@Anonymous wrote:Currently I have 3 charge-off's and 1 collections (PIF). I'll have 2 of the 3 charge-off's PIF by Febuary, but won't report until April most likely. I'm trying to raise my 570 score. Currently I have a unsecured Cap1 card with $500 limit, and a Kay card with $500 limit, both with $0 balance. I want to apply for the BofA secured, but one of my charge-off's is my old credit union, and the other is my college tution...both which are less than 36 months old...and according to this thread:
This requirement scares me, in the sense that I'll be denied. I don't want to have an inquiry if I know it'll be denied.
"No known unpaid charge-off accounts > $1000 with any financial institution including retail cards and student loans < 36 months"
Should I just go the route of my local CU? Anyone know Capt1 secured card requirements? My end goal is a new auto loan next summer and I'm doing everything I can to raise my score. Currently, aside from my 2 open cards with $0 balance, I have an auto loan I've been paying on time for 2 years, and student loans will be coming off defferement soon and those will be starting to get paid on time, but not until later next year.
Thanks for any advice.
Its pretty clear nothing less than 36 months so I would not pull the trigger on the app for the BoA, I would also not do it with Cap-1 you already have an unsecured card from them, I would advise you to let a few dollars report on one of those revolving cards 0 scores as if 30% of total credit is being used. If you insist on getting a secured card I would go with SDFCU they are pretty easy to deal with and I understand its a sp to open the card if you put the money in savings prior to apping. Your local CU for unsecured credit may also be an option..
@Anonymous wrote:Thanks. So Maybe spend $150 of my $500 limit, and let it sit there, or pay it off each month for a couple months? Thanks
You can use the full limit just pay most of it off prior to the statement cut date, you want 1-9% of one cards CL reporting every month. With a 500 CL you would want no more than 45 reporting to the CRA. You can play with the numbers between 1 and 9 % to find whats the best spot for you.
@gdale6 wrote:
@Anonymous wrote:Thanks. So Maybe spend $150 of my $500 limit, and let it sit there, or pay it off each month for a couple months? Thanks
You can use the full limit just pay most of it off prior to the statement cut date, you want 1-9% of one cards CL reporting every month. With a 500 CL you would want no more than 45 reporting to the CRA. You can play with the numbers between 1 and 9 % to find whats the best spot for you.
+1 and I also included a link for SDFCU Good Luck!
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