suggestions

[oracles]

Hi everyone:

One of my friends has a 649 on his equifax score. He has an orchard card and a secured b of a card. He also has a macy's card for $500 dollars and a jcpenney card for  $600 dollars.

I gave him some suggestions as to what other cards he may apply for that may approve him. I just want to get your opinions as well.

The problem that he has is, he has two cap 1 unpaid charge offs which is bringing down his score tremendously.

He is going to pay them off once he is able to get the money. Cap 1, after 5 years finally sent both accounts to a collection agency.

His macys card is his oldest and it is about 6 years old. He recently got his orchard and b of a card around the same time last year in july and his j c penney card around December of this year.

What cards do you think he should apply for that he may get approved for?

Thanks

Message Edited by oracles on 01-21-2009 11:58 PM

[tempusfugit123]

He could try for a gas card or something like Best Buy to finance electronics. I wouldnt try for anything major until his BofA card graduates.

[haulingthescoreup]

oracles, why does he even want a new card right now? If he's already got four active cards, two of them retail, I don't know that he'd get a huge value from additional cards.

I'd advise him to hold off until this July when the Orchard and BofA hit one year, plus keep on cleaning up the Cap 1 CO/CA's, and see where his scores are then. 649 isn't bad, but it isn't great either, and I'm afraid he'd be apt to only get clunkers right now. Because of course, it's not just the score that creditors look at, but the history as well, and mid-600's plus unpaid CO's isn't going to get him smiles from anyone that he wants to have for the long run.

And I'm sure you've already 'splained to him about util and timing payments and all the other goodies!

[oracles]

You see, this is why I always say, you taught me well HTSU. lol (as well as everyone else)

I too told him he should wait because of today's times and let the other cards hit a year first. He will get some points for this. I also told him to definitely first take care of the CO's and you will see your score sky rocket. However he is insisting on getting one more card for util% and peace of mind (if any of his current cards decide to CLD). I told him, (and i should not have) your limits are so small, they have no where to go down lol. I know that was bad. I told him he should just sit tight and get the CO's off his report and then he can go after some more cards that will give him higher limits then if he were to get it now.

He still wants 1 more card.  Some people never learn lol

[haulingthescoreup]

It's like I posted somewhere else, you can go try to pick up girls unwashed, unshaven, greasy hair every which-a-way, breath that would drop a charging bull, in a crappy car proceding in its own cloud of blue smoke, and wearing your best flood pants, or you can clean up and hope to broaden your options a bit.

But hey, to each his own!