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Established Member
Drink
Posts: 18
Registered: ‎07-26-2012
0

Looking for advice.

Right now I only have one CC with a limit of 300. I've had it for almost 3 months now and use it for almost everything, but I pay it a few days later (spend $50, pay $50). On 4/24 my fico score was 647 now its 667. Is there anything I can do to build it faster or is this a good pace?

 

Thanks for any suggestion.

Established Contributor
jamie123
Posts: 779
Registered: ‎03-22-2012
0

Re: Looking for advice.

Adding 2 more credit cards would help.

 

The only problem I see is your short credit history. Once your credit card is 6 months old it will be much easier to get another card.

 

What credit card do you have now?

 

Is it secured or unsecured?



Starting Score: EQ 658 6/18/12
Current Score: EQ 683 8/24/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
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Established Member
Drink
Posts: 18
Registered: ‎07-26-2012
0

Re: Looking for advice.

I has the capital one cash rewards card, the one always on TV with jimmy fallon.

 

I do have past bills and debt dateing mack a few years that im working on paying now.

 

So after another few months, try to apply for 1-2 more?

Established Contributor
jamie123
Posts: 779
Registered: ‎03-22-2012
0

Re: Looking for advice.

Depending on your comfort level with rejection you might want to try applying for 1 more card now.

 

I would suggest applying for a Walmart card. You will get a free TU score every month.

 

Your score at 667 should more than qualify you for their card. The only question they might have would be your length of credit history. If you get approved that would be a GREAT boost to your scores within a couple of months. If you get rejected just reapply after your card is 6 to 7 months old.

 

You really need a minimum of 3 cards to maximize your scores. I personally would wait on applying for the third card until your Cap1 card is 6 months old. But I would try for the Walmart now.

 

Please stop back and let us know how it works out with Walmart.

 

Good luck!



Starting Score: EQ 658 6/18/12
Current Score: EQ 683 8/24/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
Take the FICO Fitness Challenge
Established Member
Drink
Posts: 18
Registered: ‎07-26-2012
0

Re: Looking for advice.

I applied for the walmart card. It says i will receive a decision by mail in the next 7–10 days. Not sure if thats a good or bad thing. Every other time I applied for a card, I got a decision right away.

 

I'll return once I get the letter.

 

 

Established Member
Drink
Posts: 18
Registered: ‎07-26-2012
0

Re: Looking for advice.

I didn't get approved for the card. I guess my next step is just to wait until my current card is 6 months old. Then try again or try target.

Established Member
Drink
Posts: 18
Registered: ‎07-26-2012
0

Re: Looking for advice.

[ Edited ]

Rather than starting a new topic, I'll revive my old one.

Currently my score is 659. It took a big dip to 640 when I had to max my card in Aug. I know this was going to happen, but not this much.

Recently my limit on my CC has increased to $500 about a month ago and i got approved for a Walmart yesterday for $400 I believe.

 

I also payed of one of my debts with was only $200, but i still have others.

 

I have two questions.

Whats my next step in building my score and what should the 3rd card be.

 

and

 

Is it better to pay a debt in full or pay the settlement...or does it not matter.

 

...three questions.

 

Thanks

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Looking for advice.


Drink wrote:

Rather than starting a new topic, I'll revive my old one.

Currently my score is 659. It took a big dip to 640 when I had to max my card in Aug. I know this was going to happen, but not this much.

Recently my limit on my CC has increased to $500 about a month ago and i got approved for a Walmart yesterday for $400 I believe.

 

I also payed of one of my debts with was only $200, but i still have others.

 

I have two questions.

Whats my next step in building my score and what should the 3rd card be.

Your Walmart card is a GE card.  That's good, they grow.  You can try for a CLI in about 4 months.  You could try a secured card, maybe one that will graduate.  BOA or WF are a couple of ones that come to mind.

 

 What are the negatives on your CR.  You say you paid some,  didyou get the TL removed?  If not have you sent a GW to them?

 

and

 

Is it better to pay a debt in full or pay the settlement...or does it not matter.

 Doesn't really matter, the negative still reflects no matter what.  Try a PFD for those, it would be better to get them removed.

...three questions.

 

Thanks


 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Member
Drink
Posts: 18
Registered: ‎07-26-2012
0

Re: Looking for advice.

[ Edited ]

Thanks for the help.

I'm not sure what this acronym means GE

How do I send a GW and PFD and to who.

 

Also, what did you mean when you say "a secured card that will graduate"

 

Thanks again.

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Looking for advice.

GE is the bank that backs the card.  GE backs a lot of different cards.  Like Walmart, Lowes, Old Navy, etc.  They are generous with increasing your limits if you treat them right.  That's what's meant by growing.

 

A graduating card.  One that starts out as a secured card, then graduates to unsecured and moves on like any other CC.

 

PFDs are meant to go to whomever is posting on your CR or owns the debt.  If the OC has it, you pay them, a CA has it, you pay them.  Basically it's a type of GW.  You offer to pay the debt if they agree to delete from your CR.

 

A GW is meant for anyone who you don't owe money too.  Just because a debt that went bad is finally paid doesn't mean all is good.  It's still a bad debt because it's status went bad and it stays on your CR as a bad debt.  you write a letter to them to ask a gesture of goodwill and delete it.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

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