topic Re: Garden? in Credit Cards

Garden?

cwwatts1202 — Thu, 04 Apr 2013 03:12:34 GMT

I am trying to build my husbands score, he's at a 612 FICO, up from 511 march 3Rd. He got approved for fingerhut fresh start $230 XL $30 deposit, and capital one secured $99 deposit. he needs a 640 to qualify for the home loan we want to get, with these two accounts will that be enough to take his score to where it needs to be? We plan to apply for the home loan in November if his score is where it should be. I'm worried about how these two new accounts are going to hurt his AAoA and score initially. Will his score bounce back plus some if we keep both of these accounts at around 5% util over the next 6 months? Should we garden these two, or try to get an unsecured card after a few months of these reporting? Thanks in advance!!!

Re: Garden?

cwwatts1202 — Thu, 04 Apr 2013 03:13:26 GMT

XL should be CL!! On phone! Lol

Re: Garden?

myjourney — Thu, 04 Apr 2013 03:16:04 GMT

your cutting it close with the 6 month rule IMO I would garden

edit 6 month rule= no apps within 6 months of a mortgage

Re: Garden?

webhopper — Thu, 04 Apr 2013 03:15:37 GMT

You should add him as an AU to one of your cards if possible... that will also give him a boost. Ideally he would have 2 major bank issued credit cards reporting.

Re: Garden?

cwwatts1202 — Thu, 04 Apr 2013 03:16:15 GMT

I don't have cards, my credit is far worse than his!

Re: Garden?

LS2982 — Thu, 04 Apr 2013 03:16:32 GMT

@cwwatts1202 wrote:
I am trying to build my husbands score, he's at a 612 FICO, up from 511 march 3Rd. He got approved for fingerhut fresh start $230 XL $30 deposit, and capital one secured $99 deposit. he needs a 640 to qualify for the home loan we want to get, with these two accounts will that be enough to take his score to where it needs to be? We plan to apply for the home loan in November if his score is where it should be. I'm worried about how these two new accounts are going to hurt his AAoA and score initially. Will his score bounce back plus some if we keep both of these accounts at around 5% util over the next 6 months? Should we garden these two, or try to get an unsecured card after a few months of these reporting? Thanks in advance!!!

IMO I would make a large deposit on that Cap1 secured card and get 1 more secured card then Garden. BofA has a decent deal for one. I dont wanna say go for a Cap1 unsecured cause that is 3 HP's for 1 card.

Have you checked into the local CU thing??

Re: Garden?

cwwatts1202 — Thu, 04 Apr 2013 03:20:10 GMT

We are members of a CU, their secured requires a $250 minimum deposit, was hoping to get him the unsecured, we have two collections to pay off his report, plus saving for the house, the purse strings are tight right now so we don't want to be paying a lot in deposits for secured cards, which is why I applied for the fingerhut, I knew it'd be $30 deposit, which actually goes towards the first purchase, or no deposit.

Re: Garden?

Anonymous — Thu, 04 Apr 2013 03:21:36 GMT

Keep cap one secure, and open up a boa secure. They help me get 200 points in a year from 500 to 700 ish, so if in a half a year you get 100 points you guys should be good for the mortgage

Re: Garden?

LS2982 — Thu, 04 Apr 2013 03:22:46 GMT

@cwwatts1202 wrote:
We are members of a CU, their secured requires a $250 minimum deposit, was hoping to get him the unsecured, we have two collections to pay off his report, plus saving for the house, the purse strings are tight right now so we don't want to be paying a lot in deposits for secured cards, which is why I applied for the fingerhut, I knew it'd be $30 deposit, which actually goes towards the first purchase, or no deposit.

Credit One might be a good look too. Fees suck but there is your 2nd Bankcard you need.

Re: Garden?

cwwatts1202 — Thu, 04 Apr 2013 03:23:16 GMT

Twin, how rapid were the points?

Re: Garden?

cwwatts1202 — Thu, 04 Apr 2013 03:25:11 GMT

I've also been reading fingerhut is pretty generous with the CLI, so that should help get bumps in score when he gets a CLI right?

Re: Garden?

webhopper — Thu, 04 Apr 2013 03:26:17 GMT

Credit one will approve you. Again; you may be cutting it close with the house.

Re: Garden?

LS2982 — Thu, 04 Apr 2013 03:26:56 GMT

@cwwatts1202 wrote:
I've also been reading fingerhut is pretty generous with the CLI, so that should help get bumps in score when he gets a CLI right?

It's possible. FH gives good CLI's if you run a good bit of money through them and its kinda wastewful to spend like that with them.

Re: Garden?

Anonymous — Thu, 04 Apr 2013 03:27:28 GMT

If you say he's at 612 now I believe, in my opinion once the second secure reports with a low utility that should be an increase within itself. This is base on my experience.

Re: Garden?

webhopper — Thu, 04 Apr 2013 03:27:29 GMT

Score is not based on credit limits.... to my knowledge It is based on keeping balances low.

Re: Garden?

Anonymous — Thu, 04 Apr 2013 03:29:01 GMT

I agree with hopper. My secure was only 400 bucks and reporting as a secure at that. Utility and paying on time is what counts.

Re: Garden?

LS2982 — Thu, 04 Apr 2013 03:29:21 GMT

@webhopper wrote:
Score is not based on credit limits.... to my knowledge It is based on keeping balances low.

Yup.

However I think that 2nd Bankcard (CreditOne) will bring a nice boost to get you to 2 bankcards and a store card. Should be very close in November to 640.

Re: Garden?

myjourney — Thu, 04 Apr 2013 03:29:52 GMT

If your just set on getting another TL then try the shopping cart trick but only apply for what you will use anyway....Good luck, best wishes and may all your dreams come true

Re: Garden?

cwwatts1202 — Thu, 04 Apr 2013 03:33:58 GMT

Only reason I minded the CLI I'd because when he gets a SW alert one of the reasons listed is because of a possible CLI so I just thought it helped the score. Is credit one a secured? And I find a couple $10 items I wouldn't mind purchasing with the fingerhut to keep it active and util low. His AAoA is 6 years I think... I'm scared of the score drop with these two new accounts!! I got his score up 101 points in less than a month, don't wanna lose any! Lol

Re: Garden?

cwwatts1202 — Thu, 04 Apr 2013 03:34:37 GMT

Minchined not minded!! Stupid phone!