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New Member
Posts: 8
Registered: ‎04-18-2012
0

higher score

[ Edited ]

OK we are talking about selling our home and it would pay off both vehicles as well.  So the 3 big loans we have would be paid in full as at times we have been late on the payments due to lack of budgeting and due dates and pay days not in our favor when things go wrong. Anyhow we have not had a credit card in either of names for about 3 years.  If we sell and live  for a year or so without mortage and have no auto loans should we apply for a credit card or will that negatively effect our poor credit scores.  I want to rebuild our credit so should I open a credit card account and use it but pay off the balance each month now or wait until we sell the home.  With the sale of the home we could pay off both auto loans but should we do that or pay off the highest interest biggest balance one and leave the other one alone and pay the balance of 13 months on time to rebuild the trust.

I am not sure if I should get a credit card, I been reading that the cc will actually make your score higher, is that true and should I apply for one today lol?

 

And what is the Orchard bank matercard?  is it a good one to get or fees and things not worth it?

New Member
Posts: 8
Registered: ‎04-18-2012
0

Re: higher score

[ Edited ]

alos what is the difference between cap one platinum or cap one cash?  the cash looks to be lower interest but has a small fee each year, which is more beneficial to me?

 

Does anyone know if the Amazon cc will help or does it have to be a big cc lender?  I can get $50 gift card and no fees with cash back for the amazon one

Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: higher score


kramer56 wrote:

alos what is the difference between cap one platinum or cap one cash?  the cash looks to be lower interest but has a small fee each year, which is more beneficial to me?

 

Does anyone know if the Amazon cc will help or does it have to be a big cc lender?  I can get $50 gift card and no fees with cash back for the amazon one



I think the cash gives an extra bonus at the end of the year

New Contributor
Posts: 51
Registered: ‎04-08-2012
0

Re: higher score

Are you a member of a local bank?  Maybe you could try getting a credit card through them, as you could probably get a higher credit limit, and a lower interest rate.  From what it seems, you're not necessarily new to credit, but depending on what kind of lates you had, how many, etc, it's hard to know what you could get.

Discover More Student - $500 | Capital One Platinum - $750 | Citi Dividend Student - $800 | Barclays NFL Extra Points - $1000
On my way to Primeville.
New Member
Posts: 8
Registered: ‎04-18-2012
0

Re: higher score

I don't even want to use them but it looks like I need one to help raise my score right? 

New Member
Posts: 8
Registered: ‎04-18-2012
0

Re: higher score

I applied for chase freedom yesterday and it said it need further review, most likley I will be denied I am sure.  Like I said I don't really want one but will use it lightly and pay it off each month. I don't care if it has the smallest limit on it. I just am not going to have any house or vehicle payments to make next month or so, as I am selling the house.  Not sure if I keep paying on truck or pay it off(13 months left)  Should I have waited to apply for the card then or is now the better time? 

Any ideas?

Valued Contributor
Posts: 1,107
Registered: ‎02-15-2012
0

Re: higher score

It would be helpful if you shared a more detailed overview of your credit history.

 

 You had CCs 3 years ago.  Do you have a lot of 30, 60 or 90 day lates on your file?  Did you have charge offs from those cards? Do you have other baddies?

 

Have you pulled your current free credit reports? Do you know any of your FICO scores?

 

The people on these boards are a wealth of information, but when we don't know the full picture it is difficult for us to give you sound advice. Tell us a bit more detail and I am sure you will get more specific advice.  Also, you might want to spend some time reading the Rebuilding your Credit board entries, and maybe posting detailed questions there, since it seems you are starting on that journey.


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Valued Contributor
Posts: 2,361
Registered: ‎09-16-2011
0

Re: higher score


kramer56 wrote:

OK we are talking about selling our home and it would pay off both vehicles as well.  So the 3 big loans we have would be paid in full as at times we have been late on the payments due to lack of budgeting and due dates and pay days not in our favor when things go wrong. Anyhow we have not had a credit card in either of names for about 3 years.  If we sell and live  for a year or so without mortage and have no auto loans should we apply for a credit card or will that negatively effect our poor credit scores.  I want to rebuild our credit so should I open a credit card account and use it but pay off the balance each month now or wait until we sell the home.  With the sale of the home we could pay off both auto loans but should we do that or pay off the highest interest biggest balance one and leave the other one alone and pay the balance of 13 months on time to rebuild the trust.

I am not sure if I should get a credit card, I been reading that the cc will actually make your score higher, is that true and should I apply for one today lol?

 

And what is the Orchard bank matercard?  is it a good one to get or fees and things not worth it?


don't pay off all the loans in full imediately,   pay down the loans, but don't pay them off yet,  having the loans improve your credit score and your appeal to other lenders. get them down to like 10% owed, apply for credit, I would recomend trying for a capitalone card, they have good rebuilder cards and you won't be penalized for having them on your credit report  First Premie and Orchard has negaitives for some creitors and CapOne usually has lower fees,  Even getting a secured CapitalOne if they won't give you an unsecured card, after you have a credit card or two you can pay off the loans but it will hurt your scores, but the lack of payments make up for that. in a few months it will go up as your cards age. 

 

I have never heard of results of reporting that you have 100k in the bank reflects on AMEX approvals, they ask how much money you have in savings and investment accounts, but it surely can't hurt to try and app for a Zync card its a charge card but its a foot in the door. 

 

 

 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak/Freeom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5.5k Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 7k, Discover IT 15.5k and a nice stack of store cards.
Last APP/HP 9/5/2016
New Member
Posts: 8
Registered: ‎04-18-2012
0

Re: higher score

[ Edited ]

So take the money we make from house and pay that off obviuosly but not pay off truck n tahoe completely?  I'd like to pay off tahoe asap cuz of the higher interest rate and owe like $14k on it and only $7k on truck,   I thought about paying off tahoe completely then pay on truck for a little while longer but should I drop some money on tahoe but not pay it off?

Valued Contributor
Posts: 2,361
Registered: ‎09-16-2011
0

Re: higher score


kramer56 wrote:

So take the money we make from house and pay that off obviuosly but not pay off truck n tahoe completely?  I'd like to pay off tahoe asap cuz of the higher interest rate and owe like $14k on it and only $7k on truck,   I thought about paying off tahoe completely then pay on truck for a little while longer but should I drop some money on tahoe but not pay it off?


perhaps its enough to keep one loan open and active, not sure perhaps someone else will know when i paid off my final payment on my car loan small score went down, and that isn't what you want while applying for credit, you could pay it down perhaps only owe  $100...  so no real interest and you get the benefit for a month while you apply for credit cards. 

 

 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak/Freeom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5.5k Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 7k, Discover IT 15.5k and a nice stack of store cards.
Last APP/HP 9/5/2016

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