10-14-2012 10:17 PM - edited 11-27-2012 04:25 AM
I just joind fico, and and I need some help
My Fico score is 725
My CREDITSECURE EX is 665
My CREDITSECURE EQ is 736
My CREDITSECURE TU is 736
I have one unpiad medical that is due to get dropped from EX within 3-4 months(7 years old), after that I think EX score will go to 700s
I only have one Amex Gold card " open account " that was in good standing for 9 years, no late payments at all over the 9 years
in the last 4 years I applied alot for CC and always got rejected, now I have 0 inquiries for the last year and only 1 over the last 2 years about to get dropped in early 2013
my target is to get my score to 800s and to be able to get a decent revolving CC, I don't have debt at all and I always pay my charges by the end of each month
and I am not planning to get in debt, I just want have good score and one or two more cc, also I may need to get car loan in 2013
should I start applying now or wait, I am really scared of getting rejected again.
10-15-2012 08:03 AM - edited 10-15-2012 08:05 AM
Hello there. It might be quite simple actually. In your myFICO EQ report on page 2 or 3, look for "Ratio of your revolving balances to your credit limits"; there should be a percentage. If you don't see it, look for your Amex Gold card account farther down in the report to see if a credit limit is reported. If not, your so-called utilization may be zero, and FICO likes it much better if there are reported credit limits. Also, on page 2 what are the factors in red under "What’s hurting your FICO® score"?
10-15-2012 09:24 AM
Well, it depends on what you need. If EX is the only thing w/a derog (and it's pretty old) you should be able to qualify. If you belong to a credit union, go apply for a cc with them. The limit will grow with you and they already know you.
You have good credit reporting, right?
What is your "dream" cc? I would go ahead and go for it, one inquiry surely won't kill you.
10-15-2012 02:46 PM
Welcome to the forum!
Your scores are pretty good! The only thing you are lacking is credit history.
Is the AMEX Gold the only credit you have on your report? Do you have any old auto loans? Do you have any student loans? Do you have a mortgage?
You need to have at least 3 credit cards to maximize your scores. Here are my suggestions:
Apply for an AMEX Blue Cash Everyday or an AMEX Blue Cash Preferred, whichever card fits you best. The Blue Cash Everyday doesn't have an annual fee while the Blue Cash Preferred has an annual fee but the rewards are larger. I normally wouldn't suggest applying for this card but seeing that you've had a Gold card for 9 years you should be approved. If you are not approved it will only be a soft pull anyway because you are a current AMEX member. These cards are revolvers and let you carry a balance month to month unlike your Gold charge card.
Do you shop at Walmart? If you shop at Walmart then definitely apply for the Walmart card. You will get a free TU08 FICO score every month for free after signing up for electronic bill pay. This card is backed by GE and they are really good with automatic credit line increases. You have an excellent chance at being approved for this card.
You may also want to apply for 1 card from one of these prime banks:
Bank of America
You might be denied a card from these banks at this point but I would suggest giving it a try. You certainly won't get it if you don't try. If you are denied, keep trying again every 6 months. The only reason I see you being denied for one of these cards is your thin file or lack of credit card credit history.
Please stop back and let us know how you do with the approvals!
10-15-2012 03:13 PM
Hi thanks for your help,
on myfico report
i see this
Total owed on revolving accounts $4792
Largest past balance
the 3 red items in my fico are
You have few accounts that are in good standing.
The amount owed on your revolving accounts is too high.
There is no recent activity on your credit cards.
10-15-2012 03:15 PM
Hi, thank you
well, I don't belong to a credit union, Amex is reporting every month and for 9 years, never late
I need to get cc with no anual, decent interst, I don't like debt and the max I want to do is maybe pay sometimes over one or two month not more, without the risk to
getting crazy high interst
10-15-2012 03:17 PM
How many credit cards do you have?
I thought you had just 1 AMEX Gold card?
10-15-2012 03:25 PM
The AMEX Blue Cash Everyday is probably the card for you. You will get cash back on all your purchases and there isn't an annual fee.
10-15-2012 03:26 PM
Hi, thanks you again, I am not sure if its good to reply msg by msg or all at once ! anyway
Yes, Amex gold is the only card in my report, I never had cards before, never had car loan or any kind of loans or mortgage.
I know I need more cc, but trying to get the best for my needs, low interst, no anual fees, something like that
I like the idea of applying to Amex Blue, but how should I do it,
should I wait few month until the EQ record drops ? or do it now ?
also should I apply for all the cards I need one time, or one by one
I can bring my util to 0% within few days, because I pay the charges eveymonth anyway, should I do that, and wait until Amex soft pull and apply ?
I took longtime to be here, as more than 6 years ago, I always got rejected for cc, and did not know why, after long long crazy fight I found that the cc berue was reporting my brother bad records to my report ! including an bankrubcy, by the time I fixed that, my account already had alot of cc inqu. and I gave up getting any cc
now after longtime on 665 score, the last and the only bad medical record is dropped and my score gone high, so hope I can do it right this time,
I don't shop at walmart a lot, maybe 1 or 2 times a month, most of my money goes to designer closthing and resturants
if Amex refuse me for blue, I think the applied 3 years ago to get blue and they did not approve it, now can I talk to them ? or waste of time ?
10-15-2012 03:33 PM - edited 10-15-2012 03:34 PM
I need to add one more thing,
I don't need cc urgent now, I can wait if it is better, in fact also I have some cash that I can use to help my score if I can, maybe 2-3K
should I open secure card?
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.