topic Re: Should I change my mind? in Credit Cards

Should I change my mind?

Anonymous — Mon, 14 Apr 2014 01:53:36 GMT

Getting ready to send the $300 for a security deposit on a BOA Secured card. Just saw FNBO came out with a new secured that supposedly CLI's after 6 months and can PC to unsecured after 9 (possibly).

It also comes with a free fico, lower AF and lower APR than the BOA.

Should I tell BOA no thanks and go with the FNBO "kickstart card", or just leave it as-is?

Re: Should I change my mind?

grinlikechelsea — Mon, 14 Apr 2014 01:57:23 GMT

I read the website, and I don't think it graduates. I think it says if you get approved for an unsecured card after 9+ months of good history with the Kickstart, you get your deposit back.

Please correct me if I'm wrong.

Re: Should I change my mind?

Anonymous — Mon, 14 Apr 2014 02:00:47 GMT

The chance of getting a CLI at 6 months with no extra money down seems like a good thing. If I could get a $1000 CL 6 months from now after paying down my balances, it would be worth it as the CLI may not be a HP.

Re: Should I change my mind?

grinlikechelsea — Mon, 14 Apr 2014 02:01:13 GMT

That's true. It is a decent rebuilder card from what I've seen on the site. Another poster did say that it is another HP to add additional funds. Just a heads up

Re: Should I change my mind?

Anonymous — Mon, 14 Apr 2014 02:09:33 GMT

My EQ CS is 595 and Ex is 571 (Ficos) I wonder if at this phase, getting a secured is a waste of time, or would it help? No baddies on EQ or EX, just high UTL.

Re: Should I change my mind?

Eyisila — Mon, 14 Apr 2014 02:10:24 GMT

This offered if you get declined for one of their other products? Or is this just a straight apply and get it type of deal?

Re: Should I change my mind?

Kenny — Mon, 14 Apr 2014 02:13:04 GMT

You already have 3 credit lines. you should garden and not obtain more until your score is better and your inquiries age off. If you can increase your deposit with wells fargo. you are far too impatient.

Re: Should I change my mind?

grinlikechelsea — Mon, 14 Apr 2014 02:14:12 GMT

You can directly apply. I don't know if they counteroffer.

Re: Should I change my mind?

Anonymous — Mon, 14 Apr 2014 02:15:18 GMT

Two of my denial letters said "lack of accounts paid as agreed".

I only have 3 active TL's. Maybe I need a 4th?

Re: Should I change my mind?

azguy13 — Mon, 14 Apr 2014 02:15:05 GMT

@Anonymous wrote:
My EQ CS is 595 and Ex is 571 (Ficos) I wonder if at this phase, getting a secured is a waste of time, or would it help? No baddies on EQ or EX, just high UTL.

That seems very low for just having high UTL. How long is your credit history?

Re: Should I change my mind?

Kenny — Mon, 14 Apr 2014 02:17:58 GMT

@Anonymous wrote:
Two of my denial letters said "lack of accounts paid as agreed".

I only have 3 active TL's. Maybe I need a 4th?

That just means your file is thin. Which you very well already know. There is no one that wants to give you a card with scores this low and your inquiries as high as they are. You can continue on down this road of more more more but you will be racking up those INQs and keep getting denials. If you listen, you can garden long enough that Cap1 will give you a card and then you can work from there.

Sometimes, I don't even know why I bother.

Re: Should I change my mind?

Anonymous — Mon, 14 Apr 2014 02:18:23 GMT

6 months. Acording to myfico panel, and 3 denial letters, "lack of installment loans", is hurting my score. I find that kinda stupid. Taking out an installment loan would raise my UTL and lower my score.

Re: Should I change my mind?

azguy13 — Mon, 14 Apr 2014 02:21:13 GMT

@KennyRS wrote:
@Anonymous wrote:
Two of my denial letters said "lack of accounts paid as agreed".

I only have 3 active TL's. Maybe I need a 4th?
That just means your file is thin. Which you very well already know. There is no one that wants to give you a card with scores this low and your inquiries as high as they are. You can continue on down this road of more more more but you will be racking up those INQs and keep getting denials. If you listen, you can garden long enough that Cap1 will give you a card and then you can work from there.

Sometimes, I don't even know why I bother.

If there is a large number of INQs then yes, you are doing more damage than good applying for more cards. Just be patient and don't keep hurting yourself with more denials. Get the UTL down and let your accounts age.

Re: Should I change my mind?

