topic Which cards should I apply for? in Credit Cards

Which cards should I apply for?

NewbieReed — Fri, 18 Jan 2013 20:55:48 GMT

Hey there! i've been rebuilding for a bit over a month. Gained 80 points on my FICO score (600--> 680). Deleted MANY baddies from my CR (GW removed 24 lates w/ nelnet, GW removed a collection w/ Receivable Management Solutions, and 2 inaccurate accts removed) and DH's CR (2 collections deleted, payment arrangements with 2 others, GW adjustment on 1). And now I know that I need to establish some positive CC tradelines in order to maximize my score. Which cards do u recommend? I am trying to figure out cards that I would be approved for -- which is probably going to require that the company pulls TU or EQ since I have CO reporting on my EXP. I plan to go on an app spree around Feb 14/15 to give time for CRAs to update their records. but i dont want to waste inquiries on items that I more than likely wouldnt receive.

I plan to use the cards heavily every month --2K or more each month if I can, but I realize that I will be working with pretty low CLs to start out, so i might just have to use the NFCU rewards card thats been so good to me for 13 months already.

The game plan: App for a re-fi w/ NFCU then go on CC app spree and ask for CLI with NFCU rewards visa.

Considering Chase since I had SLs with them (moved to new lender) before, Citi since Ive heard that its a good rebuilder, another card from NFCU (but I dont know if its worth it to get another card or just a CLI or a PC), and Discover More.

I wanted an AMEX Zync, but that was me being ambitious as I dont think AMEX will approve me. and I now know that Zync apps are gone. Maybe anothe rtype of charge AMEX so I can join the family and PC after 13 months... ??

Eveyrone in this forum is so much more knowledgeable than I am when it comes to Credit cards. So I am seeking some expert advice on my situation! Thank you in advance!!!!!!!

I've laid out my details below. . .

Current Stats: No apps for anything since 11/28/2012 (apped for an auto re-fi w/ a local CU -denied w/ 608 EXP lender pull)

EQ: 3 Inquiries from 2011 that are falling off this year

TU: 1 inquiry in the past 12 months. Total of 2 in the past 2 years.

EXP: 6 Inquiries in the past 2 yrs (1 in the past 12 months)

NFCU nRewards Visa opened 12/2011 w/ CL of $6K. For the first few months, I pretty much ran everything thru it (bills, groceries, etc) 2.5-3K per month. paid off every month before the statement cut & they reported. then the past 5 months, I've been carrying a balance of 40%-60% and paying well over the minimum (usually between $2K on it a month, but we made some big purchases when we shouldnt have). I used to think that as long as u paid the bill everymonth on time, that helped ur credit. But coming to the forums, I've now learned so much more! So, now the balance is down to 9% but it hasnt reported to the Credit bureaus yet. The statement will be cut on Feb 3 and report around 2/5.

Comenity Bank/ Ny & Co Card opened 5/2012 w/ CL of $400. Auto CLI in Nov to $800. For the first few months, I used it 1x a month and paid it off before the statement. In December, I let it carry a balance of $267. It's now been paid off, but I am waiting on the statement/reporting period to update the CRAs.

Comenity Bank/Victoria Secret Card opened w/ shopping cart trick in December w/ $200 CL. Never been used before, but I plan to use it in February.

Fingerhut/WebBank - opened in 08/2012 w/ CL of $170 through their fresh start program. Now at $600 CL. $0 Balance since September 2012. Plan to use it next month as well for activity.

Other good accounts have been copied/pasted below.

Most are them are SLs that have been passed around from lender to lender w/ no lates. and I have two aut loans reporting - one PIF and then my current crappy loan w/ 19.99% apr for which I plan to apply for re-fi w/ NFCU next month.

