Hi FlipSide,
Welcome to the Forums! Glad you're here!
@Anonymous wrote:
FICO score is 625 wtih about 10% Credit utilization and will go down more. Last pulled Credit Report TU=640.
I plan to buy a house in 2012, so I want to increase my score higher. (great!). so now I am getting offers for CCs from the bigger banks like Citibank..(Remember that a "pre-approval" offer does not necessarily mean that you qualify for their card. It looks like you still have a BK on your report (so do I), and I'm guessing it's a CH 7 (because it's still reporting today) and it will report for ten years - so until 2013. We get pre-approvals that we know we won't qualify for, so we smile and toss them. Citi, for example, is not particularly known for being BK friendly - even with a "pre-approval" offer.)
Right now I have:
Capital One MC
Best Buy Rewards MC (HSBC)
Orchard Bank (HSBC)
Credit One Visa
Walmart Store card (GEMB)
@$32000 loan from Honda Finance @ 1.9 APR (cosigner 750 credit score)
Should I start opening CCs with the larger more recognized banks (IMO and IME, I would only app for those cards that you know are BK friendly. Even if you have a qualifying score, the BK can, and will, be a deal breaker. and close my starter cards? IMO, I would review cards with an AF and see what they were doing for me. If there's no AF, at this point, I would keep the card open and keep them happy. You're still rebuilding. I was going to start with Credit One but that was my first one and has the longest history.. You'll keep the history even if you close the card. Here's a great thread on the impact of closing a credit card. If there's an AF on your Credit One card, it's fine to close it, because you have an Orchard Bank card and a Cap One card (bank cards). Best Buy Rewards MC will be gone soon too, that thing is a RipOff with interest charges. If there's no AF on the BBRMC, then keep it open. The only time interest charges are a problem is if you revolve a balance - high interest charge cards are fine if you always always PIF.
@Anonymous wrote:
Credit One and Orchard bank was opened on 9/2008
Capital One and Walmart was opened on 12/2008
BB Rewards MC 11/2009
3 inquiries, 1 from Dec 2010 and 2 from July 2010 (All on TU? Any new accounts opened with these?)
1 Public Record, Bankruptcy 2003 -- havent used a CC since then but figured I need to build Credit back again but need to be smarter thist ime aroung
Flip - you'll also see additional FICO points if you follow the standard advice on revolving accounts: Have all your revolving accounts, except one, report a zero balance, with the one remaining account reporting less than 9% (I keep mine much less than 9%).
Hope that's helpful!
