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