New to credit! Please Help!

[Anonymous]

Hello,

I'm new to the forum (just joined tonight), but have been reading post for a few months since applying for my first card.

Here's the story: I have 4 HP's that show for Nov. 2012 with one approval from Capital One for a secured 500CL. My first payment is coming up next week with 10% utilization. I have one outstanding debt from some company back in 07 for 200 bucks which I had no idea about until I checked my report for the first time in Nov. I plan on paying in full and asking them to delete it. I had already disputed it, but it didn't work out. My starting score was 610. I have no other forms of credit, ie. loans, etc.

I've been reading that I should have 2 revolvers and a charge to get my foot in the door.  My goals are Chase Freedom and an Amex charge. Long term Chase Sapphire Preffered. How should I go about obtaining these cards? What would be the best way to go? Any advice would help. Thank you.

[racer-x]

I'm no expert, they'll be along shortly, but...

I'd try for PFD for the open baddie and pay it regardless.  And PATIENCE.  Try to get in with a CU.  I joined my local CU a few months ago and have a $3500 CL and an auto loan with them.  My EQ was 695 at the time though.  But still, CU is the way to go IMO.  They are just easier to deal with and more lax in their requirements.

Is the baddie showing up on all 3 reports?  I ask because I have a paid collection on TU and EX but I'm clean on EQ.  So while my GW letter is in the hands of the CA for the baddie, I focus on EQ friendly lenders.  Try to use lenders that will favor your best report for the time being.

[Anonymous]

I only know of it on my Experian. I actually had two baddies on there but one was disputed and deleted. I am waiting until next week when my new credit shows up on my report to check it again. I've heard stories about the Freedom being one of the easiest cards to get, and after research on it, I decided that it would fit my needs very well. I would be willing to wait for it, but if applying at a CU would be beneficial, then that would be an option to. When will it be ok to apply for new credit, being that I have 4 inquiries from two months ago? One being from Chase for the freedom after Credit Karma pointed me to it...I was blind then.

[racer-x]

You need to pull both your TU and EQ scores from here, myFico.   My understanding is that the only way you can get a true EX score is when you're denied or approved(?) for credit and that info will be disclosed to you.

If you're thinking that your EX score from experian.experiandirect is a real EX score, it's not.

I would pull those reports now from here.   Or if you haven't pullled your free annual reports that you get once a year, you can do that too.

When I got my Visa and auto loan from my CU, they pulled EQ and it was dead on myFico EQ.

[Anonymous]

Do I have to pay for the myFICO scores?

[Anonymous]

Nevermind. I just signed up for the free trial, and it says that I don't have enough information for them to pull a score. i get that a lot with every company I try. Maybe I should wait for my payment to post. How soon do CCC's post a payment on your report after you pay?

[racer-x]

Yes.  But I think there's a free trial period involved.  You have to give a CC number but as long as you cancel in 10days or something like that, you won't get charged.

You really must get your real scores in order to see what exactly you have going on. 

You don't want to walk into building/rebuilding credit blindly.

[racer-x]

Depends on when that statement is cut by the lender.  If your statement date (not payment due date) is on the 3rd and you pay on the 5th, you'll have to wait almost a month for the lender to update your info to the bureaus.

[Anonymous]

It may look like I have no choice but to wait. I cant even get a FAKO score with my thin file. The suspence is killing me. I guess I could get my baddie paid and deleted in the time being, and search for credit unions. It will almost be 60 days since my last inquiry, should that be enough time?

[racer-x]

I wouldn't be too concerned with inquiries at this point.  I don't think 4 is too many.

I'd say get into a CU.  Establish a relationship with them.  Get a secured CC with said CU and be patient.  I know it's tough, but patience is key.