Kenny — Mon, 14 Apr 2014 02:23:27 GMT

@Anonymous wrote:
6 months. Acording to myfico panel, and 3 denial letters, "lack of installment loans", is hurting my score. I find that kinda stupid. Taking out an installment loan would raise my UTL and lower my score.

Again, it is a blanket statement that is applied to say you have a thin file. The only way to beef up your file is to delicately with time do that, you are trying to bull your way through the china shop. That type of credit behavior can be tolerated when you have a super thick file, only because with a thicker file AAoA isn't affected as much; but make no mistake, the people who have this type of behavior whether their scores are excellent or not experience some sort of a negative result from it. (Whether that is their APR is approved at a higher level or their starting CL isn't as high as it would be if they had applied in a not-too-fast type of fashion.)

I hope I'm making sense and you somewhat understand what I'm saying.

Re: Should I change my mind?

Anonymous — Mon, 14 Apr 2014 02:24:33 GMT

The HP for the BOA secured is already on my CR.

It's either.

A. Go ahead and mail in the $300 Security deposit, and wait 12 months to graduate for the BOA Secured.

B. App for the FNBO Secured, possible CLI at 6 months, possible chance to get unsecured in 9, suffering another HP.

C. Keep the $300 and use it to pay down balances, but have a wasted BOA hp.

Which should I do?

Re: Should I change my mind?

Kenny — Mon, 14 Apr 2014 02:26:40 GMT

If you've already taken the HP, you need to show creditors that you value them taking the time out and show them you want to build a solid profile. I would put the 300 on the secured card and call it done for a while.

Don't apply for any more and focus on paying off everything. If you can't handle your utilization at this low level of a credit limits extended to you, then you will file bankruptcy before you know it years on down the line if a company decides to give you much larger CLs.

I really do wish you well. Good luck and the best of patience, as well.

Re: Should I change my mind?

yudeology101 — Mon, 14 Apr 2014 02:27:43 GMT

@Anonymous wrote:
The HP for the BOA secured is already on my CR.

It's either.

A. Go ahead and mail in the $300 Security deposit, and wait 12 months to graduate for the BOA Secured.

B. App for the FNBO Secured, possible CLI at 6 months, possible chance to get unsecured in 9, suffering another HP.

C. Keep the $300 and use it to pay down balances, but have a wasted BOA hp. AND ALSO SPEND $10 EACH OUT OF THAT $300 TO FREEZE ALL YOUR REPORTS

Which should I do?

Re: Should I change my mind?

Kenny — Mon, 14 Apr 2014 02:29:46 GMT

@yudeology101 wrote:
@Anonymous wrote:
The HP for the BOA secured is already on my CR.

It's either.

A. Go ahead and mail in the $300 Security deposit, and wait 12 months to graduate for the BOA Secured.

B. App for the FNBO Secured, possible CLI at 6 months, possible chance to get unsecured in 9, suffering another HP.

C. Keep the $300 and use it to pay down balances, but have a wasted BOA hp. AND ALSO SPEND $10 EACH OUT OF THAT $300 TO FREEZE ALL YOUR REPORTS

Which should I do?

lol, I wanted to say this, believe me.. but I don't think the OP will heed the advice and will still want to apply for something.

Re: Should I change my mind?

-Wade- — Mon, 14 Apr 2014 02:30:09 GMT

@Anonymous wrote:
The HP for the BOA secured is already on my CR.

It's either.

A. Go ahead and mail in the $300 Security deposit, and wait 12 months to graduate for the BOA Secured.

B. App for the FNBO Secured, possible CLI at 6 months, possible chance to get unsecured in 9, suffering another HP.

C. Keep the $300 and use it to pay down balances, but have a wasted BOA hp.

Which should I do?

I would go to my local bank and get a Installment Secured Loan (say against a saving account ) This is what i did a few years back and paid it off in 12 months. It will help a lot after 6 months. I got it for $2500

Re: Should I change my mind?

Anonymous — Mon, 14 Apr 2014 02:30:37 GMT

It's not that can't lower my UTL faster, it's that my car took a crap and I have to pay on it as well for repair costs.

I figured opening another TL and charging maybe $5 to it, PIF every month would look better than just paying down my balances.

I have too many INQ's, so in the mean time I'm gonna just go through pre-approvals while I wait to see if my CS goes up. I just realized my EQ Fico of 571 only shows 5 months of history, I'm going to wait a few days until 6 months are in and see if it goes up.