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What cc can apply for??

Frequent Contributor

What cc can apply for??

Hi, Everyone!

Ok. Been working on DW’s credit and it’s been coming along well. She app’d for Cap One Platinum and was approved for $300 SL. That’s great! The hard work has been paying off. Also app’d for Walmart and Valero gas card(haven’t been approved yet for either have to wait)

Her scores are:

EQ 603
TU 581
EX 580

Now, Question is, should she wait to app for anymore? And if she does with those scores which cards would be best to app for with scores like those? Should she wait until the card starts reporting and just wait for the point increase or does anyone THINK she might get approved for something else that is easier with scores like she has now?

She only has 3 old baddies, I’m working on removing and/or getting PFD. Other than those 3 baddies and some recent late pays(less than 3 months) everything is paid up to date thus far.

I know NO ONE can guarantee any approval on any application for any card but, maybe someone’s had some luck with some cards with scores in those ranges?? We are prepared to wait, if that’s what we need to do.

Thanks in advance!👍
😊
Starting Score: EQ 491
Stating Scores 02/13/2018
TU 483 EX 543 EQ 491
Current Score:
EQ 563
Goal Score: 600 (for now)


Take the myFICO Fitness Challenge

Score: 06/16/2018 TU 556 +34
Score: 06/23/2018 EX 556 +10
Score: 06/16/2018 EQ 563 +52
In the Garden until 11/2018

GREAT PLACE! GREAT PEOPLE! GREAT ADVICE!

Message 1 of 15
14 REPLIES
Frequent Contributor

Re: What cc can apply for??

Congrats to DW on all her success with her credit and kudos to you for helping her through it. As far as the number of accounts she should apply for initially,  I think three is the magic number when you are building/rebuilding your credit. Having three accounts reported on her profile will boost her scores for the better. I would read up on informative topics here on how she should manage balances and which card she should let report when the statement cuts, most would suggest leaving a balance on just one card to report each month, preferably lower than 30% of the available CL, that will really help boost her scores. I suggest that she age those accounts for at least a year, or if a good offer comes along, I'd say staying in the garden and age those existing accounts for at least a 6 mos. period that will definitely show lots of improvements. Best of luck to you both.

Fico Scores as of May 2018: TU:754 EQ: 744 EX: 762
Fico Goals: TU: 770 by 12-2018 EQ: 750 by 12-2018 EX: 780+ by 12-2018



Message 2 of 15
Valued Contributor

Re: What cc can apply for??

id wait a bit.. scores are a bit on the low side.... see if you can get some headway on the disputes/PIF/etc....

Yes 3 is ideal but at this point its not worth it.. let her some establish some history and let the cards you have now report for ..at least 6 months while you work on repairing things.. then see where your scores are at and then try for things ..... 

 

Message 3 of 15
Frequent Contributor

Re: What cc can apply for??

Thanks, for the replies!👍

She got approved for the Cap One but, we’ve got to wait for the Walmart and Valero(site was down on this one, we need to call tomorrow) cards to be approved and THEN those will be the MAGIC 3 cc’s to report. But, it those 2 cc’s don’t approve DW, then what other cards would she be able to app for to complete the 3??

Thanks!👍
😊
Starting Score: EQ 491
Stating Scores 02/13/2018
TU 483 EX 543 EQ 491
Current Score:
EQ 563
Goal Score: 600 (for now)


Take the myFICO Fitness Challenge

Score: 06/16/2018 TU 556 +34
Score: 06/23/2018 EX 556 +10
Score: 06/16/2018 EQ 563 +52
In the Garden until 11/2018

GREAT PLACE! GREAT PEOPLE! GREAT ADVICE!

Message 4 of 15
Valued Contributor

Re: What cc can apply for??

Id wait... regardless... use the cap one a bit... let it report... 

Being stuck with a bunch of cards with low limits that get bucketed... lets see if we can improve the odds a bit before taking on a few more... 

so you get slightly better offers out of the gate... and you really dont want to app for more store cards...

 

Really like to see the scores in the mid 600s.... and i think its possible with some rebuilding work...... before apping for more...

Even if you wanted a secured card... id still wait just a little more... 

-J

 

Message 5 of 15
Frequent Contributor

Re: What cc can apply for??

Awesome, joltdude!👍

That sounds like the best move! Let the Cap One start reporting and go from there...I like it!! 😁

Everyone’ Advice is GREAT and I want to thank everyone for the input and advice. 😊

We’ve work pretty hard and long like most and have come very far...so, we don’t want to take any chances and make the wrong decision just because she has gotten just ONE APPROVAL so far, out of the 3 she’s app’s for.

