topic Re: 650 CreditWise Score... How to increase? in Credit Card Applications

650 CreditWise Score... How to increase?

Anonymous — Fri, 01 Jul 2016 16:52:56 GMT

Hello,

So, the only score I have access to is the one my Capital One app shows me. I recently got a secured card, have been using it for three months. Filed a dispute and got my score up to 650 (from 506). My goal here is to get my score up enough to get a new car.

So, my question now is; what do I do?

Should I get another secured card? A store card?

If so, what card would you guys reccommend?

Re: 650 CreditWise Score... How to increase?

bourgogne — Fri, 01 Jul 2016 17:52:59 GMT

@Anonymous wrote:
Hello,

So, the only score I have access to is the one my Capital One app shows me. I recently got a secured card, have been using it for three months. Filed a dispute and got my score up to 650 (from 506). My goal here is to get my score up enough to get a new car.

So, my question now is; what do I do?

Should I get another secured card? A store card?

If so, what card would you guys reccommend?

ignore that score, go to check credit total . com and get a trial for $ 1 and post your 3 real scores here and we can go from there. don't make a move without having the right info and plan.

Re: 650 CreditWise Score... How to increase?

Anonymous — Fri, 01 Jul 2016 18:49:07 GMT

Okay.

Did that. My scores are as follows.

Experian - 558

TransUnion - 603

Equifax - 571

However, the dispute I filed was just approved two days ago, and when I went to that site they had yet to remove them. But the Creditwise score on the Capiital One app has. Also the most recent payment to my Capital One card has yet to post, which will bring my balance down to $10.00.

Re: 650 CreditWise Score... How to increase?

bourgogne — Fri, 01 Jul 2016 18:51:25 GMT

@Anonymous wrote:
Okay.

Did that. My scores are as follows.

Experian - 558

TransUnion - 603

Equifax - 571

However, the dispute I filed was just approved two days, and when I went to that site they had yet to remove them. But the Creditwise score on the Capiital One app has. Also the most recent payment to my Capital One card has yet to post, which will bring my balance down to $10.00.

excellent and you should be able to break 600 in no time. go to the cap1 site and see if you pre-qualify for anything and report back - just curious more than anything. you have a secured mc, yes? did you get a msg about being enrolled in steps? if not you need to chat with them online and see if you can get with the program because that will take you where you want to go. cap1 is a great place to grow from. what is the cl on that card and what else is holding your scores down?

Re: 650 CreditWise Score... How to increase?

Anonymous — Fri, 01 Jul 2016 19:16:20 GMT

This thread is a great example of how a Vantage 3.0 score (Credit Wise) can be completely different than your FICO 08's. The OP Credit Wise score was about 50-100 points higher than his FICO 08's depending on the bureau. That's significant and certainly would have given him false sense of where he stood as he may have been on the cusp of applying for a loan thinking he was in a better place than he actually was.

Re: 650 CreditWise Score... How to increase?

Pway — Fri, 01 Jul 2016 19:47:45 GMT

@Anonymous wrote:
This thread is a great example of how a Vantage 3.0 score (Credit Wise) can be completely different than your FICO 08's. The OP Credit Wise score was about 50-100 points higher than his FICO 08's depending on the bureau. That's significant and certainly would have given him false sense of where he stood as he may have been on the cusp of applying for a loan thinking he was in a better place than he actually was.

I agree, excellent example of how your vantage scores are so much different than your fico scores. My vantage scores are quite lower than my fico scores.

Is there a particular store that you frequently shop at? You do not want to load up on those store cards and they never get used. I would check Capital One pre qual and see what offers they have for you.

Re: 650 CreditWise Score... How to increase?

Anonymous — Fri, 01 Jul 2016 21:03:51 GMT

I shop everywhere. Which cards would you think are easier to get in my situation?

Re: 650 CreditWise Score... How to increase?

bourgogne — Fri, 01 Jul 2016 21:10:05 GMT

@Anonymous wrote:
I shop everywhere. Which cards would you think are easier to get in my situation?

slow down and read - or not, your choice

are you in steps?

what does the cap1 pre-qualify show?

what is holding your scores down?

what is your current cl?

this is 1+1, in time things can turn around but you need a plan not to just fire off apps with scores like you have. then all you will end up with is a bunch of low sl or worthless store cards.

I hope this is clear -- good luck

Re: 650 CreditWise Score... How to increase?

Anonymous — Sat, 02 Jul 2016 04:45:16 GMT

I'm not sure what you mean by steps. I'm new to all of this, just trying to get my credit right. As far as other cards or store cards, I would only be getting them to help my score. I really don't want a card for any reason other than that. I would just buy something every few weeks and pay it off thereafter.

