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Need help - thinking about leaving the garden for 1st time in about 2 years

Sk323i
Regular Contributor

Need help - thinking about leaving the garden for 1st time in about 2 years

Hello - this site has been extrememly helpful in the past. 

I have not posted for about a year. 

 

I currently have a 640 EX/TU score. 

Up from 500 about 2 years ago. 

 

I have a 6K closed credit line with Citi - that got charged off/settled - and now i pay Citi about $175 a month for next 2.5 years. 

 

I have a large auto loan - 30K - payment is about $640 for next ~48 months

 

I have a mortgage - 192K left on it. Still carrying PMI - it was purchased in 2017 - planning to re-finance in March 2020. 

Currently have a 5.5% interest rate - and want to try and get down to 3. 

 

I just got a raise to $49 dollars per hour - which is close to 100K gross - but I only net about 5800 a month. 

 

I am trying to get better about saving - and managing my money in general. 

 

Things are tight right now - because I was reckless - and I have no cash until I can save up a few thousand. 

 

I'm trying to do landscaping to the house and do small things that will help it appraise for more when I refinance. 

 

Should I get a credit card - new line - 0% interest for 12 months ???

 

I can use it sparingly - but it would be nice to use $100 - $200 a month for Gas and Groceries.

 

I like to think it will help me build my credit score to 700 -- but i'm not sure that is true. 

Will it hurt my score - if I pay it off on time, in full every month ?

 

 

 

525 score as of 9/2015 --- only way to go is up!
Message 1 of 7
6 REPLIES 6
soxfaininfl
Frequent Contributor

Re: Need help - thinking about leaving the garden for 1st time in about 2 years

OP, have you tried any of the prequalified sites? Cap1, Chase, Amex, Citi and Discover have them just to name a few, so your not cold apping and taking hard pulls for declines. BOA’s prequalified site is garbage. Here are the links:

Amex
https://card.americanexpress.com/d/pre-qualified-offers

Chase
https://www.chase.com/prequalified

Discover
https://www.discovercard.com/application/website/prequal

Capital One
https://www.capitalone.com/credit-cards/prequalify/

Citi Bank
https://www.citicards.com/cards/credit/application/flow.action?isInvitation=N&OC=CC-CITI-3D4&amp...

I wish you luck OP!








Message 2 of 7
iheartwings
Valued Contributor

Re: Need help - thinking about leaving the garden for 1st time in about 2 years

I'm just going to be blunt and say no.

 

If you are thinking about refinancing your home in the next ~3 months, I would not be looking to open any new lines of credit. Not sure when your account was charged off, but if it was fairly recent,  I have a lot of doubt that anyone would refinance you to a lower rate.

Other things to note/consider:
Are you upside down with your car? You should consider selling/paying off that loan and getting a reliable used car with cash. 

Go through your budget (if you don't have one, sit down and make one) and eliminate subscriptions and nonessential spending. Don't use credit to pay for essential spending. 

 

Message 3 of 7
morgacj2004
Valued Contributor

Re: Need help - thinking about leaving the garden for 1st time in about 2 years

I would try for a Discover IT  or perhaps an Amex card BCP. Maybe a Cap 1 Quicksilver. Something really basic. No more than 1 card however as you are looking at the possibility of a re-fi. Another option might be the Chase Freedom. Chase, Disover and Cap one like thin profiles.  Good luck


AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550
Message 4 of 7
d170
Regular Contributor

Re: Need help - thinking about leaving the garden for 1st time in about 2 years


@Sk323i wrote:

Hello - this site has been extrememly helpful in the past. 

I have not posted for about a year. 

 

I currently have a 640 EX/TU score. 

Up from 500 about 2 years ago. 

 

I have a 6K closed credit line with Citi - that got charged off/settled - and now i pay Citi about $175 a month for next 2.5 years. 

 

I have a large auto loan - 30K - payment is about $640 for next ~48 months

 

I have a mortgage - 192K left on it. Still carrying PMI - it was purchased in 2017 - planning to re-finance in March 2020. 

Currently have a 5.5% interest rate - and want to try and get down to 3. 

 

I just got a raise to $49 dollars per hour - which is close to 100K gross - but I only net about 5800 a month. 

 

I am trying to get better about saving - and managing my money in general. 

 

Things are tight right now - because I was reckless - and I have no cash until I can save up a few thousand. 

 

I'm trying to do landscaping to the house and do small things that will help it appraise for more when I refinance. 

 

Should I get a credit card - new line - 0% interest for 12 months ???

 

I can use it sparingly - but it would be nice to use $100 - $200 a month for Gas and Groceries.

 

I like to think it will help me build my credit score to 700 -- but i'm not sure that is true. 

Will it hurt my score - if I pay it off on time, in full every month ?

 

 

 


At this point, it isn't wise to get into anymore debt.  Your best bet is to go through your finances and see where every dollar goes. What can you cut to save?  Refinancing might not be an option for you within the next few months if you don't tackle some of your current debt.  


Time to Garden!!
EQ 703 TU 752 EX 711 as of 07/19/2014. In the garden until 01/19/2015. Baby steps, baby steps!! Trying for 750 ACROSS THE BOARD.
Message 5 of 7
Jannelo
Frequent Contributor

Re: Need help - thinking about leaving the garden for 1st time in about 2 years

I read your recent thread today - https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Making-100K-a-year-but-i-m-broke/td-p/585696...

 

It appears from the spreadsheet you posted on page 2 of that thread that all of your credit cards are maxed out.   Getting another credit card is not the answer.  No matter what you tell yourself, you will most likely end up maxing it out also, creating even more debt.  That's just my opinion.

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL (CLOSED 2/2020)
Capital One Platinum (8/18) PC to Quicksilver (9/19) - $800 CL
Capital One QuicksilverOne (3/19) - $1800 CL
Merrick Bank DYL VISA - No AF (6/19) - $1400 CL
Discover it Cash Back (9/19) - $2800 CL
Amazon Prime Store Card (4/20) - $10,000 CL
NFCU cashRewards (4/20) - $1500 CL
BB&T Spectrum Cash Rewards (5/20) - $3500 CL
Navy Federal More Rewards American Express® Card (3/21) - $9700 SL - at 9.65 %.
Experian FICO Score - 8/2018: 528

Experian FICO 8 Score - 9/2020 - 673
Equifax FICO 8 score 9/2020 - 680
TransUnion FICO 8 score 10/2020 - 662
Message 6 of 7
ecxpa
Valued Contributor

Re: Need help - thinking about leaving the garden for 1st time in about 2 years

I don't think now is a good time to take on more debt.  Paying down debt I believe would be a better way to improve your score.  IF you are able to refi,  a 3% rate would cut your mortgage payment......keep in mind though that 3% is for the better credit profiles.  Paying down debt seems the best path to me IMO

Message 7 of 7
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