@lhcole77 wrote:
@09Lexie wrote:
SDFCU had a secured card without a HP. You might want to double check+1 and it's with a great 6.99% rate...win and win!
+1000
However, if you apply for the secured, I was told by the CSR to call in and do it because any credit app done online automatically generates an HP.
@Rhaeny wrote:
@lhcole77 wrote:
@09Lexie wrote:
SDFCU had a secured card without a HP. You might want to double check+1 and it's with a great 6.99% rate...win and win!
+1000
However, if you apply for the secured, I was told by the CSR to call in and do it because any credit app done online automatically generates an HP.
Wait. I thought HP to join SDFCU!
Also didn't SDFCU move to experian?
LIMITS IN CARD DESCRIPTIONS
i wish, people would be applying like crazy
Surprised no one mentioned this earlier. If you have no revolving accounts (eg. credit cards, etc.), even with the inquiry hit, you will likely GAIN FICO SCORE with your first 2 credit cards. Can someone else back up this statement?
Use the FICO Score Estimator (not the FICO Score Simulator) to check it out (btw, is this still available).
The problem comes up if you take the inquiry hit but don't get the card.
Your goal would be to get 2 credit cards, but take the inquiry hits on different credit bureaus. So you end up with 2 cards reporting and 1 inquiry on 2 of 3 credit bureaus.
Also, those scores are FICO scores (ie from my fico or lender directly)? Please don't do anything until we can fully look at your situation.
I need to know what else is on your credit reports (if anything) and what your short/medium term financial goals are as it relates to credit (e.g. going for mortgage in year and need to get score to XYZ).
The scores in my scenario are FAKOs pulled from each 3 bureaus individually - lender pulled is very similar. I am trying to get up to 640 to apply for a USDA Rural Development mortgage loan. The lender suggested that I get a major CC and put a small balance on it, like under 10% --- pay for a couple months and watch the score jump. I'm hoping to buy a home before the end of the year. I have two small collection accounts remaining on my reports, both of which I have sent a PFD letter (one accepted and paid, so should be falling off soon). I have no other open trade lines. Several old closed accounts, some paid in full and on time, a couple derogatory. Just trying to figure out how to maximize my score increase.
@Ewoky wrote:
Read my post from earlier. You need to get 2-3 revolving accounts going. Your score should go up even with the inquiry and new account hit. But I would be relying on myfico vs some FAKO to get a real sense on what is going on. You need to avoid taking an inquiry and not getting approved. Also, if you go for multiple accounts, try to spread the inquiries to different credit reports to minimize any inquiry hit. If you current scores are accurate, my guess with 2-3 cards and a few months will get you above 640 easily.
Do you have cash for secured credit card? That will let you avoid taking inquiry and getting rejected.
As for your negatives, how old is the remaining derogatory? And on the accounts that remain with both positive/negative history, how long ago were the last few late payments and were they 30, 60, 90's?