Question

[Anonymous]

Quick background:

Fico Scores:

Equifax - 649 Transunion - 618 Experian 658

Quizzle - 620 CK 621 CS 643

Cap 1 - 1200/1500 balance Cap 1 - 2000/2500 (I know high utilization on both)

Kay Jewlers card - 0/5100

I have about  ranging from 16-19 hard inquiries on the 3 reports.  About 10 of them will come off by the end of this year, I attmepted to get a WF rewards card this month but was denied.  Attempted to get a Barclays this month, but was denied.  Attempted to get a Bankofamericard today, but they stated they could not approve me yet, they have to look over the application, which I can only imagine means DENIED.  I have some late payments on student loans from 2008, and a tax lien that was released from 2010 (coming off my reports 2017).  I have had a car payment for about 16 months, no lates and CCs for about 8 months, no lates.  I was so frustrated I applied for a Credit one card because everybody else was denying me, and was obv approved.  I instantly felt terrible, because I know they have shady practices.  But i figured I would never carry a balance with them and just pay the annual fee off right away and have more revolving credit.  Pay 100/150 a month on cap ones and not apply for another card until Jan 2016.  Thoughts?  Should I go after a secured card with a better bank and not activiate credit one?  Does that look bad on my report if I do not activate credit one and they cancel/close it? 

Thanks!

[Anonymous]

Before you go after any other cards you should get those balances paid down, and then sit on your thumbs to keep them off the app button for a few months.

[Anonymous]

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@Anonymous wrote:

Before you go after any other cards you should get those balances paid down, and then sit on your thumbs to keep them off the app button for a few months.

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+1

Your high util and high inq make you look like a high risk to lenders.  It looks like you can't pay off your debts, so you are trying to get more CCs to pay everyday expenses.

[jacetx]

Let those inquiries fall off and pay down your balances. As far as the late payments from 2008, they should be removed this year (7 years for negative information on credit report, except for BK which is 10). Just keep the card since you already used an inquiry on it. Let it age together with the other cards and your scores should start improving.

[jacetx]

I guess I was too slow typing :-). +1 to the previous comments

[Anonymous]

Thanks for the replies.  I will pay down cap one cards and keep the credit one, pay the annual fee up front and not use it.  I am just scared of their shady practices as I have read up on them the last 2 to 3 hours.  There has been a mixture of horrific stories to others stating credit one helped build there credit.  Unfortunately I got the Kayes Jewelers card to buy an engagement ring, but may have to wait on that until I pay down the cap one cards to below 30% utilization.