it be from the date of first dilequency or from the date it was place for collections?