topic Re: Question Please Help in Credit Cards

Question Please Help

CreditExpressNJ — Mon, 01 Apr 2013 01:03:31 GMT

Typically how should one start out building credit i mean i have the 3 Credit cards below they are all secured had them open since January below are my current scores but yet its still hard for me to get approved for a unsecured loan like even a gas card keeps denying me and i have no idea why ive been reading here and its getting depressing ive read far worst situations than mine and they even get approved i have 2 remaining baddies never really had many got rid of 2 other which was Sprint and a Medical bill and 1 is due to fall off due to a PFD which is Verizon so why am i having such a hard time getting started even tried recon with the places i did try .... Sunoco gas card, Walmart both declined just did a BP gas card with Chase waiting to hear back from that which i think its gonna be decline im at a lost right now....

Re: Question Please Help

LS2982 — Mon, 01 Apr 2013 01:08:55 GMT

Ok your heading down the wrong path. Stop apping first and foremost. You should focus on gardening your 3 secured cards for a year. Also id be In the rebuilding forum trying to resolve your remaining baddies.

Good luck!!

Re: Question Please Help

myjourney — Mon, 01 Apr 2013 01:09:00 GMT

If you have the cards in your sig then you should use them for a year and stop applying for more credit building up the INQ's

It takes time garden for a while PIF and your scores will climb

Re: Question Please Help

CreditExpressNJ — Mon, 01 Apr 2013 01:11:03 GMT

ah i see so i am going about this wrong its just that some of the stories i read they got there score to increase faster by getting more cards so i thought i could take that route ...

Re: Question Please Help

myjourney — Mon, 01 Apr 2013 01:14:13 GMT

Your actually pulling yours down with all the INQ's

Re: Question Please Help

CreditExpressNJ — Mon, 01 Apr 2013 01:17:06 GMT

oh man i hate myself now ... from what i read it just seemed credit was like black jack you never know until you take a hit if your gonna win ...

Re: Question Please Help

CreditExpressNJ — Mon, 01 Apr 2013 01:20:30 GMT

also FICO is evil why tell a person that INQs are less than 10% if your going to ding them for it... 10% is not a very lot to lose if you think about it thats what ultimately made start apping..

Re: Question Please Help

myjourney — Mon, 01 Apr 2013 01:22:21 GMT

you have a thin file build it up over time and you will be fine

Re: Question Please Help

CreditExpressNJ — Mon, 01 Apr 2013 01:26:09 GMT

@myjourney wrote:
you have a thin file build it up over time and you will be fine

cheers... thanks mate i just needed a little advice i posted in Rebuilding but no1 really replied didnt get much help there because i would have kept going at the same rate

Re: Question Please Help

tdrjustus3 — Mon, 01 Apr 2013 01:41:51 GMT

Hey I am not an expert like some others and hopefully they will chime in but whats the utilization on the cards you have?

Re: Question Please Help

webhopper — Mon, 01 Apr 2013 02:00:43 GMT

You will be fine just stop applying for 1 year... then try to get a better card. Gotta stop apping though!

Re: Question Please Help

09Lexie — Mon, 01 Apr 2013 02:05:14 GMT

+1 @webhopper. Also work on getting the baddies off!

Good luck!

Re: Question Please Help

CreditExpressNJ — Mon, 01 Apr 2013 02:08:12 GMT

@tdrjustus3 wrote:
Hey I am not an expert like some others and hopefully they will chime in but whats the utilization on the cards you have?

0 on the US , 0 on FP and 25 on AFCU

Re: Question Please Help

CreditExpressNJ — Mon, 01 Apr 2013 02:11:07 GMT

my util is very low because im not much a credit user i just utilize my cash what i dont have i dont buy simple as that only reason im doing this credit thing is because i recently just purchased a car and have a 16% interest rate and in my eyes that no bueno...

Re: Question Please Help

indiolatino61 — Mon, 01 Apr 2013 02:26:34 GMT

@shaun2009 wrote:
also FICO is evil why tell a person that INQs are less than 10% if your going to ding them for it... 10% is not a very lot to lose if you think about it thats what ultimately made start apping..

The problem with inquiries is that even though it represents only 10% of your FICO score, credit card issuers look at inquiries as a totally separate entity. Your score can be >720, and if you have many inquiries, you can still be denied by inquiry sensitive lenders.

Re: Question Please Help

CreditExpressNJ — Mon, 01 Apr 2013 03:20:25 GMT

@indiolatino61 wrote:
@shaun2009 wrote:
also FICO is evil why tell a person that INQs are less than 10% if your going to ding them for it... 10% is not a very lot to lose if you think about it thats what ultimately made start apping..

The problem with inquiries is that even though it represents only 10% of your FICO score, credit card issuers look at inquiries as a totally separate entity. Your score can be >720, and if you have many inquiries, you can still be denied by inquiry sensitive lenders.

Ah ok will do thanks for the advice any other pointers and tips for me since im about to have only one baddie on my report hopefully that one gets gone also doing a DV right now because i know its not mine but it just keeps coming back verified when i dispute with the CRAs....