advice needed to correct util situation

[Anonymous]

Juniper dropped my cl. I've been on the phone with them but unsuccessful in getting even a partial reestablishment.

In considering my options I've considered trying to open a cc account with my local bank. I live in a small community that hasn't felt the brunt of the current credit/mortgage crisis. I deal with a local bank that is stable and has not made the foolish mortgage investments that the larger chain banks and mortgage companies have made.

My concern is  primarily  the utilization that took a blow with the cld. I don't want the credit card  for purchase power (although I do like to know that the credit is available in the event of a large financial emergency such a a furnace going out, etc). I don't want to add unnecessary inquires on my CR however. My hopefully not so long term goal is to refinance my house which I bought in July with the 1st payment being made in Sept. I don't think I've got enough time/equity to refinance right now.

My scores took a hit after home purchase but are working their way back up. I have no collections but do have a bk from 2003, a judgement on record from just before I filed bk and another judgement from 2006 which is not mine and is currently in dispute process.

scores as of 1/7/09: tu 659, eq 667 ex 681

Any adivce would be greatly appreciated!

Message Edited by goingforadream on 01-14-2009 08:49 AM

Message Edited by goingforadream on 01-14-2009 08:51 AM

[oracles]

I really think you should first try to see if you can get credit line increases on your other cards before you apply for a new card. Depending on the card issuer, it may be a soft inquiry and you wont have to worry about your score dropping. What are your scores now? What other cards do you have currently? If you need to apply for a new card, i think you should read this very long thread but very helpful in your situation. BK Friendly Credit Cards Listed This thread is very helpful for people who have bankruptcies on thier report. Also if you have a good relationship with your local bank, after you have tried to get increases on your current cards, then try to obtain a card from your local bank. I hope this helped and please keep us updated.

[Anonymous]

Thanks Oracles

Other cards include a wells fargo furniture store card that's no where near maxed and never will be. I've worked on furnishing the house by rooms at a time and have paid way down or off before purchasing any more. I have a BB card with a zero balance  and WAMU card with $200 balance ($3000 limit) both of which will not give me a cli and i have a Lowe's card that is almost paid off (i don't really want a cli on this one cause it's too much temptation). The Juniper card was $2500 and they cut me to $1000 (after christmas purchases of $900). No late pays, always pay well above minimum required on all cards. The only other new I have (other that mortgage) is a wells fargo auto loan from this past November.

Credit scores listed in original post after edit. 2 were a little over 700, and 1 just below 700 before house purchase. I'm not happy with the scores but I do have my house!!

Message Edited by goingforadream on 01-14-2009 09:07 AM

[oracles]

congrats on the new house, enjoy it for many years. Read the thread i sent you in my original post and see what cards you maybe able to get. However i do believe you should first ask your local bank and then try other cards. Remember, this thread is long and a little old for some of the response, so in today times, some of the things written in the beginning of the thread may no longer be true. Please keep us updated. You really only need to make up $1500 in credit which if you have a great relationship with your local bank, maybe they will replace that.

[Anonymous]

regarding inquires: how many are too much. On eq I have 2, ex I have 1 and on tu I have 4

[oracles]

I definitely think you should speak to your local bank first if you have a good relationship with them. As far as inquiries, I think they are fine but if you can avoid a TU pull then do it. You can go to whogavemecredit.com to see who pulled what report in your state for what credit card.

[Anonymous]

thank you so much oracles! I'll do that

[oracles]

No problem, keep us updated

[Anonymous]

Woooohooooooo!!!!

I decided to take the plunge and ask Lowes for a CLI. $850 (all i asked for was $500). That is a huge dent in making up the diference after the decrease from Juniper!!

Now I just have to be disciplined! I love Lowes!

[oracles]

Very nice Congrats