Just looking for a little direction..

Re: 650 CreditWise Score... How to increase?

bourgogne — Sat, 02 Jul 2016 05:34:39 GMT

@Anonymous wrote:
I'm not sure what you mean by steps. I'm new to all of this, just trying to get my credit right. As far as other cards or store cards, I would only be getting them to help my score. I really don't want a card for any reason other than that. I would just buy something every few weeks and pay it off thereafter.

Just looking for a little direction..

I don’t think I am the best person to give advice here because I am not as patient as some of the other forum members. I expect when I ask a question that I get a response. I did not size up this post properly.

CL = credit line. Steps = a program that cap1 (capital one) has in place that a card holder goes through in a 6 month period to prove their credit worth and they are rewarded with credit line increases if they don’t screw up and pay ontime.

Imo – in my opinion - you should do nothing more than to verify with cap1 that you are in fact enrolled in the steps program and to progress through it. You can do this via an online chat with them.

I strongly suggest that you use only this single card for 6 months. Do not apply for more credit because your scores are not that good right now. You need to get higher scores to get better products with higher starting limits. Getting a low limit card and fighting to get credit increases often sucks.

At the end of 6 months go to the cap1 pre-qualify page and see what cards, if any, come up and report back here for suggestions and others will reply.

That is what time it is here. Good luck and have a nice weekend

Re: 650 CreditWise Score... How to increase?

Anonymous — Sat, 02 Jul 2016 08:11:08 GMT

Adding another card is not going to help your score. It will hurt it. On an unaged file, an inquiry along with an AAoA drop is going to result in a score drop. Sure, you'll recover from it in a few months up to 6 months, but you'll initially get a drop.

Your best bet is to do absolutely nothing except pay your accounts on time each month and keep your utilization low. Report a 2-digit balance for 6 months to a year and your scores will be in the low 600's across the board and you'll be able to scoop up another card.

Re: 650 CreditWise Score... How to increase?

Anonymous — Sat, 02 Jul 2016 13:31:40 GMT

Advantage score is garbage. I am about to break 700 but credit karama and such places have me at like 513?!?! Their way of getting you to keep coming back to check on your scores for ad purposes.

Re: 650 CreditWise Score... How to increase?

Anonymous — Sat, 02 Jul 2016 14:51:03 GMT

1) In fairness...we all know the the Vantage score is NOT a Fico score, so ppl kinda need to 'get over' it.

They are offering a Free soda and the Free soda ain't Coke it's the store brand.....don't like it, fine don't stand in line to get the FREE drink then whine that it ain't 'real' Coke!

Also, the OP clearly said that the Vantage score was one that had been obtained AFTER a disputed file, that was yet to affect his Fico, so the difference was closer to 50 points not 100......either Coke isn't Pepsi and McDonald's isn't Wendy's, if you wantthe 'real' one pay for it. Otherwise use the store brand for EDUCTIONAL purposes, just like it says, period.

2) For the OP

You said you

a) Want to prep for a auto purchase ( how far off is that?....Are we talking major buy or a modest used car?)

b) Aren't really looking to 'spend' or actually use credit to buy , just to build a profile ( my favorite)

That being said here are 2 scenarios ( being IMO it's best to 'age' a few accounts TOGEHER vs 'waiting' 6 months to a year with only one file sitting alone on a c/r)

1) If you have zero funds left towards secured accounts ....check the pre-qual sites till you get a green light from someone 'other' than a bottom'feeder type card ( no first prem/surge/credit one etc...) easily Cap-1 should pre-qual you with a few months for an unsecured Plat or a QS1 but check a few sites.

* Also sign up for a Free 'real' monthly Fico from creditscorecard.com by Discover and Exp...it is a legit Fico score based n Exp ( remember the sites purpose is to groom Discover card apps and to sale Exp products but just like CK you don't HAVE TO buy anything)

2) If you do have funds to secure another account...DON'T

Get a secured loan from a CU ($500)

use the loan proceeds to get a secured Discover card (min.$200)

AND

a $300 secured card of your choice (U.S. Bank's Harley Davidson co-brand has no annual fee)

Recap

You'd have on your creport aging together

Cap-1 M/C

$300 Visa

$200 Discover (Free month 'real' T/U Fico...btw)

$500 secured loan

That's 3 revolvers and an installment account (juicing your one time payments + credit mix)

Go back n forth using the Visa and Disco (who will consider SP CLI's along the way) to make the small loan payment

1) to show usage on the CC and 2) to 'repay' the loan, thus adding thickness to your file using the same 12 months that are gonna happen either way.

