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Established Member
marcopullover
Posts: 10
Registered: ‎02-16-2013

Which CC should I app for?

So here's the deal... I have two CC's. one is a store card with $1000 limit the other a secured card with a $500 limit. My transunion report says "not enough premium bankcard accounts on your credit report" So what CC's should I apply for? My Equfax score is 645 and my TU is 601. I was denied a walmart card a couple of weeks ago and I am showing 3 Inq on EX, 2 on TU, and 3 on EQ. Should I just wait it out?

 

Any Suggestions?

Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Which CC should I app for?

Do you have any baddies on your reports? Do you have any installment loans reporting? How long have you had the current cards?

What are your credit needs? Why do you want/need more credit right now?

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Established Member
marcopullover
Posts: 10
Registered: ‎02-16-2013

Re: Which CC should I app for?

[ Edited ]

SnackTrader wrote:
Do you have any baddies on your reports? I have a number of lates on my student loans and a few on The store card up to a couple of years ago.  Do you have any installment loans reporting? I have a mortgage(never late) since 2003, and Student Loans since 2000. How long have you had the current cards? The Store Card I have had since 1996 with a few lates in 2010, but current for the last 3 years. I got the Secured CC in Feb.
What are your credit needs? I am looking to refinance my mortgage which is at 6% now I am trying for a 15 yr at as low a rate as possible.  Why do you want/need more credit right now? The biggest reason is to lift my TU score to above 640 to do a Mortgage Refinance.

 

Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011

Re: Which CC should I app for?

How is the reported utilization on the cards?  That score seems low for your history unless those lates were major lates.  

Established Member
marcopullover
Posts: 10
Registered: ‎02-16-2013

Re: Which CC should I app for?

The lates on my Student Loans were Major lates,  a number of 120s back in 2010 when I lost my job, got behind and took  almost a year to catch up. (Almost feels like I should have defaulted back then instead of perpetuating the 120s.)  The lates for my Store card were all 30's back at that same time. My Utilization shows 50% for the secured and 20% for the Store Card.

Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Which CC should I app for?

Yikes - you have a lot working against you and a pretty big need for credit. However, while Transunion says your credit is being hurt from having only 2 revolving credit lines, that is nothing compared to how bad those lates are hurting you. The only thing to help you right now is time, and applying for more credit and lowering your AAoA is not the way to go. You will probably not be able to refinance to a Lower rate in 2013.

But let me ask you this, have you talked to a loan officer to find out what your lender's requirements are for open tradelines? Usually 3 or 4 open and clean tradelines are required, but without knowing what you definitely need, adding more credit could be harmful. But if you need more clean tradelines, it might be helpful to open another secured card (preferably one that unsecures over time) and then apply for the refinance in 2014 after that tradeline and all your others age properly.

Does any of that sound reasonable in your situation or are there other things going on?

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Established Member
marcopullover
Posts: 10
Registered: ‎02-16-2013

Re: Which CC should I app for?

[ Edited ]

Unfortunately, This sounds about right. I have been working on rebuilding my credit over the last 2 months and have seen a large return on my work (539 - 645 EX  510 - 601 TU Since Feb). I am pretty much down to the waiting game... Getting Nelnet to drop some of those 120s is going to be next to impossible. I was hoping I could do something other than wait. I don't like to wait and not take action.

 

Thanks for your help.

Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Which CC should I app for?

I definitely hear what you are saying about waiting, I'm 4 months in the garden right now and I was 6 months before that. Sometimes it is brutal. But I suppose the best thing is that EVERY day you wait, you are actually helping more than by taking action. So by waiting you are taking action. Make sense?

Anyway, it sounds like you know what you are doing, so be confident in that. Good luck to you!

Make sure you come back to this Board or the Mortgage Board with questions as you get closer or after you talk to your lender.

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
kevinjjc
Posts: 1,299
Registered: ‎01-14-2009

Re: Which CC should I app for?

Current/former military? Eligible to join Navy Federal Credit Union?

Established Member
dlee
Posts: 32
Registered: ‎05-30-2012

Re: Which CC should I app for?

If you would like, fax a copy of your credit report along with your dispute to Nelnet Credit Disputes at 402.458.2298. They will review your dispute and send you a letter afterwards with the action, if any, taken.


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