Credit card

[Krlavin]

So I just hung up with another lender lol. He advised me to go and open up a new credit card at a place like Kohls or Walmart, as they both report to TU and that's what we are working to build some sort of repeat on. Do you think I'll get approved for a card at Kohls with my other scores at 675 and 620? And will I hurt my score since I just opened up a secured card through BoA? (Even though this was the advice of a lender... The other lenders advice has somehow set me back :/ ) thanks!

[p-]

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@Krlavin wrote:
So I just hung up with another lender lol. He advised me to go and open up a new credit card at a place like Kohls or Walmart, as they both report to TU and that's what we are working to build some sort of repeat on. Do you think I'll get approved for a card at Kohls with my other scores at 675 and 620? And will I hurt my score since I just opened up a secured card through BoA? (Even though this was the advice of a lender... The other lenders advice has somehow set me back :/ ) thanks!

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Depends on what else is on your report.  If you have no open cards, consider opening up a secured credit card that reports as a normal one.  But be careful adding inquiries during the mortgage process, and be careful taking the advice of mortgage salesmen.  They don't always understand credit as well as some people here.  Also, if you can get some help with an AU account, do that instead.

Your best bet is to lay it all bare in the rebuilding forum and see what tweaks the folks here recommend.

Good luck,

[Krlavin]

What's an AU account? And thanks do much for all the advice. I actually have a secured card with my credo union that I pay all the way down to zero as soon as I hit the $100-120 mark, as the limit is only $500. The card from Bank of America is a partially secured card. So I have those going for me, I'm just uncertain of trying to open yet another line of credit.

[TravisD]

AU = Authorized User.

Say a family member has a card that has great history and they out you as a AU (you don't even have to get your own card or do anything) then your credit file will inherit their history.

[dddewdrop]

 

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@Krlavin wrote:
So I just hung up with another lender lol. He advised me to go and open up a new credit card at a place like Kohls or Walmart, as they both report to TU and that's what we are working to build some sort of repeat on. Do you think I'll get approved for a card at Kohls with my other scores at 675 and 620? And will I hurt my score since I just opened up a secured card through BoA? (Even though this was the advice of a lender... The other lenders advice has somehow set me back :/ ) thanks!

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    I am pretty sure you will be approved for a Walmart card. I was just approved for one with similar scores. Also an AU account would help you a great deal. As long as the person adding you as an Authorised User is a person who has good credit and will continue to have good credit then that will help your score a great deal. You can tell the person that they don't really have much risk because you wont actually be using their credit card.

[p-]

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@Krlavin wrote:
What's an AU account? And thanks do much for all the advice. I actually have a secured card with my credo union that I pay all the way down to zero as soon as I hit the $100-120 mark, as the limit is only $500. The card from Bank of America is a partially secured card. So I have those going for me, I'm just uncertain of trying to open yet another line of credit.

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If you already have two credit cards, the effect of an inquiry and a new account will likely hurt you more than it helps.  You would be better off paying down the current cards to optimize utilization before the statement cuts.  If your total credit limits add up to 1,000, you should have 30 bucks or so on one card at statement time, and nothing on the other.  It might help if you can get a limit increase without a hard pull on a card too...

Remember, it's not your balance today that matters; it's your statement balance.

It would be interesting to know why the loan salesman thought you needed another card.