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Valued Member
Posts: 28
Registered: ‎03-13-2013
0

Advice Please! Where to go from here

[ Edited ]

Hey everyone!  So here's my story:  When I first made an effort to become aware of my credit in February I checked my score only to be blown away that I had a sad score of 602 and TWO baddies.  Both were medical bills from when I was in college and the bills were being sent to my parents, as they paid all our insurance bills etc.  Both were small ($25 & $147) so I paid them both off and requested a deletion from the collection agencies (CAC Corp & Berks) and issued a dispute with the CRA's.  I never heard back from then until the other day when I checked my score - both were gone and my FICO score jumped up to 694 EQ.  My Experian from their credit monitoring site shows 712, and 697 through TU credit monitoring.

 

I got approved for my first baby limit ($300) card with Cap1 at the end of February with that really sad 600 score and it hasn't started reporting yet, even though it has been used & paid for.  It should better start reporting any day now.  I'm already annoyed that it's basically a useless limit (I use it and have to pay it immediately) and theres nothing "fun" about it, but I realize ya gotta start small.

 

Naturally I hadn't found these forums, got overly excited, and applied for Chase Freedom at the same time I got approved for Cap1 - got denied... which I now realize was a given considering they like to see a nice score and revolving credit history.   I have never been late on a student loan or car payment and am trying to now build up revolving credit history... when is a good time for me to apply for another card and with who?  I have banking accounts with Suntrust, Chase, and PenFed.  I also have an insurance through USAA, and I'm assuming I could get in to NFCU.  My Penfed car loan is recent (December).

 

Everyone talks about the Walmart Card but I don't/won't be shopping at Walmart so it seems like a useless card for me besides the monthly TU report they show.  I really want to pull the trigger on a Discover IT but I'm being a good girl and waiting for the TU baddie to come off and hold out for a few more months and let my Cap 1 also start reporting.  Is it possible to get in with Discover with around a 700 score and a lower revolving history?  I would like to get to the point when I can carry Chase, I like them as a bank and would definitely like to add a CC line with them.  In the meantime I would like to find another prime card I could get before applying to Chase again in a year or so.  

 

Honestly, ANY advice would be welcome! Thanks!!! 

 

 

Starting Score (3/1/13): 602 MYFICO - Current Score (1/19/14): 735 EQ FICO, 732 TU Credit Monitor, ??? EXP
GOAL: 750 Across the board
In pocket $1500 CapOne Quicksilver, $2500 PPExtras, $5000 Discover IT, $750 VS, $250 Loft, $1500 WalMartCC, $1300 Nordstrom
Highlighted
Established Member
Posts: 80
Registered: ‎10-12-2012
0

Re: Advice Please! Where to go from here

[ Edited ]

I screwed up my credit when I went back to school and I have been rebuilding it for over a year now trying to get it right. Learn from my mistakes please....

 

1, don't go credit happy, For me everyone said oh you need credit so I applied for cards getting denied here and there. Now I have 15 inquirees on my Credit that probably bring my score down 20-30 points at minimum. Don't open too many accounts to fast or you will hurt yourself. Also sounds like your credit is in better shape then mine was.

 

2.You should be able to get some decent cards with a score around 700. If you really don't have history though you might be in the same boat. I got a Barclay card with a $500 limit no problem and my TU was only 600 at the time. I would also suggest trying to get a card through your bank, my credit union was willing to give me a card with $500 limit with a manual review and said if I make my payments blah blah blah in 6 months they can give me $1000.

 

You can probably research on here on cards and see what people got with similar scores and situations. Walmart I got cause of the same thing everyone said its great. Have to say its not too bad. I really need to start using it. Every 4 months you can apply for a credit increase which they DO NOT pull your credit for. Started off at $300 now I'm at $500 and I've only used the card once and my credit score was like 530 when I got that 1. I'm sure if I used it more I could get a 1000 limit in 6 months. Also you get a free ficio score every month.

 

 

Your not going to get a card with a 10,000 limit off the bat, for me it was frustrating and still is. You hear people say oh don't go over 15% utilization or 9% but when you have a $300-$500 limit you make 1 purchase for food at the market or get a tire for your car and your at 50-60% lol. I wouldn't worry so much about those number. Those can hurt your score a few points in the short run but if you were going to apply for a new car loan ect...I would pay them off and then wait till they report to get the extra points. For the long run though just use it and make your payments on time. With out the payment history even with a good score lenders will most likey see you as a risk that is why the low limits.

 

 

 

 

Senior Contributor
Posts: 3,928
Registered: ‎10-26-2012
0

Re: Advice Please! Where to go from here


aceofspades25 wrote:

Hey everyone!  So here's my story:  When I first made an effort to become aware of my credit in February I checked my score only to be blown away that I had a sad score of 602 and TWO baddies.  Both were medical bills from when I was in college and the bills were being sent to my parents, as they paid all our insurance bills etc.  Both were small ($25 & $147) so I paid them both off and requested a deletion from the collection agencies (CAC Corp & Berks) and issued a dispute with the CRA's.  I never heard back from then until the other day when I checked my score - both were gone and my FICO score jumped up to 694 EQ.  My Experian from their credit monitoring site shows 712, no baddies BUT my annoying Transuion report shows a score of 629 w/the one collection still posted as unpaid.  I put in a dispute with them on 4/8/2013 citing it was paid and should be deleted, and expected that it will be deleted within 30 days and that score will jump to meet the others.

