Student wanting to improve credit

Anonymous · ‎12-25-2007

Hello...I'm a student pharmacist with a load of student loan debt and a new mortgage

EQ 589

revolving balance 13271 (10K of which was just today changed to student loan designation...score not moved yet though)

mortgage 103566

installment 67635 (with about another 60K to go)

I've only got one major credit card (Citi..$3200 CL) but it's about maxed since I've used it for books and school stuff. I'm finally in a position to begin paying that down (which I plan to do...I'm going to pay about 50% down in the next three months)

Any suggestions? I thought about applying for a hooters card or another easy card you would recommend and just buy gas on it and pay off every month...

Anything..anything will help. I know drugs...not credit

Message Edited by Monahans on 12-25-2007 01:33 PM

Anonymous · ‎12-25-2007

Okay Hooters does offer averything from the prime T&Cs to the subprime but you have what would be considered a card from a prime issuer. Are there any benefits that your are looking for? Not sure why your scores are 589 tho. Seems there must be a baddie or two reporting. Once you pay down your balance you should see some increase.

Anonymous · ‎12-25-2007

I don't know either...I only have one 30 day late on a JC Penney and that was 2 years ago in undergrad when I just clicked over it in my quicken as if i had paid it and forgot to...I'm not sure why my credit score is as low as it is either. Any suggestions on finding that out will be lovingly accepted also. I assumed it was due to my massively high debt to income ratio (lots of debt vs being a student) and the fact that my one card (about 3 years old) is pretty much maxed out. I had a couple of cards and once I paid them off I cancelled them (I KNOW NOW!!! but I was listening to credit advice from family...BAD IDEA!)

All I'm really looking for is a card which can increase my CL, thereby reducing my usage % in addition to me paying it down. I'd also like a small card in case of emergencies. So no real perks I'm interested in.

Anonymous · ‎12-25-2007

Monahans wrote:

I don't know either...I only have one 30 day late on a JC Penney and that was 2 years ago in undergrad when I just clicked over it in my quicken as if i had paid it and forgot to...I'm not sure why my credit score is as low as it is either. Any suggestions on finding that out will be lovingly accepted also. I assumed it was due to my massively high debt to income ratio (lots of debt vs being a student) and the fact that my one card (about 3 years old) is pretty much maxed out. I had a couple of cards and once I paid them off I cancelled them (I KNOW NOW!!! but I was listening to credit advice from family...BAD IDEA!)

All I'm really looking for is a card which can increase my CL, thereby reducing my usage % in addition to me paying it down. I'd also like a small card in case of emergencies. So no real perks I'm interested in.

OK your income does not factor into your FICO scores. Do you have a current copy of your reports? If so, whats there? One thirty day late is not going to drop you like that. Are you maxed out across the board? IF you are depending on new credit to lower uti, that is the very time you really don't need it. It can also very well backfire on you by reaging your file.

If the Citi is the only card you have, yes, go ahead and open a new one....

Message Edited by Brammy on 12-25-2007 04:43 PM

Creditaddict · ‎12-25-2007

I would say if your just looking to bring util down and not really use the cards:

Hooters

Kay Jewelery - they will probably be your highest credit line

Anonymous · ‎12-25-2007

what about asking citi for a soft or guidline increase. also, you can click the cli button and it may come up with a cli offer. if you hit the button and get a form, then it will be a hard (citi may pull a cra other than eq, so check your other score and find out who they pull in your area). also, if you have any balance transfer offers on your account overview, check there as well. sometimes those offers have cli's associated with them.

i wouldn't app w/a hard inq until you've pulled your fico's/reports and see if there is any surprises there.

Anonymous · ‎12-25-2007

I have a copy of my CR from last month

30 accounts (most of them student loans or accounts that have since been bought out or closed)

13 accounts with balances

10 of these accounts opened in the past year (I think this is the BINGO)

(8 of these are student loans...one is a mortgage, one is the home equity loan since my home was purchased this way with a 90% mortgage and a 10% HELOC to avoid partial mortgage insurance)

This accounts for 10 of the 13 accounts with balances. The other three are:

my one Citi card

my undergrad student loan debt which is deferred

my car lease

I have 10 inquiries posted...most of them I don't know where they came from. I recognize 4 of them being from when I bought my house...the rest I don't know where they came from? I did apply a couple of times for new credit trying to get that second card...but I don't recognize them. I can give you the codes listed if that helps: Glelsilnpr Cbcinnovis Landsafe Sterling

Those are the ones I don't recognize.

And yes, Citi is my only card

Anonymous · ‎12-25-2007

cbcinnovia and landsafe are from the mort.

are the 10 inq one 1 report or are they spread across all three? what are your tu and ex scores?

Anonymous · ‎12-25-2007

dnm45227 wrote:
what about asking citi for a soft or guidline increase. also, you can click the cli button and it may come up with a cli offer.

I don't understand what you mean by this. Sorry, I'm new to all this

Anonymous · ‎12-25-2007

The 10 are all on this equifax report. I haven't purchased the other two. Is there a cheap way to do this? Remember, I'm a poor student haha