drshabazz wrote:
Hi everyone - I'm new here. I've really enjoyed a lot of the information I'm reading.
A quick bit about me - filed BK in 2005. Somehow got a $2000 limit Cap One card in 2006 that up until now is the only new card I've been approved of since my BK (applied for a few others since that time but not approved... I was carrying a large balance at the time however I payed it off entirely last month). I have a $400 JCPenny charge card that wasn't included in the BK and just started using it again (was dormant since 2003) My Equifax is at 665 (just jumped from 637 after having payed that balance off). Total $2400 limit, $2400 available credit at the moment. No other debts, loans, or mortgages - good job and income now.
I'm looking to buy a house in the next 6-18 months so I'm really concerned about credit inquiries and anything that could potentially hurt my score. I'm not all that far from 680, which is the next goal for me. Are there any secured cards that report to credit agencies that won't show up on my credit inquiries list? I bank with BofA and talked to them about their secured card and they said they do indeed do a credit check. Is this the norm? I have about $1000 to put to a secured card at the moment. I read on another forum something about one bank not doing a credit check and then also something about an Orchard Bank doing one check to see if you qualify for an unsecured card and if you don't automatically bumping you to a secured card. That might be more interesting to me if that is true since there might be a chance I'd get approved for something now that my balances have been payed off.
Any help in this matter would be greatly appreciated. Also - ScoreWatch just reported my Equifax score jumping - is it likely that my new score has already hit TransUnion and Experian's records or do they all update on their own schedules? I was wondering if I should wait a few weeks or something lest someone check my credit and see the old score with the old balances I was carrying.
Thanks!
Welcome!
Any time you apply for credit, you can expect a hard inquiry, even with secured cards. The only exception I am aware of is Crown Jewelers, who will give credit to anyone with income with no credit check. That is really only useful for people who need a positive tradeline and can't get approved anywhere else.
I'm not sure why you are concerned with inquiries, though. A new account showing up on your reports 6 months before a mortgage will raise a bigger red flag than an inquiry would. In this case, the problem isn't so much with applying for credit as it is with actually getting new credit shortly before mortgage shopping.
How many inquiries and new accounts do you currently have? ("New" is defined as less than 12 months old.)
Yes, the CRAs all update on their own schedules. Just because one has updated doesn't mean the other two have. In my experience, EX is usually the first to update, followed by TU, and then eventually EQ. This is definitely a YMMV thing, though.
Before you apply for any new credit, it's a good idea to know which report the creditor will pull and also what that report looks like on the day you apply. There is no reason to waste an inquiry by apping early when you know your revolving utilization will be better any day now once the CRAs have all updated.
Hope this helps.