Remember, your GOAL is to BUILD not spend, anyway ...at the end of the term, you would have paid a B.S. amount in % charges (accept no more than 2-3%...which will amount to $15-$25) Plus you'll still have you $500 (remember Disco has $200 and the Visa company has $300....that will be returned to you)

That's building it

Re: 650 CreditWise Score... How to increase?

Anonymous — Sat, 02 Jul 2016 19:02:16 GMT

Thank you so much for that. That sounds like a great plan to me.

Re: 650 CreditWise Score... How to increase?

Anonymous — Sat, 02 Jul 2016 23:39:55 GMT

@Anonymous wrote:

1) In fairness...we all know the the Vantage score is NOT a Fico score, so ppl kinda need to 'get over' it.
They are offering a Free soda and the Free soda ain't Coke it's the store brand.....don't like it, fine don't stand in line to get the FREE drink then whine that it ain't 'real' Coke!
Also, the OP clearly said that the Vantage score was one that had been obtained AFTER a disputed file, that was yet to affect his Fico, so the difference was closer to 50 points not 100......either Coke isn't Pepsi and McDonald's isn't Wendy's, if you wantthe 'real' one pay for it. Otherwise use the store brand for EDUCTIONAL purposes, just like it says, period.

2) For the OP
You said you
a) Want to prep for a auto purchase ( how far off is that?....Are we talking major buy or a modest used car?)
b) Aren't really looking to 'spend' or actually use credit to buy , just to build a profile ( my favorite)

That being said here are 2 scenarios ( being IMO it's best to 'age' a few accounts TOGEHER vs 'waiting' 6 months to a year with only one file sitting alone on a c/r)

1) If you have zero funds left towards secured accounts ....check the pre-qual sites till you get a green light from someone 'other' than a bottom'feeder type card ( no first prem/surge/credit one etc...) easily Cap-1 should pre-qual you with a few months for an unsecured Plat or a QS1 but check a few sites.

* Also sign up for a Free 'real' monthly Fico from creditscorecard.com by Discover and Exp...it is a legit Fico score based n Exp ( remember the sites purpose is to groom Discover card apps and to sale Exp products but just like CK you don't HAVE TO buy anything)

2) If you do have funds to secure another account...DON'T
Get a secured loan from a CU ($500)
use the loan proceeds to get a secured Discover card (min.$200)
AND
a $300 secured card of your choice (U.S. Bank's Harley Davidson co-brand has no annual fee)

Recap
You'd have on your creport aging together

Cap-1 M/C
$300 Visa
$200 Discover (Free month 'real' T/U Fico...btw)
&
$500 secured loan

That's 3 revolvers and an installment account (juicing your one time payments + credit mix)

Go back n forth using the Visa and Disco (who will consider SP CLI's along the way) to make the small loan payment
1) to show usage on the CC and 2) to 'repay' the loan, thus adding thickness to your file using the same 12 months that are gonna happen either way.

Remember, your GOAL is to BUILD not spend, anyway ...at the end of the term, you would have paid a B.S. amount in % charges (accept no more than 2-3%...which will amount to $15-$25) Plus you'll still have you $500 (remember Disco has $200 and the Visa company has $300....that will be returned to you)

That's building it

Great advice. Easy to undersand, to the point and educational. This approach and explanation will help the OP who seemed to be trying to understand what next.

Re: 650 CreditWise Score... How to increase?

Anonymous — Sun, 03 Jul 2016 01:53:01 GMT

If you just want to boost your score fast, go with retailer credit cards. Retailer cards suck because you cannot spend it anywhere except that particular retailer. BUT, retailer credit cards increase your limit faster than regular credit cards like Amex, cap1, etc.

Re: 650 CreditWise Score... How to increase?

Anonymous — Sun, 03 Jul 2016 04:28:33 GMT

@Anonymous wrote:
If you just want to boost your score fast, go with retailer credit cards. Retailer cards suck because you cannot spend it anywhere except that particular retailer. BUT, retailer credit cards increase your limit faster than regular credit cards like Amex, cap1, etc.

I think that's a large generalization. I've never been under the impression that store cards receive faster/greater CLIs over non-store cards. There are plenty of examples of people out there stuck at $500 or $1000 store card limits that have no problem getting hefty increases on major credit cards.

Re: 650 CreditWise Score... How to increase?

RonM21 — Sun, 03 Jul 2016 20:51:20 GMT

True. Ymmv when it comes to the store cards. There may be a higher percentage of people who have an easier time getting higher limits, but it isn't always the case for some.