Dept Of Ed / Nelnet 1/2009 Paid or paying as agreed

Dept Of Ed / Nelnet 9/2011 Paid or paying as agreed

Nelnet 8/2007 Paid or paying as agreed

Student/Education Loan Acs/Mefa 4/2007 Paid or paying as agreed

Nelnet 12/2006 Paid or paying as agreed

Dept Of Ed / Nelnet 10/2009 Paid or paying as agreed

Dept Of Ed / Nelnet 1/2009 Paid or paying as agreed

Dept Of Ed / Nelnet 10/2009 Paid or paying as agreed

Acs/Dept Of Education 1/2009 $0 Paid or paying as agreed

Student/Education Loan Chase 10/2009 $0 Paid or paying as agreed

Student/Education LoanChase 1/2009 $0 Paid or paying as agreed

Student/Education Loan Chase 1/2009 $0 Paid or paying as agreed

Student/Education Loan Student Loan 12/2006 $0 Unrated

Vehicle LoanCurrent Car Loan 4/2011 $12,094 Paid or paying as agreed Horrible Car loan w/ 19.99% APR - UGH Plan to Re-fi w/ NFCU in 2/2013

Vehicle Loan 1st Car Loan 12/2007 $0 Paid or paying as agreed

Then I have these accounts lefts on my Equifax & Transunion CRs. My EX also has a CO w/ another CU w/ a balance of $1650.

Baddies remaining on TU & EQ:

Bank Of America CC $1000 limit Opened in 10/2007 $0 Paid or paying as agreed 1 30-day late in 2010 PIF through a Payment plan w/ BoA but Closed the account after payment plan.

Gecrb/Old Navy Opened 3/2009 $0 Charged off as bad debt This account has late payments in the past Sold to Midland Funding (who I PIF in 3/2012) GWing OC.....

Gecrb/Care Credit Opened 7/2009 $0 Payment after charge off/collection This account has late payments in the past I paid them in settlement 75% of account in 03/2010

Editted: Spelling

Re: Which cards should I apply for? (this is a Long Post!)

jamesdwi — Fri, 18 Jan 2013 16:35:10 GMT

You have enough positive tradelines, I would continue to work on the baddies to get them removed, If you need more credit ask NFCU for a CLI on your current card or apply for another card with them they are great and give high limits, on the WFNNB cards the first CLI is availible after 9 months, and then every 3 months after that, all you have to do is click on the credit limit increase and enter income and after the first one they are usually instanteous via a SP, first CLI is a SP as well but usually not instaneous. Not sure if GE will blacklist you for settling for less than owed. The GE walmart card is a good place to start gives you your credit score monthly and is good with CLI's and will allow you to test the water with GE. AMEX Charge card may be possible not sure how they will feel about your baddies, settled for less than owed is a major flag with some lenders. Your score should be high enough to qualify and there scoring system may see your spending habbits and income and give you a card even if boarderline. High incomes gets AMEX attention.

Re: Which cards should I apply for? (this is a Long Post!)

NewbieReed — Fri, 18 Jan 2013 19:05:27 GMT

@jamesdwi wrote:

You have enough positive tradelines, I would continue to work on the baddies to get them removed, If you need more credit ask NFCU for a CLI on your current card or apply for another card with them they are great and give high limits, on the WFNNB cards the first CLI is availible after 9 months, and then every 3 months after that, all you have to do is click on the credit limit increase and enter income and after the first one they are usually instanteous via a SP, first CLI is a SP as well but usually not instaneous. Not sure if GE will blacklist you for settling for less than owed. The GE walmart card is a good place to start gives you your credit score monthly and is good with CLI's and will allow you to test the water with GE. AMEX Charge card may be possible not sure how they will feel about your baddies, settled for less than owed is a major flag with some lenders. Your score should be high enough to qualify and there scoring system may see your spending habbits and income and give you a card even if boarderline. High incomes gets AMEX attention.

Thanks for the quick response!

I know that if I ask NFCU, they will probably say yes and give me a generous increase like they did when I first got the card (very generous $6K with a dirty report like mine!). I just htought that I need more Revolvers to get the most bang for my buck. Thought that the general rule of thumb was three revolvers, right?

I'm a bit worried about GE -- as my experience with them has been less than pleasant, but maybe I will give it a shot.

An AMEX charge would be ideal for me as I want to eventually work my way up to a revolver with them . Im willing to do 13months - 2 years with charge card for it. Just wish they hadnt discountinued the Zync apps! ugh

As for my care credit account with GECRB, It was settled for less, but it doesnt say that on my report - just "paid collection".