CC offers, what I might expect

[Tuscani]

You should be able to get some store cards... any interest in those?

Macys, Target, Bloomingdales, Walmart, and Kay should be easy for you to get.

[Anonymous]

I continue to learn, and recently I learned that there are 3 types of fico scores - mortgage, auto and cc.  My mortgage and auto aren't that bad with just a few 30day lates.  The credit cards is where I took the hits when I got divorced with charge offs on 4 of them.  I bet they are depressed big time.

So here's the strategy...

1) Have my new wife make me an authorized user on her Chase Card where she's had a long account history, high credit limit and no lates.  That'll help with % balance utilization, but more importantly increase the length of my credit history, and give me a great credit card TL.

2) Get a target and a gas card to improve my types of credit used

3) Start using my two low limit cards just a bit to show a good responsible use of credit.

All that combined should have a substantial impact in a positive way on my cc fico store in particular, and help the overall fico scores some as well.

What do you all think?

[MidnightVoice]

That seems a very sound plan to me.  You might take some temporary hits on new credit, and too many new cards will reduce the average of your accounts, so step lightly!

Biggest thing to me is frequent payments and very low utilization

Message Edited by MidnightVoice on 05-29-2007 10:39 AM

[Anonymous]

Of the plan, item two has me the most concerned....

[MidnightVoice]

I have not seen Credit Scoring 101 refernced for a while...

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

If you have been managing credit for a short time, do not open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your score if you do not have a lot of other credit information. Also, rapid account build-up can look risky if you are a new credit user. Do your rate shopping for a given loan within a focused period of time. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.

[Tuscani]

Remember to GW those lates!

[Anonymous]

Never occurred to me to do a GW.  It just might work...

[Anonymous]

Why get more credit to travel?  Wouldnt it be a better vacation if you paid for it all in cash or a debit card?  Think how relaxing that trip would be not thinking about how you're going to pay for it all when you go back home.

I know how it feels, as I just took my first fully paid for cruise and it was wonderful!!!

[Anonymous]

I agree with you, except reservations for auto, plane, hotel, etc. are all set up for CCs.  So my interest is really more in making it easier to manage the trip rather than pay for it.