Will a new credit card help me?

RTOrockstar · ‎07-11-2020

So I have started rebuilding(again) and going by FICO 8 scoring my scores are as follows

Experian: 607

TransUnion: 643

Equifax: 627

The bad

I have 6 accounts in collections as C/O, all are from 2014-early 2015

I have 1 30-day late from Nov. 2017 on my SC Telco FCU credit card

I have 2 hard pulls, one from Jan. 2019 and one from March 2020

The good

I have an SC Telco credit card $1000 limit

I have a CareCredit card $750 limit (cosigner)

I am an authorized user on my wife's First Premiere card $400 limit

Also a cosigner on a personal loan

Other stuff

I'm at 22% usage currently

about 4 yrs average age

My Experian files says it's thin. I tried using the boost but it didn't help. Would another revolving credit line help me? And is there any mainstream card I'm likely to get approved for other than First Preimere and suchlike? I need expert opinions, guys! Thanks!

Remedios · ‎07-11-2020

Yes, it would help you, but it may need to be secured card, or unsecured rebuilder card from a local CU.

You have a bit going on, and if those collections and COs are still unpaid, it will lower your chances of getting unsecured card, especially at this time.

NRB525 · ‎07-12-2020

Does SC Telco CU offer CLI? With several years of history with them, perhaps they would bump the limit to $1,500 or $2k? Helps with utilization without a new card. May be a HP involved.

The HP from early 2019 is not a scoring factor. Still is visible on your file, but with only 2 HP, unlikely to be a factor in any apps.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

RTOrockstar · ‎07-14-2020

@NRB525 wrote:
Does SC Telco CU offer CLI? With several years of history with them, perhaps they would bump the limit to $1,500 or $2k? Helps with utilization without a new card. May be a HP involved.

The HP from early 2019 is not a scoring factor. Still is visible on your file, but with only 2 HP, unlikely to be a factor in any apps.

I don't know if they offer CLI or not. I always assumed they did, but I've been at $1000 for like nearly 8 years now and only missed 1 payment, a 30 dayer fron November 2017(that I just got removed with a goodwill message).

I could try for a CLI on my Care Credit but I'm not sure I want to risk it with Syn.

Brooklyn2018 · ‎07-14-2020

@RTOrockstar wrote:
So I have started rebuilding(again) and going by FICO 8 scoring my scores are as follows
Experian: 607
TransUnion: 643
Equifax: 627

The bad
I have 6 accounts in collections as C/O, all are from 2014-early 2015
I have 1 30-day late from Nov. 2017 on my SC Telco FCU credit card
I have 2 hard pulls, one from Jan. 2019 and one from March 2020

The good
I have an SC Telco credit card $1000 limit
I have a CareCredit card $750 limit (cosigner)
I am an authorized user on my wife's First Premiere card $400 limit
Also a cosigner on a personal loan

Other stuff
I'm at 22% usage currently
about 4 yrs average age

My Experian files says it's thin. I tried using the boost but it didn't help. Would another revolving credit line help me? And is there any mainstream card I'm likely to get approved for other than First Preimere and suchlike? I need expert opinions, guys! Thanks!

Have you tried Cap1 prequal site? It come with the nail biting 3 HP's but still a no AF rebuilder card. Discover secured prequal might be a good start(?) and starts reviewing for graduation @ 8 month mark.

YMMV.

Good Luck

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