@jerden33 wrote:Hey all,
Currently digging my way out of a financial mess that started about 5 years ago. Here's how I currently stand:
Exp Plus Score: 694
Trans Fico - 628
Eq Fico - 629
I have one Cap One Card with $500 limit, had it for six months PIF each month. Another Highway FCU $7500 limit Visa, current balance $6000, but paying down to $500 by next month, 2 years solid payment history. I have one public record, which was a judgment from a creditor for $1k, paid. One paid collection. And one 120 day late from 2006, which was sold to another lender (the collection). Now, I'm assuming once my Highway card is paid down, that will improve my scores. Once I do this, I'd like to get a Barclay's Apple card to purchase a new Macbook and software (around $3k). I would plan to pay this within 4 months. Or, I'm looking at an Amazon card for the same purpose. Any opinions on my chances of being approved for either of these cards? Any other recommendations? I'd use my Highway FCU card for the purchases but I'd like to get more tradelines. Thanks in advance!!
Hi jerden33,
Welcome! Glad you're here.
Yep. Paying down the Highway will very likely improve your FICO scores. The EXP plus scores are worthless; and may be up to 100 points off your FICO. And they may move up when your FICO doesn't and vice versa. Best best on plus scores is to totally ignore them.
My first thought on your question is to consider not opening an additional account for the purchase. If you're paying it off in four months, then consider putting it on your Highway. And of course PIF your Highway down to zero before adding this or any other purchase.
Save your next app for a long term card when your credit is rebuilt. You may be able to get the Barclay's apple card, but your utilization would probably be pretty dang high because your Barclays CL would likely not be as high as your Highway card.
There's a lot of great info on rebuilding credit, including collections and lates, on the Rebuilding Your Credit forum. If you post your info there, lots of helpful people will chime in on how to handle baddies appropriately.
In the long run, it's helpful to rebuild before adding cards. You have two cards right now, which is enough to make FICO happy. And as you mentioned, as your utilization goes down, your FICO will go up. Handling the baddies on your report will have a significant impact - and then when you app, you'll get good solid long-term cards with higher CL's and lower APR's.
You're making me Mac hungry, though. 
We're in the casual browsing stage, but I'm afraid the day we have to buy a new computer wlll be sooner rather than later. We'll definitely be in a much lower budget category than you, though!..