 

I got approved for my first baby limit ($300) card with Cap1 at the end of February with that really sad 600 score and it hasn't started reporting yet, even though it has been used & paid for.  It should better start reporting any day now.  I'm already annoyed that it's basically a useless limit (I use it and have to pay it immediately) and theres nothing "fun" about it, but I realize ya gotta start small.

 

Naturally I hadn't found these forums, got overly excited, and applied for Chase Freedom at the same time I got approved for Cap1 - got denied... which I now realize was a given considering they like to see a nice score and revolving credit history.   I have never been late on a student loan or car payment and am trying to now build up revolving credit history... when is a good time for me to apply for another card and with who?  I have banking accounts with Suntrust, Chase, and PenFed.  I also have an insurance through USAA, and I'm assuming I could get in to NFCU.  My Penfed car loan is recent (December).

 

Everyone talks about the Walmart Card but I don't/won't be shopping at Walmart so it seems like a useless card for me besides the monthly TU report they show.  I really want to pull the trigger on a Discover IT but I'm being a good girl and waiting for the TU baddie to come off and hold out for a few more months and let my Cap 1 also start reporting.  Is it possible to get in with Discover with around a 700 score and a lower revolving history?  I would like to get to the point when I can carry Chase, I like them as a bank and would definitely like to add a CC line with them.  In the meantime I would like to find another prime card I could get before applying to Chase again in a year or so.  

 

Honestly, ANY advice would be welcome! Thanks!!! 

 

 


How long is your credit history? AAoA? Discover I believe likes to see a score 660 or higher. 

Valued Member
Posts: 28
Registered: ‎03-13-2013
0

Re: Advice Please! Where to go from here

My oldest account is 5 years, 3 months. AAoA is 2 years... *sigh* I'm a twentysomething, so I know only age is going to help these.

Starting Score (3/1/13): 602 MYFICO - Current Score (1/19/14): 735 EQ FICO, 732 TU Credit Monitor, ??? EXP
GOAL: 750 Across the board
In pocket $1500 CapOne Quicksilver, $2500 PPExtras, $5000 Discover IT, $750 VS, $250 Loft, $1500 WalMartCC, $1300 Nordstrom
Valued Member
Posts: 28
Registered: ‎03-13-2013
0

Re: Advice Please! Where to go from here

Also, my TU dispute came through already and was deleted, bringing my TU score to 697.  Still Gardening but seeing my scores jump up is a relief

Starting Score (3/1/13): 602 MYFICO - Current Score (1/19/14): 735 EQ FICO, 732 TU Credit Monitor, ??? EXP
GOAL: 750 Across the board
In pocket $1500 CapOne Quicksilver, $2500 PPExtras, $5000 Discover IT, $750 VS, $250 Loft, $1500 WalMartCC, $1300 Nordstrom
Senior Contributor
Posts: 3,928
Registered: ‎10-26-2012
0

Re: Advice Please! Where to go from here

Congrats on almost being in the 700 club!!! I would let those two other cards age some more and keep your util between 1-9% 

Valued Member
Posts: 28
Registered: ‎03-13-2013
0

Re: Advice Please! Where to go from here

Thanks for the advice Bears!  I did a little more research on the forums and thought my scores seemed good enough now so pulled the trigger and applied at Walmart, got approved for $800 instantly.  Then REALLY pulled the trigger and applied for the Discover IT assuming if I didn't get it the extra IQ wouldn't kill me and I knew I was gardening after this anyway - well I got a $1700 Approval!!

 

Now that a have some "real" credit it's garden, garden, garden for me.  My only other question is what to do with the Capital 1 card?  It has no incentives/rewards and my Discover card gets me cash back, so that will be the one I go to.  I feel like I need to leave it open so the UTIL reports.  Should I see if they will PC it in a few months or just let it hang out in the SD?  I'm also afraid of having it closed for non usage.  Thanks so much!

Starting Score (3/1/13): 602 MYFICO - Current Score (1/19/14): 735 EQ FICO, 732 TU Credit Monitor, ??? EXP
GOAL: 750 Across the board
In pocket $1500 CapOne Quicksilver, $2500 PPExtras, $5000 Discover IT, $750 VS, $250 Loft, $1500 WalMartCC, $1300 Nordstrom
Senior Contributor
Posts: 3,928
Registered: ‎10-26-2012
0

Re: Advice Please! Where to go from here

LMAO I forgive you!!!! Now let those puppies age and Garden!!!Smiley Tongue Wanna get me a 65" LED from walmart since you jumped the gun?? HAhaha

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