Hi, I've been lurking & learning from all of you for the last few months, and am finally coming out to ask my own questions -it's a little convoluted, So I'm going to bullet point everything to hopefully make it easier to follow 
A little background:
- 8 years ago my financial world fell apart... luckily all of that has fallen off, but it left me with a thin file
- 3.5 years ago I was seriously injured & after 4 spinal fusions (and more recommended!), my spine is more titanium than bone, and my income has plummeted to approx $19k/ann, at least until I receive my settlement (which hopefully will approx double my income)
- My credit union agreed to take a chance on me in Nov 2014 & gave me an UNSECURED card w $500 limit (YAY! LOVE my CU!). I PIF each month, and generally use 150-200, but one mo was $319, but PIF'd that mo, too.
- There are 2 med collections on my credit reports that shouldn't be there~ I've tried disputing with the collection agencies, but they refuse to remove them or take my atty's info. There are no other baddies on my CR
- I own my car outright, and unfortunately the loan I did have on it didn't report
- Since I received the CU CC, my FAKO has jumped to 626TU & 620EX (Don't know my FICO, and am a little afraid to look!)
- I've recently been offered a lease w opt to buy on a great, affordable condo (mortgage + HOA's will be lower than rent!), BUT, when I spoke to my CU to find out what I'd need to do to qual for a mortgage, was told I need at least 3 TL's reporting in order to qualify for best products.
what I need to know
- what are my best CC options? I tried the pre approvals for Cap 1, Chase & Citi ~ No matches found, BUT Discover matched me with the Discover IT Card ~ Should I apply for the It card & wait to try for the 3rd TL I need?
- should I apply for multiple cards as part of a spree or a multi browser app fest? If so, which additional cards would you recommend?
- what are the odds of being approved for the Amazon Rewards card?
- Same question with store cards, primarily Overstock since it would be more useful for my new home...
- Any thoughts on likely CL's & when /if I should ask my cu for a CLI?
I Know that's a ton of info AND questions, and I appreciate & am open to any & all suggestions ~ I'd love to bump myself into the best possible credit score & position myself to get great mortgage terms, even with my current income.
thanks in advance!
@Anonymous wrote:Hi, I've been lurking & learning from all of you for the last few months, and am finally coming out to ask my own questions -it's a little convoluted, So I'm going to bullet point everything to hopefully make it easier to follow
A little background:
- 8 years ago my financial world fell apart... luckily all of that has fallen off, but it left me with a thin file
- 3.5 years ago I was seriously injured & after 4 spinal fusions (and more recommended!), my spine is more titanium than bone, and my income has plummeted to approx $19k/ann, at least until I receive my settlement (which hopefully will approx double my income)
- My credit union agreed to take a chance on me in Nov 2014 & gave me an UNSECURED card w $500 limit (YAY! LOVE my CU!). I PIF each month, and generally use 150-200, but one mo was $319, but PIF'd that mo, too.
- There are 2 med collections on my credit reports that shouldn't be there~ I've tried disputing with the collection agencies, but they refuse to remove them or take my atty's info. There are no other baddies on my CR
- I own my car outright, and unfortunately the loan I did have on it didn't report
- Since I received the CU CC, my FAKO has jumped to 626TU & 620EX (Don't know my FICO, and am a little afraid to look!)
- I've recently been offered a lease w opt to buy on a great, affordable condo (mortgage + HOA's will be lower than rent!), BUT, when I spoke to my CU to find out what I'd need to do to qual for a mortgage, was told I need at least 3 TL's reporting in order to qualify for best products.
what I need to know
- what are my best CC options? I tried the pre approvals for Cap 1, Chase & Citi ~ No matches found, BUT Discover matched me with the Discover IT Card ~ Should I apply for the It card & wait to try for the 3rd TL I need?
- should I apply for multiple cards as part of a spree or a multi browser app fest? If so, which additional cards would you recommend?
- what are the odds of being approved for the Amazon Rewards card?
- Same question with store cards, primarily Overstock since it would be more useful for my new home...
- Any thoughts on likely CL's & when /if I should ask my cu for a CLI?
I Know that's a ton of info AND questions, and I appreciate & am open to any & all suggestions ~ I'd love to bump myself into the best possible credit score & position myself to get great mortgage terms, even with my current income.
thanks in advance!
