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Help with credit app plan?


Help with credit app plan?

I'm trying to come up with a plan for apping for credit cards this year so I'm not weak and find myself applying when I shouldn't be. Hoping you guys can help.


I'm rebuilding. Four months ago my credit was in the upper 400s. Today my EQ score from MyFico jumped to 751. My TU score is 627. No idea on Experian, my guess is maybe around 650. AAOA is about 7 and a half years. Inquiries: 8 in last year on EQ for a total of 13 in the last 2 years, last app Dec. 26,2012. On EX and TU, each have 3 in the last year for a total of 5 each. Last app in 11/2012 for both. Most of the inquiries were getting denied for various secured cards.


Bad stuff:

2 Nelnet accounts EACH with 18 lates from 90-120 days from 2010-2012. Last late was Oct. 2012. (No luck with GWs) On all reports.

$968 unpaid Cap1 judgment, only on TU and EX

2 120-day Kentucky Ed student loan lates from 2007 (One late on each of 2 loan accounts.) These fall off at the end of next month. Only on TU.


Good stuff:

4 student loan accounts, closed and paid as agrees (6 good student loan accounts on EX and EQ)

USAA secured AMEX, no balance, $300 CL, opened 11/2012

USAA secured MC, $200 balance, $600 CL, opened 11/2012

Victoria's Secret, no balance, $350 CL, opened 12/2012

Brylane Home, no balance, $500 CL, opened 2/2013

Buckle, $175 balance, $250 CL, opened 12/2012

Terminated AU on $30K USAA card, only listed on EQ, opened in 2000, off 1/2013

Fingerhut Freshstart installment loan, paid/closed 2/2013, only on EQ and TU


Also the two negative Nelnet accounts with all the lates are currently in dispute with EQ. I called EQ to ask why it had not recorded my on-time payments. Last recorded payment was 10/2012. Well, they disputed it and said it's the only way to get an update. Probably not the best move.


So my question is what should I apply and when? I'd like to apply for a GE card this year and build a relationship with them. Think I'd like to skip Walmart, not really my favorite store. Was considering Amazon (where I shop a lot), Havertys Furniture (buy stuff at least once a year, planning purchase soon) or Dillards.


Others I've considered, not necessarily soon, include Barclays, AMEX, USAA, Discover, Chase Freedom (where I bank), Citi Thank You. Don't want anymore Cap1 cards. I had an AMEX that was closed at my request in the mid 1990s FYI. (They annoyed me so I closed it, but on good terms.) Open to others though. Have considered an account at my local CU, but I know they do an inquiry just for a checking/savings and wasn't sure if I wanted to do that yet.


So anyone have thoughts? Just tryig to come up with a plan so I'm not impulsive. Plus this last big increase in score has me pretty excited that things are moving forward faster than I expected. Thanks in advance. I appreciate everyone's thoughts and suggestions.

Message 1 of 4
Valued Contributor

Re: Help with credit app plan?

I'd wait.  You need to wait until you get the Nelnet accounts straightened out.(What is that anyways?  CC, loan?)  Those are massive lates.  120 days is typically considered the same as a CO and will absolutely kill your score.  To make it worse they are very recent.  Your EQ score is artificially inflated.  Since you have disputed those lines they aren't counted in scoring.  Once the dispute is complete the negatives will be counted back in your score unless they are removed. 


My suggestion is get those taken care of and removed if at all possible.  Then pay the judgement and get it removed.  The 120 day lates and judgement will limit your credit choices tremendously.  At any rate a 650-660 should be good enough from GE Amazon but the recent negatives may do you in.

Message 2 of 4

Re: Help with credit app plan?

The Nelnet accounts are student loans and they're not the least bit willing to consider my goodwill requests. I know the judgment needs to be paid as well, but Cap1 absolutely will not vacate or remove even if paid so it will be on my report two more years either way. So basically these negatives that are left are ones I'm pretty sure will be there until they fall off.


Oddly, I don't expect my score to change much after the dispute. It was at 660. I disputed te two Nelnet accounts and another account with lates that should have been removed. When I disputed the three accounts my score went down to 649. That other account was deleted and my score increased to 751. It's strange but I'm thinking it will probably still be in te 700s when the dispute ends.


Maybe I need to wait a couple of years before applying for anything, but theses are the baddies I'm just going to have to live with. I know these will continue to affect my score, but guess I'm wondering at what point lenders will let these go and consider giving credit?

Message 3 of 4

Re: Help with credit app plan?

Well scrap the plan. Opened an account at a credit union and they just gave me a card with a $5K limit and 9.9 percent interest. Not to mention a $500 overdraft LOC. I almost fell out of my chair. I'm going to take the plunge with GE this summer and maybe try for a rewards card at the end of this year or beginning of next.

Message 4 of 4