topic Re: Need credit! in Credit Card Applications

Need credit!

Anonymous — Fri, 05 Dec 2014 01:03:33 GMT

What kind of Credit Card should I apply for if I am trying to raise my credit!

Equifax: 621

TransUnion: 595

Experian: 610

I need to raise my score so I can buy a house.

Re: Need credit!

Gunnar419 — Fri, 05 Dec 2014 01:12:27 GMT

Need a little more info about your overall credit picture.

What types of cards do you already have? Any installment loans? Any baddies? What's the age of your credit?

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 01:13:34 GMT

You might have to start off with a secured card from someone like Bank of America or you try to see if you prequalify fir one of the Cap One cards

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 01:22:22 GMT

My credit is 7 years old, I don't have any negatives, no installment loans and one credit card that is from the military which I always pay on time.

I was thinking about getting 3 secure credit cards. $300.00 each and using them at the same time, of course using under 25% of the limit, and always paying it off on time.

Is that a good idea?

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 02:32:47 GMT

I'd try for unsecured cap1 QS1 and plat first. If that fails Then I'd agree with what you said. Try to keep under 10% (reporting) and you should be better score wise. But you should be a shoe in for cap1

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 02:35:32 GMT

You have a chance with Capital One's Quicksilver One. That is a pretty nice card. Unlimited 1.5% cash back with only a $39 annual fee.

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 02:40:04 GMT

Will that lower my credit score? Applying for it?

Also, when should I ask them to raise it if they give me a 300 limit?

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 02:49:33 GMT

Applying will, yes because of the inquiry. But it's the same case if you app for secured cards

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 02:52:41 GMT

Well, I applied for it.

It said they will let me know if they approved it from 7-10 business days. *sighs*

Re: Need credit!

uswala — Fri, 05 Dec 2014 03:03:57 GMT

@darkblackrose wrote:
Well, I applied for it.

It said they will let me know if they approved it from 7-10 business days. *sighs*

Give them a call in the morning. May be its just verification issue.

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 03:12:17 GMT

I hope so! *crosses fingers* I really need this.

What should be my next credit card? Should I wait to apply for another one? If so, how long?

Re: Need credit!

uswala — Fri, 05 Dec 2014 03:34:19 GMT

Cap One usually pulls you all 3 reports. You can apply for another card if you think you can take more HP. But I would recommend you to wait around 3 months or so, increase your scores and then check Chase / City / Amex if you are preapproved for any of the cards from them. That is what I will do.

Re: Need credit!

CreditDunce — Fri, 05 Dec 2014 03:53:20 GMT

It will take time to get build your credit score. It isn't a race, it takes lots of patience.

Assuming you are approved for the Cap1 card, you will have two credit cards. I would plan for a total of three credit cards. As a previous poster said, the BoA secured card is a good card to go for. BoA is good about unsecuring the cards after a year or so. But I would check my credit reports to make sure there are no negative items before applying.

You could also think about a secured credit card from SDFCU. Thery don't HP for the secured card and there are no fees, but it will never unsecure. Your money will be locked up until you close the card.

You could also might be able to get a store card using the shopping card trick. It doesn't cost you a HP. Lenders may not consider store cards as highly as bank credit cards, but they are fine for your third credit card.

Since you don't have an installment loan and want a mortgage, I would open a shared secured installment loan. Here is a thread with more details:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/penalized-for-not-having-installment-loan-what-does-this-mean/td-p/3151642

Lastly, if you have a family member or spouse with a good credit card account (e.g. 10+ years old, perfect payment history, low util), ask to see if they are willing to add you on as an authorized user. It doesn't substitute for building your own credit file. However, it can help your FICO 04/98 scores.

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 16:10:55 GMT

What is Plat1st?

Re: Need credit!

Anonymous — Fri, 05 Dec 2014 16:30:59 GMT

I called this morning, and they said it got approved, but they need additional information from me. So happy!

Re: Need credit!

Anonymous — Sat, 06 Dec 2014 01:59:49 GMT

@darkblackrose wrote:
My credit is 7 years old, I don't have any negatives, no installment loans and one credit card that is from the military which I always pay on time.

I was thinking about getting 3 secure credit cards. $300.00 each and using them at the same time, of course using under 25% of the limit, and always paying it off on time.
Is that a good idea?

How the heck do you have scores in this range with no negatives?

Baffling... :/

Re: Need credit!

Anonymous — Sat, 06 Dec 2014 02:29:51 GMT

I did have negatives back in the day...but they were removed. When I turned 18 I messed up my credit really bad. But they fell off.

Re: Need credit!

Anonymous — Sat, 06 Dec 2014 02:40:49 GMT

@darkblackrose wrote:
I did have negatives back in the day...but they were removed. When I turned 18 I messed up my credit really bad. But they fell off.

Wow. I see you rebuilt from the 300's....I guess those baddies are just taking their time in recovering your credit..