topic Re: Need advice from FICO gurus... in Credit Cards

Need advice from FICO gurus...

Anonymous — Fri, 31 Aug 2007 20:20:30 GMT

I need to try to find one more card to round out my collection and I am having difficulty. Let me explain my situation and see if anyone can help with advice.

I have the following cards:

Cards I want to keep:

WAMU Platinum MSTC - $1000 CL

US Airways MSTC - $1500 CL

NFCU nRewards Visa - $1000 CL

Cards I don't want to keep:

Applied Bank Visa - $1200 CL ($10.95 Mo. Maint. Fee)[Want to replace with no fee card]

Orchard Gold MSTC - $400 CL (Want to sockdrawer until annual fee comes due and close)

Credit One Bank - $250 CL (Would like to close)

I have been declined by the following:

Juniper Bank (for second card)

PenFed CU

Patelco CU

CitiBank

Amex Delta Skymiles

Bank of America (countered with secured card offer)

WAMU Visa (no hard inq - have had MSTC less than six months)

MY FICO scores are: TU 650 8/9/2007

Ex 607 8/9/2007

EQ 638 8/17/2007

Baddies include:

BK 7 - '98

2 CA (Midland Collection Agency) DOFD 6/2001 [Refused to take ANY payment arrangements]

This debt purchased from now defunct FCNB.

1 Tax Lien filed 1996 / Satisfied 2006

Utilization is 52% ( I know this is high, but I am working on it)

Any suggestions would be greatly appreciated. I don't want to keep getting turned down and rack up more INQ.

Thanks for the help,

Sam

Re: Need advice from FICO gurus...

MidnightVoice — Fri, 31 Aug 2007 20:27:59 GMT

sleigh17 wrote:

Utilization is 52% ( I know this is high, but I am working on it)

First, if you can get this down to less than 10 % your score will be way better

sleigh17 wrote:

Any suggestions would be greatly appreciated. I don't want to keep getting turned down and rack up more INQ.

You seem to have a fair number of cards - maybe it would be better to get your util down to a low level and wait for the inqs to drop off? And get another year of age on those new accounts?

Message Edited by MidnightVoice on 08-31-2007 03:27 PM

Re: Need advice from FICO gurus...

fused — Fri, 31 Aug 2007 20:44:41 GMT

I agree with MidnightVoice

Re: Need advice from FICO gurus...

Anonymous — Fri, 31 Aug 2007 21:04:20 GMT

fused111 wrote:

I agree with MidnightVoice

Ditto here. You have WaMu...forget about Junny (hate em). Get uti down and pay consistantly and WaMu is VERY rewarding. Shred to AF and maint cards as soon as possible.

Message Edited by Brammy on 08-31-2007 05:04 PM

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 01:04:14 GMT

Brammy wrote:

fused111 wrote:
I agree with MidnightVoice

Ditto here. You have WaMu...forget about Junny (hate em). Get uti down and pay consistantly and WaMu is VERY rewarding. Shred to AF and maint cards as soon as possible.

Message Edited by Brammy on 08-31-2007 05:04 PM

Decided to try two more cards and win, lose, or draw, call it a night. So yesterday, I applied for the Walmart Discover and the CCCU Visa. Found out just now that I was approved for the Walmart Discover with $2500 CL. I was so excited I forgot to ask the APR, but it doesn't matter. I only wanted it to help improve my utils anyway. Now we will wait for CCCU to respond and then I am done until next year. At least that is my goal. Goodby monthly fee low CL cards.

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 01:10:34 GMT

sleigh17 wrote:

Brammy wrote:

fused111 wrote:

I agree with MidnightVoice

Ditto here. You have WaMu...forget about Junny (hate em). Get uti down and pay consistantly and WaMu is VERY rewarding. Shred to AF and maint cards as soon as possible.

Message Edited by Brammy on 08-31-2007 05:04 PM

Decided to try two more cards and win, lose, or draw, call it a night. So yesterday, I applied for the Walmart Discover and the CCCU Visa. Found out just now that I was approved for the Walmart Discover with $2500 CL. I was so excited I forgot to ask the APR, but it doesn't matter. I only wanted it to help improve my utils anyway. Now we will wait for CCCU to respond and then I am done until next year. At least that is my goal. Goodby monthly fee low CL cards.

Sleigh I'm gonna ban you if you dont stop...j/k

Trying to stay app free for my Motiva...lol.

Re: Need advice from FICO gurus...

SpecFile — Sun, 02 Sep 2007 01:28:55 GMT

I'll bet you a million (doll hairs) that he doesn't stop!

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 04:42:52 GMT

Brammy wrote:

Sleigh I'm gonna ban you if you dont stop...j/k

Trying to stay app free for my Motiva...lol.

