topic Re: worth the hard pull? in Credit Cards

worth the hard pull?

Anonymous — Sun, 16 Dec 2012 20:40:58 GMT

I need 5 points to close on my home. I have two installment loans. My broker suggested i get a secured credit card due to lack of credit. I obtained a Cap One. It boosted my score greatly. Still need those 5 points. Would it be worth the hard pull on my credit to get another secured CC? We are scheduled to close in a few weeks so time is a factor. And if so who would you recommend for the second card?
Thanks everyone.

Re: worth the hard pull?

nicholasyud — Sun, 16 Dec 2012 21:01:50 GMT

Dont get me wrong but new inquiry going to hurt your score.

New account wont report after a few week . I dont know why the broker would suggest you do that but if you had someone can add you as an authorize user on their longest CC would be a best option. Nothing lose on this case and your score would be increase if they had long and steady with no late history.

Re: worth the hard pull?

Anonymous — Sun, 16 Dec 2012 21:07:55 GMT

@nicholasyud wrote:
Dont get me wrong but new inquiry going to hurt your score.
New account wont report after a few week . I dont know why the broker would suggest you do that but if you had someone can add you as an authorize user on their longest CC would be a best option. Nothing lose on this case and your score would be increase if they had long and steady with no late history.

How long would it take for this to post to his CR though?

Re: worth the hard pull?

Swapmeet — Sun, 16 Dec 2012 21:21:37 GMT

It probably wouldn't report until a few days after the statement cuts.

@Anonymous wrote:
@nicholasyud wrote:
Dont get me wrong but new inquiry going to hurt your score.
New account wont report after a few week . I dont know why the broker would suggest you do that but if you had someone can add you as an authorize user on their longest CC would be a best option. Nothing lose on this case and your score would be increase if they had long and steady with no late history.
How long would it take for this to post to his CR though?

Re: worth the hard pull?

nicholasyud — Sun, 16 Dec 2012 22:31:04 GMT

Credit Card company ussually report to credit bureau couple days after your statement cut. Some not report at all if you wont used your card like Credit One in my experience.

I heard some sub prime CC not report to credit bureau about AU but its YMMV. Hope its answer your question.

Re: worth the hard pull?

Anonymous — Sun, 16 Dec 2012 22:46:52 GMT

Thanks guys. It looks like I'm going to have to ask for an extension. I'm pretty sure I will get it. The home owner has said he would wait. With an extension what would be my best option. Will my score increase without a second card. If i use the one card correctly with a 9% utilization, I've read this seems to be the right #, and make my two i.stallment payments on time will that do it. I wouldn't have to worry about a hard pull. An AU isn't an option.

Re: worth the hard pull?

Anonymous — Sun, 16 Dec 2012 23:59:49 GMT

The inquiry will cause a score drop. Also, some lenders dislike seeing new Apps before underwriting.

Is there anything else you can do that will improve the score? Utilization less than 9% has to be on statement date. Any old late payments where a goodwill adjustment might help?

Cap 1 isn't a company that would typically give a CLI, so that's out of the question.

You may inherit the 5 points next month with no effort at all between average account age slightly improving and the Cap 1 inquiry getting a tad bit older.

Re: worth the hard pull?

Anonymous — Mon, 17 Dec 2012 01:00:44 GMT

Well i do have two medical collections that are to be deleted from my report this week that were errors. Think that will do it?
I was concerned about utilization so ive only spent 9%. I wasn't sure when the bill would come. I still haven't gotten a bill. But it was reported to credit bureaus on 12-12-12. My credit limit is 200. I charged 17 on it and that was reported. Is that ok and when should i pay it from now on?
Thank you all for the advice.

Re: worth the hard pull?

Anonymous — Mon, 17 Dec 2012 01:39:56 GMT

Drop your UTIL to 1% if possible it would give you a slight bump most likely.

Re: worth the hard pull?

Repo-ed — Mon, 17 Dec 2012 01:53:01 GMT

Man it scares me when people buy homes with less than a 720 mid-score.

Re: worth the hard pull?

Duncanrr — Mon, 17 Dec 2012 03:57:48 GMT

@Repo-ed wrote:
Man it scares me when people buy homes with less than a 720 mid-score.

I dont think you need 720 mid-score, especially if they are going FHA route. 680+ should be good enough depending on your CR and the loan amount as compared to amount of down payment.

Re: worth the hard pull?

Anonymous — Mon, 17 Dec 2012 04:09:38 GMT

@Repo-ed wrote:
Man it scares me when people buy homes with less than a 720 mid-score.

There are still people who never really needed a lot of credit before it came time to buy a house. It's possible to have sound financial management but not really build a good credit history along the way.

I have good credit but would much rather have cash, LOL!

Re: worth the hard pull?

Anonymous — Mon, 17 Dec 2012 05:44:51 GMT

That's sort of our problem. Everything has always been in my hubby's name. He has a a 730. But i only had enough credit for EQ to even score me. I only had my auto loan and it only reported to the one bureau. But we need both our incomes to qualify for our.home. Its just out of the reach of my husbands income alone. Bit I agree with the scary part! I'm terrified.

Re: worth the hard pull?

Swapmeet — Mon, 17 Dec 2012 17:08:30 GMT

@Anonymous wrote:
Well i do have two medical collections that are to be deleted from my report this week that were errors. Think that will do it?
I was concerned about utilization so ive only spent 9%. I wasn't sure when the bill would come. I still haven't gotten a bill. But it was reported to credit bureaus on 12-12-12. My credit limit is 200. I charged 17 on it and that was reported. Is that ok and when should i pay it from now on?
Thank you all for the advice.

This will probably get you those 5 points.