HSBC Question

[haulingthescoreup]

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@Anonymous wrote:

Great info haulingthescoreup. There are quite a few CU's in this town I'm in. For the population density competition should be good. I'll take my credit reports in tomorrow and we'll see what happens.

My guess is that I should be able to get a "yes" or "no" from the reports I bring in, but if it's a "yes" they'll more than likely need to pull my reports from their system, right?

Either way, thanks again for the good info.

Mike

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They'll absolutely need to pull for real, but with luck, this might save you some inqs.

If your EQ score isn't recent, you might want to pull one tomorrow, especially if there has been any updating on any accounts. And I should have said, this is to let them look at the scores and reports, which are equally important.

[RobertEG]

Hey, MikeM, could you please educate me on the difference between a "credit" account and a "charge" account, as far as scoring goes?  Both are revolving lines of credit.  I am confused as to how either would be viewed other than as a revolving TL?

Thanks!

Message Edited by RobertEG on 04-20-2008 08:44 PM

[Anonymous]

RobertEG,

I'm probably not the best one to educate at this point as I'm still absorbing the learning curve. But, my guess is, as far as FICO is concerned I don't think there are any differences at all. The only surface difference is that the charge account can't be used anywhere else other than where it was procured. But I think you're correct. A TL is a TL, and in both cases they're revolving.

Someone please correct me if I'm wrong.

Thanks,

Mike

[Anonymous]

haulingthescoreup,

I wanted to throw out a huge thank you for your suggestion. I did just as you said. Printed my EQ FICO report from today and took it down to the local credit union. The loan officer looked it over and didn't see why I wouldn't be approved for a card, so I authorized the inquery.

When all was said and done I walked out with a Mastercard at 11.95% APR and an 8k CL! I know 11.95% APR isn't groundbreaking, but I'll take it with an 8k CL and PIF every month.

Thanks again for such a great suggestion. I owe ya one.

Mike

Edit: I also wanted to mention my EQ FICO that was pulled was 644.

Message Edited by MikeM on 04-21-2008 05:02 PM

[haulingthescoreup]

Sweet! Very happy for you! CU's are hard to beat, and that card will help you enormously with your rebuilding. Hurray for human beings shaking your hand and evaluating you in person.

You're off and running now.

And by the way, you're correct on the credit vs store card thing. They both count equally, and the presence of a store card improves your mix. This baffles me, because they're usually easier to get than bank cards, but that's OK, whatever makes the algorithm happy.