No worries. I think I have reached my limit for now. Gotta let my INQs cool down and let my new TLs age some. Also need to recover the points lost by closing the fee based cards. But that should not be too bad since I will have higher CL with fewer cards. For now I am going to concentrate on paying them down and keeping my utils low and maybe I will earn some CLI over the next year. Thanks for all the advice.

Message Edited by sleigh17 on 09-01-2007 09:42 PM

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 04:41:38 GMT

SpecFile wrote:
I'll bet you a million (doll hairs) that he doesn't stop!

I really am afraid to take that bet. But I sure hope to stick it out for the next year. Although I would like to have one good gas card to round out my portfolio. I read somewhere that a mix of 3-4 major cards, 1-2 store cards, and 1 gas card was best. Well, I now have 4 major cards (after closing the sub primes), 2 store cards, but no gas card. I really wanted a Chevron, but they won't give me one. Anyway, thanks for the support!

Re: Need advice from FICO gurus...

SpecFile — Sun, 02 Sep 2007 14:23:29 GMT

A good gas card hmmm!!! If you have BP gas stations near you I would say the Chase BP Rewards card. I have heard that Shell is nice to. Good luck Sleigh!

Message Edited by SpecFile on 09-02-2007 09:23 AM

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 14:26:14 GMT

Slow down sleigh and let your new cards age a little bit. I want so many cards I can't see straight. but I know with all the new cards (4) I've opened in the past 4 mos, its time to lis low for a while.

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 15:02:23 GMT

SpecFile wrote:
A good gas card hmmm!!! If you have BP gas stations near you I would say the Chase BP Rewards card. I have heard that Shell is nice to. Good luck Sleigh!

Message Edited by SpecFile on 09-02-2007 09:23 AM

Don't have BP near me. Do you know what CB Shell pulls from and what score is needed. Also are they BK friendly? (almost 9 years old)

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 15:03:55 GMT

Brammy wrote:
Slow down sleigh and let your new cards age a little bit. I want so many cards I can't see straight. but I know with all the new cards (4) I've opened in the past 4 mos, its time to lis low for a while.

I am gripping my desk so hard that my knuckles are turning white. But I am trying to hang on and not push any keys. LOL

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 15:41:47 GMT

sleigh17 wrote:

Brammy wrote:

Slow down sleigh and let your new cards age a little bit. I want so many cards I can't see straight. but I know with all the new cards (4) I've opened in the past 4 mos, its time to lis low for a while.

I am gripping my desk so hard that my knuckles are turning white. But I am trying to hang on and not push any keys. LOL

OK sleigh... move away from the keyboard!! Its official, like so many of us here, you are a card-a-holic.

Message Edited by Brammy on 09-02-2007 11:41 AM

Re: Need advice from FICO gurus...

SpecFile — Sun, 02 Sep 2007 15:49:51 GMT

Maybe we can open a new Rehab center so Sleigh can get the help he needs!

It would be called "The Sleigh Center" or "The Sleigh Memorial Plastic Junkie Center"

Alright, I'm a dork and will stop typing now!

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 16:09:29 GMT

maybe start our own bank and have a two for one card trade in. give us two and we give you one w/75% of the cl the other two had combined.

Re: Need advice from FICO gurus...

phumanr — Sun, 02 Sep 2007 19:34:06 GMT

Sam,

What was the impact of your score of closing down the 3 bad cards? I have used First Premier, Orchard, Credit One, and Tribute Card to rebuild my credit which allowed me to get 2 new cards at reasonable limits. I hate to "shut down" a part of my history and effect my scores...because I want to get rid of the first 4 cards now.

Phumanr

Re: Need advice from FICO gurus...

Anonymous — Sun, 02 Sep 2007 23:58:31 GMT

I'd like to be admitted to the Sleigh Center as well. Does it take credit cards???

Jennifer Z

Re: Need advice from FICO gurus...

Anonymous — Mon, 03 Sep 2007 00:01:58 GMT

phumanr wrote:

Sam,

What was the impact of your score of closing down the 3 bad cards? I have used First Premier, Orchard, Credit One, and Tribute Card to rebuild my credit which allowed me to get 2 new cards at reasonable limits. I hate to "shut down" a part of my history and effect my scores...because I want to get rid of the first 4 cards now.

Phumanr

Phumanr

Just an FYI closing cards will not hurt your FICO unless it causes your utilization to rise into another category from say 1-9% utilization to 30%. That effect will quickly be reversed on paydown or CLIs. It looks like the new cards have a much higher limit so that shouldn't be an issue. The combination of the new cards and inquiries may negatively impact the score in the short term

Re: Need advice from FICO gurus...

Anonymous — Mon, 03 Sep 2007 00:02:33 GMT

jenna4now2 wrote:

I'd like to be admitted to the Sleigh Center as well. Does it take credit cards???

Jennifer Z

Hey Jenn, maybe we can be roomies. I get the top bunk