What to do next?

[krixxuss]

I've been lurking a while and leaning a lot. Just thought I would tell you guys about the progress I've made, and ask your advice on what I should do next.

Bad stuff:

-Tax lien......I'm currently taking care this. Getting resolved this year.

-Collections.........1 that will drop off in about 6 months.

-Repo........... Car repo in '08

-4 Inquiry's 

-6 months of history

Good stuff;

-Car loan.......Since 5/13   No lates.

-Credit Card.......Since 7/13  Just hit 6 months 

-All payments on time

-Low Util..........Pay off card every month

Scores:

                  Fico EQ. 667

                  FakoTrans. 667

                  Fako Exp. 679

My Cap1 Platinum just had an 6 month auto CLI from $300 to $1300!! Not bad, I was expecting less. As soon as I saw the increase I had a chat session with one of there reps. She was able to do a PC to the Quicksilver One. I wasn't able to get the $39 fee waived or get more CLI. I also called a backdoor number and couldnt get any more.

What should I do next? I was thinking about apping for the Barcleycard Rewards. Or maybe Carecredit, I need some Dental work done and it could get expensive. Any feedback would be helpful. Thanks!

[FinStar]

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@krixxuss wrote:

I've been lurking a while and leaning a lot. Just thought I would tell you guys about the progress I've made, and ask your advice on what I should do next.

Bad stuff:

-Tax lien......I'm currently taking care this. Getting resolved this year.

-Collections.........1 that will drop off in about 6 months.

-Repo........... Car repo in '08

-4 Inquiry's 

-6 months of history

Good stuff;

-Car loan.......Since 5/13   No lates.

-Credit Card.......Since 7/13  Just hit 6 months 

-All payments on time

-Low Util..........Pay off card every month

Scores:

                  Fico EQ. 667

                  FakoTrans. 667

                  Fako Exp. 679

My Cap1 Platinum just had an 6 month auto CLI from $300 to $1300!! Not bad, I was expecting less. As soon as I saw the increase I had a chat session with one of there reps. She was able to do a PC to the Quicksilver One. I wasn't able to get the $39 fee waived or get more CLI. I also called a backdoor number and couldnt get any more.

What should I do next? I was thinking about apping for the Barcleycard Rewards. Or maybe Carecredit, I need some Dental work done and it could get expensive. Any feedback would be helpful. Thanks!

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Not sure if Barclays would welcome you with open arms just yet.  Based on what you've shared, there a few more negative items that outweight the positive factors.  IMO, try to work on the derogatory items first so that you can be better positioned for Barclays.  GECAP/GECRB may be a toss-up at this point but  they may need a little more history on your file so that your CL can be at least something you can use for dental work, you'd hate to be approved for a low CL which won't even cover some of the expected expense.

[n0smirc]

Your good history is a bit short for Barclays. and if anything bad is unpaid, I don't think they'd welcome you with open arms.

GEMB card might be an option, I have no experience with care credit, however - Also, have you tried any of the shopping cart tricks to see if they give you approvals? (Just seeing if they do, you don't have to accept your AAoA is a bit low right now).

[krixxuss]

I figured my history was too short, I just got exited when I got that CLI increase. Feels good to see my credit improve. Thanks for the advice and I'll probably wait a little while longer to let my accounts age. One baddie will fall off in another 6 months, so i think I will wait until then to apply for new credit.

I may check out that shopping cart trick for kicks until then..  Thanks again for the advice.

Oh yeah, my Fico score jumped up a little today.. Another 5 points!   I'm at 672 now! That's 35 points in 6 months.

[Anonymous]

Care Credit is pretty easy to get; my DH got approved with scores just below 600 and a very thin file with a couple of baddies in it. It was for a small limit -- $500 -- but after less than a couple of years of good history it went up to $4000. It was a HP, though, but made it a very usable card for veterinary visits and such. If you have use for such a card, IMO it can be a good tool for rebuilding.

ETA: Just saw your edit above. With a FICO of 672, you should stand a good chance of approval.

[krixxuss]

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@Anonymous wrote:

Care Credit is pretty easy to get; my DH got approved with scores just below 600 and a very thin file with a couple of baddies in it. It was for a small limit -- $500 -- but after less than a couple of years of good history it went up to $4000. It was a HP, though, but made it a very usable card for veterinary visits and such. If you have use for such a card, IMO it can be a good tool for rebuilding.

ETA: Just saw your edit above. With a FICO of 672, you should stand a good chance of approval.

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Well, maybe I have a chance with care credit. I was wondering about utilization on that card though. It's not really like a normal credit card. It gives you anywhere from 6 to 60 months to pay off your balance. Does the 30% rule still apply? Will my score drop if I used the majority of my limit? It's almost like a credit card and installment loan combined. 

I think the card is a good option for me. It will help build my credit and I will get a lot of use out of it..  Thank you for the feedback.

[FinStar]

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@krixxuss wrote:

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@Anonymous wrote:

Care Credit is pretty easy to get; my DH got approved with scores just below 600 and a very thin file with a couple of baddies in it. It was for a small limit -- $500 -- but after less than a couple of years of good history it went up to $4000. It was a HP, though, but made it a very usable card for veterinary visits and such. If you have use for such a card, IMO it can be a good tool for rebuilding.

ETA: Just saw your edit above. With a FICO of 672, you should stand a good chance of approval.

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Well, maybe I have a chance with care credit. I was wondering about utilization on that card though. It's not really like a normal credit card. It gives you anywhere from 6 to 60 months to pay off your balance. Does the 30% rule still apply? Will my score drop if I used the majority of my limit? It's almost like a credit card and installment loan combined. 

I think the card is a good option for me. It will help build my credit and I will get a lot of use out of it..  Thank you for the feedback.

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Yes, utilization still counts on this card as well since it is considered a revolving tradeline, albeit on extended financing terms when applicable.

[titanofold]

CareCredit is a real CC, and it is reported as one. You're just limited in what you can use it for.

As I understand it, the promotional financing may be revised over time, but you'll be eligible for them provided you meet a minimum spend.

I just added $200 to mine, but I didn't get any special financing. The minimum is $250 on a single transaction to get special financing with higher tiers getting longer terms.

In my opinion, it's a pretty good card to have even if it does have a high APR.

[krixxuss]

I'd like to thank everyone for the comments, it helped a lot. 

So, I went ahead and applied for the carecredit card and was instantly approved for $1,000. Not nearly what I was hoping for but at least it's something and now my foot is in the door with GE. I tried getting an increase while in my dentists office but I was declined.. Oh well.. It's still going to help me get the work I need done, so I am very thankful. I have already put $660 on the card and they are giving me 18 months to pay it off, which is more than enough time. 

I hope this helps anyone who may be in a similar situation as me.  

[titanofold]

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@krixxuss wrote:

I'd like to thank everyone for the comments, it helped a lot. 

So, I went ahead and applied for the carecredit card and was instantly approved for $1,000. Not nearly what I was hoping for but at least it's something and now my foot is in the door with GE. I tried getting an increase while in my dentists office but I was declined.. Oh well.. It's still going to help me get the work I need done, so I am very thankful. I have already put $660 on the card and they are giving me 18 months to pay it off, which is more than enough time. 

I hope this helps anyone who may be in a similar situation as me.  

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Woohoo! Congratulations! That's twice my limit.

After about 6 months to a year you can request a CLI, but it'll cost you an inquiry.