Let me start by wish you well in your health recovery, medical issues are one thing that aren't as simplistic as financial situations so I wish your well in that regard. I'll try and touch on some of your questions. If you didn't see anything on the preapprovals its usually because that info wasn't marketed to the creditors its not a bad thing just not an option at this point, disregard the Discover match unfortunately it is more of a marketing tool than a qualifier. Capitol One is the creditor most likely to approve you if you must apply, there are others out there like First Premier but I strongly would encourge you to look elsewhere as these types of companies are well known predatory type creditors.
Store and Gas cards would also be a viable options what you are looking for would be the ones that offer Pop-UP offers, use the search tool in this forum to locate specifics on this type of tactic. Continue to ask questions we're glad to help you and good health in the days ahead.
I have no advice regarding Discover....I have read they can go one way or the other. To-date, I haven't applied. I get the prequal and letters in the mail but all have the full range of interest rates and I heard that it has to be more narrow to see it as approval likely.
That being said, Cap 1 is always a good bet for rebuilding. Any of the SCT cards you would use (for me it was Victoria's Secret) might be a good option for a store card.
Do you have any in with NFCU?
Starting Score: 472Thank you Joe! I'll continue to research & ask questions before I make any moves re: applications!
Do you think Discover might be possible with recon? I ask because a month ago it didn't match me to anything, so the match got me excited If not, what credit score range would I need before it becomes feasible?
Re Cap One, I had a card with them years ago that was eventually charged off (young & very dumb~went from a 785 Score to 500s to thin file... didn't appreciate it until I lost it, but I will appreciate & hold on to it(!!!) this time around!) Will that past mistake be held against me now?
I'll look into the store/ gas card pop ups.
Another question: where can I get the most accurate FICO #'s? Here? Another site? Through my CU?
thanks again!
@Anonymous wrote:Thank you Joe! I'll continue to research & ask questions before I make any moves re: applications!
Do you think Discover might be possible with recon? I ask because a month ago it didn't match me to anything, so the match got me excited
Re Cap One, I had a card with them years ago that was eventually charged off (young & very dumb~went from a 785 Score to 500s to thin file... didn't appreciate it until I lost it, but I will appreciate & hold on to it(!!!) this time around!) Will that past mistake be held against me now?
I'll look into the store/ gas card pop ups.
Another question: where can I get the most accurate FICO #'s? Here? Another site? Through my CU?
thanks again!
Until your CS is in the high 600's and by that at least 670 and above I would hold off, Capitol One has a short memory and can be forgiving they have a program called credit steps, that within 6 mths you can graduate. Basically they start you out with a small CL usually $500 - $750 unsecured, you cannot make a mistake during that period for example missing a payment so essentially if you just pay good on the account in 6 months you graduate and they will start you off with a small increase as well upon graduation you can request a PC to another product like Quicksilver which is a good cash back card. Have you pulled your credit you get a free report from all the CB once a year. I'd suggest doing that so you complete details and a roadmap of where to start.
@Anonymous wrote:Thank you Joe! I'll continue to research & ask questions before I make any moves re: applications!
Do you think Discover might be possible with recon? I ask because a month ago it didn't match me to anything, so the match got me excited
Re Cap One, I had a card with them years ago that was eventually charged off (young & very dumb~went from a 785 Score to 500s to thin file... didn't appreciate it until I lost it, but I will appreciate & hold on to it(!!!) this time around!) Will that past mistake be held against me now?
I'll look into the store/ gas card pop ups.
Another question: where can I get the most accurate FICO #'s? Here? Another site? Through my CU?
thanks again!
I would not apply for Discover just yet, their pre-qual tool is Mickey Mouse at best and they don't recon either. As far as Cap 1 is concerned, they are pretty forgiving farily fast. First thing I suggest you do is get your real Fico scores and reports. Try to take care of the old baddies. Time may be your best friend right now.
First, sorry to hear about your hardship. Second, be very careful if you're planning on buying in the near future. The best to do (& we did) was get secured cards. This way, you're not wasting an hp & you won't have many inq's. Fico is coming out with a new scoring model that will include your utility bills. That should be a big help. 