I agree! Waiting is the best and safest route. Plus, it’ll be her ONLY cc on file! So, she’ll need to prove herself on handling revolving credit.

We are pleased to hear WAIT, though, because we were scared to have too many HP’s. She has 5 HP but, they vary from 2 that are 1yr old and 2 at 6 months and 1 at 1 month and now these 3 added. So, if approved for the Walmart and Valero, we will garden for quite awhile...1 yr minimum. She’s gone years without a cc. She’s done well with installment loans but, we know she needs revolving to really get the mix that she needs and the score benefits she’ll gain from them.

I’ll update if she gets the other 2 cards. As you know, I’ll be real excited for her and I’ll have to tell SOMEONE!! Lol

Thanks, Guys!!!👍😊
Starting Score: EQ 491
Stating Scores 02/13/2018
TU 483 EX 543 EQ 491
Current Score:
EQ 563
Goal Score: 600 (for now)


Take the myFICO Fitness Challenge

Score: 06/16/2018 TU 556 +34
Score: 06/23/2018 EX 556 +10
Score: 06/16/2018 EQ 563 +52
In the Garden until 11/2018

GREAT PLACE! GREAT PEOPLE! GREAT ADVICE!

Message 6 of 15
Valued Contributor

Re: What cc can apply for??

Discover card pre-approval m8. and if approved down the road always double dip .if not going to double dip then no apply.lol

Message 7 of 15
Valued Contributor

Re: What cc can apply for??


@Brooklyn2018wrote:
Awesome, joltdude!👍

That sounds like the best move! Let the Cap One start reporting and go from there...I like it!! 😁

Everyone’ Advice is GREAT and I want to thank everyone for the input and advice. 😊

We’ve work pretty hard and long like most and have come very far...so, we don’t want to take any chances and make the wrong decision just because she has gotten just ONE APPROVAL so far, out of the 3 she’s app’s for.

I agree! Waiting is the best and safest route. Plus, it’ll be her ONLY cc on file! So, she’ll need to prove herself on handling revolving credit.

We are pleased to hear WAIT, though, because we were scared to have too many HP’s. She has 5 HP but, they vary from 2 that are 1yr old and 2 at 6 months and 1 at 1 month and now these 3 added. So, if approved for the Walmart and Valero, we will garden for quite awhile...1 yr minimum. She’s gone years without a cc. She’s done well with installment loans but, we know she needs revolving to really get the mix that she needs and the score benefits she’ll gain from them.

I’ll update if she gets the other 2 cards. As you know, I’ll be real excited for her and I’ll have to tell SOMEONE!! Lol

Thanks, Guys!!!👍😊

 

Seriously thinking another major card wouldnt be a bad thing in this year... even two.. but at least 6 months...if nothing more than to reduce having to make multiple payments in a month on the same card..... because the C One will be the card that will need some use... 

 

Message 8 of 15
Valued Contributor

Re: What cc can apply for??

Peg;

Those scores are a bit low for an unsecured Disco...  Probably could get the secured Disco but figure why not wait and let her establish some history since DIsco will likely be a good take.. as an unsecured Disco =)

 

On that note.. is your wife signed up for Discovers free Credit Scorecard?  Its one free FICO score every 30 days.... and also puts you on their radar for a card... 

 

Message 9 of 15
Frequent Contributor

Re: What cc can apply for??

Gotchya.

I explained to DW that use the card everytime you get gas, buy lunch and need dog food. Use it but, DO NOT max it out and DO NOT miss a payment!!! I’ll be keeping a close eye on it anyways. 😉

But, we’ll definitely wait 6 months and see where she’ll be at score wise and then before we do any app, I’ll get the guru advice HERE and go from there. I definitely appreciate you guys and gals for all the advice. 👍

😊
Starting Score: EQ 491
Stating Scores 02/13/2018
TU 483 EX 543 EQ 491
Current Score:
EQ 563
Goal Score: 600 (for now)


Take the myFICO Fitness Challenge

Score: 06/16/2018 TU 556 +34
Score: 06/23/2018 EX 556 +10
Score: 06/16/2018 EQ 563 +52
In the Garden until 11/2018

GREAT PLACE! GREAT PEOPLE! GREAT ADVICE!

Message 10 of 15