apply for new cc?

[bluemoon1948]

Hello everyone. I'm a newbie here and as such not sure i'm posting in the correct section so please let me know if I should go elsewhere. I am 65 and had a short sale on my hourse 2 years ago. In order to get my unhelpful ( gross understatement) to agree to the short sale I had to be behind 3 months in payments. I was already behind on my cc. Eventually the short sale went through and the cc card company offered me a low interest pay off plan which I accepted I had to agree to close both cards. I am 2 years into a 5 year plan.

My question is now that I am able to keep current on everything and in one year if I desire I will be able to qualify for a mortgage if all other things are in order and I want to. I'm not sure I would but I want to be ready. I want my FICO score to be such that I am prepared for whatever. So right now my score is about 670 up from 605 2 years ago. should I apply for a credit card?  will having one increase my score because I will have incresed debt/credit? I currently owe 8500 on 2 cc and 7000 on a car loan. I make $2000 on social security and $800 from a part time job.

so advice on whether to apply for cc or not? 

[myjourney]

Welcome to the forum 

We'll need a little more info

What's on your CR's as far as negatives and positives?

The 670 score looks good is it a Fico score and do you know the other 2 CB's scores?

How many INQ's in the last year?

How do the closed CC's show on CR's?

[bluemoon1948]

The closed cards report as closed at consumers request and being paid as agreed.  negatives on cr are one $64 dollar collection 3 years ago  over 90 days late on those 2 cc but on time for last 2 years. also show the 90 days late on the short sale mortgage 2 years ago. one inquiry a year ago for the auto loan. positives is length of credit . Yes that is a Fico score. I have only pulled the one score so far.

[DaBears]

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@bluemoon1948 wrote:

The closed cards report as closed at consumers request and being paid as agreed.  negatives on cr are one $64 dollar collection 3 years ago  over 90 days late on those 2 cc but on time for last 2 years. also show the 90 days late on the short sale mortgage 2 years ago. one inquiry a year ago for the auto loan. positives is length of credit . Yes that is a Fico score. I have only pulled the one score so far.

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The 90 day lates are going to affect your score for 7 yrs from the date of occurance. I would send a GW letter asking if they are willing to remove them.  I would offer a PFD for the $64 collection. If they refuse, then a PIF. I would rather have a paid collection showing then a unpaid one. 

DaBears

[myjourney]

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@bluemoon1948 wrote:

The closed cards report as closed at consumers request and being paid as agreed.  negatives on cr are one $64 dollar collection 3 years ago  over 90 days late on those 2 cc but on time for last 2 years. also show the 90 days late on the short sale mortgage 2 years ago. one inquiry a year ago for the auto loan. positives is length of credit . Yes that is a Fico score. I have only pulled the one score so far.

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The closed CC showing a balance is weighing your scores down in Fico eyes....

Sorry for all the questions but it gives a better picture of were you're at in your rebuild and help for making suggestions tailored for you

What Fico score is that TU EX EQ?..... this will help target lenders who primarily pull that CB

Where do you shop and what's your biggest monthly expense?...... Gas,Food, other?

Last but not least in case I missed it other than the auto loan do you have any open TL's, CC's, Loans, etc etc

This will help to see if you should go the secured route if needed for 6 months or possibly straight for CC's 

[bluemoon1948]

to clarify the collection does show as paid. my only debt is the 2 cc and car loan. the fico score was from equifax. other than the debt right now its just basic living espenses. rent is only 350 so food and gas are my largest outlay. sorry to run but gotta go to work . will check back for words of wisdom in the am. and questions don't bother me in the least.

[myjourney]

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@bluemoon1948 wrote:

to clarify the collection does show as paid. my only debt is the 2 cc and car loan. the fico score was from equifax. other than the debt right now its just basic living espenses. rent is only 350 so food and gas are my largest outlay. sorry to run but gotta go to work . will check back for words of wisdom in the am. and questions don't bother me in the least.

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Based on all of the above you need 2 more TL's 

Apply for a secured card however small and keep it in good standing for 6 months 

Recommendation EMV Savings Secured Visa Platinum Card

https://www.sdfcu.org/emv-creditcards

This card will not require a HP and the only scoring ding would be when it reports if approved 

And one HP won't hurt you so apply for Discover IT 

Which in most cases will pull EQ but may pull TU depending on your location 

This may require a recon but they can be forgiving of baddies and willing to start you with a small limit 

https://www.discover.com/credit-cards/index.html?ICMPGN=STL_CC_IT

If not a instant approval and was denied recon ASAP

Discover: 888-676-3695 (Recon)

Stage one 

(YOU) I would like to know if my app was approved and if not I would like to be reconsidered.

Answer any questions honestly and be friendly 

Stag two same call 

Just in case you get it was denied 

Hint Hint ....I've made some mistakes in the past but have moved forward since and just looking for a rewards card and you seem to be the best....

I don't mind starting at a smaller limit to prove myself I really want to be a part of the Discover family....

Good luck and let us know your results 

[bluemoon1948]

Hi all , just a quick update. I got an offer of a Capital One Platnium card.  no annual fee. O% until October 2014 then 22.9% variable. I applied and received approval with a $1000 CL.

[Shogun]

Nice!  Congrats!

[myjourney]

Congrats on the new TL