Credit Card Application advice

[dpr73]

Forum,

I want to get a nice mix on my credit. I wondered if anybody could suggest what cc's or in store cards should I apply for based on my scores. I have a Cap1 with a low limit eventhough i have supposedly had one late payment in 2.5 years(GWing at this moment)! Also have two household bank card's that i requested to be consolidated, and a salute card that I have had for 7 months. I just got financing for furniture thru GE financing. Any suggestions thanks.

EX - 652

TU - 587

EQ - 563

[Anonymous]

You have a couple of credit cards and a consumer finance account-

If you have no BK or CA's AMEX may take you with that EX score-for a SkyMiles- mine was lower than that when I was approved.


When Fico is talking about MIX
CC's (bankcards are better)
Installment (car or from a Bank)
Mortgage

Good luck

Message Edited by Timothy on 10-23-2007 10:03 PM

[dpr73]

Well Timothy,

 I failed to mentioned that i do have collection accounts that I am working on 4(1 paid) on my EX. I also have a Cap1 auto loan that i got in 05 but i have lates on it. None within the last year. Thanks for the advice.

[SmartCookie]

If you hold off until you wait for the results of the current repairs, you'll get a better card with better terms.  Possibly one that you will want to keep for a few decades and get some good age on. 

I'd try to work on making your current cards work better for you in the meantime. 

[dpr73]

What do you suggest Smart Cookie? I have paid my credit cards on time for over two years but i dont have one card over 500.00. Its frustrating, I dont want to necessarily used the cards if i get nice CL, but i want my UTIL to go down. I want to at least get over the 1000 dollar mark! I want to apply for a Best Buy card but im afraid i will get turned down..so I wait and wait

[SmartCookie]

How old are these scores?

BestBuy is nasty.... DH got turned down with a higher top score than you have.  Of course CC co's don't go by FICO alone but it's not worth it for you to apply just yet.

What are these 4 cards you have?  Which have annual fees and how old are they... and what are you doing with each of the Household cards?  Are they keeping the older date when they combine them?

Message Edited by SmartCookie on 10-24-2007 01:41 AM

[dpr73]

I just checked them on 10/17...i have SW also. I have a Cap 1 (3/05), got two HH (10/06, 8,07) and Salute(03/07). I had two Cap 1's but closed the other one this summer cuz its was only 200. What Cap one did was raise my 300 to 500 after closing the second card (whateva!). i did ask them to consolidate my HH using the oldest one as the sole card. Salute charges for everything(monthly fees, online payment, breathing, etc!). The HH are 0% interest right now with no AF's i believe. I can't remember Cap 1's...but it aint bad

[SmartCookie]

Do your best to keep these accounts current and below 10%.  I hope the Cap1 card you closed was the more recent one but even if not I see where you are coming from.  Very good though that you did not lose the credit limit there, nice.   It is important to try to keep your oldest card, so make that one a good one.

Salute you need to cancel as soon as you are able to incorporate that credit limit somewhere else... or now if you can... yuk!

Good on HH.  Before combining cards always see if you can get a CLI on both without a hard INQ (or with one if you can take the hit) to maximize the deal.

Back to Cap1, you can call them to see if they will waive AFs but they know where you are at and might not.  Once you are in better position.... they certainly will waive it for the year if you demand it by threatening to close the card.  They should be giving you better increases though but they only do so if you don't have any oopsies with them.  Have you called them lately to see if they will CLI?

Are you getting any pre-approved offers in the mail?  In a nutshell, you really need to wait until you do more repair work.  Honestly it might not even be 2 months or so before you can get a better card like maybe the WaMu I'm touting lately.  Then you can start thinking about a store card and whatnot.  Applying now is only going to give you denials or cards that in a year you say 'what was I thinking' because it's not working for you.

[dpr73]

Thanks alot for the advice SC! My number one goal is getting the UTIL down. It is at 49%(hard to keep low with such low CL) right now but should be at 25% by end of month. Everytime i call Cap One they basically say its randomly done. When i first got the card i got a 100.00 CLI in 2 months but didnt get anything until they "raised it this summer". I was thinkng about Palteco or CCCU since my scores fall in range. Thanks again.

[SmartCookie]

You do have a chance now with Patelco according to www.whogavemecredit.com

I know it must be hard to keep the utilization down.  You have to do what you can... see if you can get a better car insurance rate, cell plan, phone plan, shop the grocery sales....all that lovely fun stuff.  Been there... it actually was worth picking over those things I have to say.  I think the longest we made it without eating out or ordering in was a month but we really socked some extra money into debt over that month... and it was temporary thank g-d as I can't go without a burger for all too long.

I'd go for a major credit card before a store card right now as I said.  So the question for you is do you want to apply for Patelco etc, or wait 2 months or so once your scores come up and see if you get something closer to prime and with a bigger CL.