doctor2be wrote:
TU 781 and eq 804-------recently paid a collection for verizon and can't seem to get them off my report. I was wondering even with my high scores what can I apply for without being rejected. Also I only have a secured card b/c I was afraid fo the inquiry hit and 3 student loans with a total of3500 but no longer a student,. Credit history of 14 years. I also saw that my score can jump b/c it wil be my first real credit card in ages----b/c the secured card did not get a inquiry. I have had no inquiries in years------please help-----------do you think my score wll increase or decrease and should I apply for my first real credit card if I am thinking of getting a mortgage in 2-3 months???????
1. How old is the collection?
2. Your scores are from here, right? i.e., FICO scores, not "credit" scores?
3. Are you currently working with a lender for a mortgage?
Normally, the advice is not to get a CC within 6 months of a mortgage, but you might need more open revolving credit reporting. Do you already have a lender picked out? --and if so, do they also offer CC's?
I would say that your score would definitely increase, since you only have one open revolving account. YMMV, though.
If the collection isn't recent, you might be OK. I would seriously recommend checking out local credit unions. Print out a newly-pulled FICO EQ report, show it to the loan officers, tell them it's a Beacon 5.0 (it is), and ask if they would be likely to approve a CC based on what they see on the report. Of course, if you decide to app for real, they'll have to pull the real thing, but you should be able to get an informed guess this way.
At some point, you'll need to close your eyes and jump. Just research the possibilities, check out threads here regarding different lender's attitudes toward collections, and make the most informed decision you can. If you are already working with a lender, and this person seems knowledgeable, ask him/her if an additional card this close to mortgage apping would help or hurt.
eta: and yes, FICO 08 is not available to consumers at this point. myFICO is still giving Beacon 5.0 (EQ) and FICO Risk Score Classic aka EMPIRICA 98 (TU.) Not that many lenders are using it yet, in fact. These things take absolutely forever to percolate through the lending market and gain acceptance.
Message Edited by haulingthescoreup on 10-02-2009 03:57 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
