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Keep Gardening or go for Prime cards?

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Anonymous
Not applicable

Keep Gardening or go for Prime cards?

I have lurked on these forums for a few months and I have gained invaluable knowledge from all of you which has been a tremendous help in building and rebuilding my credit worthiness.

 

Currently I'm at 633 CK, 668 MyFICO (Equifax), and a 696 Experian score. My Vantage score is a 726. I'm in my early 40s but I've been living without any substantial credit usage for most of my life. Aside from a couple of car loans and low limit credit cards I haven't really felt the need due to having a really good income and the ability to cashflow most things.

 

I'm "gardening" now AKA looking after all account and getting corrections made and errors deleted. I've been successful in negotating a PFD for a medical collection account, getting a very old debt deleted that a CA tried to re-age and in getting a few blatant errors corrected from all 3 CRBs.

 

I have a couple of baddies hanging on- both of which will drop off within the next ten months. One is a joint auto loan from Wachovia Dealer Services which was a joint account that my ex-wife allowed to be repossessed after she and I separated (balance is about $11,500) and another is a collection account from LVNV Funding which I don't intend to make any effort to PFD due to the fact that it ages off the CRBs within the next 5 months. 

 

I've got 14 accounts in good standing including one paid off car loan, another which is nearly paid off and never late, a paid off personal loan, a WalMart store card with a very low limit ($250) and two Cap One credit cards with a $3000 combined limit. My total debt is under $8000 including the credit cards and car note.

 

Possibly because I'm a Mileage Plus member who flies United several times a year, I keep getting the mail offer to apply for the Mileage Plus Explorer Card with all the bonus miles, etc. It is tempting but I don't trust that I've got the credit history or scores to be approved for that one or for other prime cards. According to the plan I've worked out with MyFico my score will be in the 760s within 6-7 months (keeping my balances below 25% on revolving accounts and no new baddies).

 

Should I just keep gardening or grasp at applying for that Chase Mileage Plus Explorer Card? This would be the first prime credit card for me but I'm not going to apply if my chances are really slim without all scores being over 700.

 

Thanks in advance!

 

 

 

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Keep Gardening or go for Prime cards?

 I would advise you to pay off all your cards except one and let it report with a 10%-30% balance. Why take on more debt when you have existing debt you should pay off before getting another card?

 

So, my advice would be to wait till after you pay off your existing cards and your baddies fall off that your talking about.

Message 2 of 10
Anonymous
Not applicable

Re: Keep Gardening or go for Prime cards?

I don't plan to take on more debt- I'm considering it for the rewards and according to conventional advice having more available credit and even lower utilization will boost my score. Waiting for the old collection and repo to fall off is what I thought as well. Still wondering if anyone has had a similar experience with prime cards while still in the "mediocre" score range. 

Message 3 of 10
907grown
Established Contributor

Re: Keep Gardening or go for Prime cards?

I got all three of my chase cards with my current scores, all within the last 2 months. How many HP Do you have currently? If none or one or two, why not, what's the worst that could happen, you don't end up with the card..... You don't have it now, so sounds like you'd be in the same boat.



Starting Score: 460
Current Score: EQ 764, TU 764, EX 740,
BOA AK AIR 30,000, Discover IT 6300, Freedom 25,300, Barclays RMC 15,660, Ring 15,000, BCE 15,000, QS17,000,AARP 15,000, ChaseFU 8,000,AND A LOT MORE!
Message 4 of 10
Anonymous
Not applicable

Re: Keep Gardening or go for Prime cards?

I have 2 HP on al 3 CRBs. I will pay down all balances to under 10% this week just before my statements cut and see how that affects my scores. If I see a decent rise in those scores I might have to go for it. The baddies I have are both 6+ years old but they still give me pause as far as how they'll factor into an application for Prime credit cards. 

 

I know some of the CRBs weigh negative items more than others- were you clear of baddies when you got your Chase cards? Nice result, by the way! What I've read says Chase hates negative items more than most card issuers.

Message 5 of 10
Anonymous
Not applicable

Re: Keep Gardening or go for Prime cards?

You might want to ask in the Credit Card forum. There is a lot of great info and the pre approved options that a lot of the major cards have on their sites. Good luck.

Message 6 of 10
Anonymous
Not applicable

Re: Keep Gardening or go for Prime cards?

I'll do a more thorough search over there in those forums. Thanks.

Message 7 of 10
slund5499
Established Contributor

Re: Keep Gardening or go for Prime cards?

It is now time to Garden for awhile.

 

Looking for pre-qualify for USDA Loan in 6 month.

 

Send PIF to First Premier this week. Hope they will accept and report Paid in Full. Might get them to delete charge off status after full payment.

 

Went on App spree and picked up Capital One Secured $200, Journey $1000 and cponsolidation loan for $2000.

 

Current utilization is 36%. Project utilization to be at 14% after using proceeds of loan to pay down balances.

 

Have a thin file...4 year history with 8 accounts reporting. Perfect pay history with all open lines.

 

Have the First Premier charge off I will be paying in full this week and hope to resolve the charge off reporting soon after.

 

Have 2 unpaid tax liens for $22k remaining on TU. These 2 liens have been deleted from EX and EQ files.

 

 

 

Goal is less than 15% utilization, 750 Fico or better and Total credit lines of $50K +

 

Best course for now is to garden and work to increase Cl and allow time to help remove inquiries.

 

ANything I am missing?

 

In the garden since 02/1/23. Newest Account AU Discover It 10K
02/23 Scores; EQ 608 TU 642 EX 575 CCU: 20%, Inq. 2, 1, 2 Collections $39K
Lending Club: newest account 2/3/23. Old Fico 1/17 EQ 530 TU 542 EX 512

Message 8 of 10
RobertEG
Legendary Contributor

Re: Keep Gardening or go for Prime cards?

If you get a preapproval offer that indicates it is based on the creditor having obtained your name from a listing provided by the CRAs, it is not a junk mail offer.

They provided creiteria to the CRA when requesting the listing, and the CRA screen of your credit file indicated that you met those criteria.

 

Unless things in your file have changed, the creditor is obligated, once you apply, to honor the offer.

 

A good reason, while rebuilding, to make sure you are opted-in.  It lets you know, without applying, that you are now meeting qualification criteria.

Message 9 of 10
slund5499
Established Contributor

Re: Keep Gardening or go for Prime cards?

I have opted in every 2 weeks for the last 2 months.

 

DOn't see anything coming my way untiol scores improve and I get re-bucketed into the op-in basket.

 

Any advice

In the garden since 02/1/23. Newest Account AU Discover It 10K
02/23 Scores; EQ 608 TU 642 EX 575 CCU: 20%, Inq. 2, 1, 2 Collections $39K
Lending Club: newest account 2/3/23. Old Fico 1/17 EQ 530 TU 542 EX 512

Message 10 of 10
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