New to forum , quick introduction and looking for advice

[Anonymous]

2008 me and brother bought a investment house I had high 760 credit I was co-signer after one year things didn't work out with the house and we defaulted ... Numerous attempts to try loan mod house change banks several times . And now 2016 we working on short sale .. Am 32 years old now and I have always paid my credit cards on time I have Home Depot , Sears card now , I had a chase credit card which was canceled by chase , and a Macy's which was canceled for no use ... My credit took a big hit due to house default .. I was in the high 500 , then started creeping up again to 600... I never try to apply for cards cause i knew I'll be instant declined . In Jan 2016 I received a a secured card offer from Capitol one and I accepted and was approved have $250 credit , recently my credit karma and Capitol one credit monitor showed my credit score grew to 702 went up 45 points ... I didn't think much of it , I received a discover it pre offer about a week ago and I applied and got approved for $ 3,500, I was shocked I got approved , then I was reading this forum about Capitol one prime cards and today I decided to do the prequ application and the venture and quicksilver card appeared .. I felt quicksilver was the right choice even tho I felt both will get declined and I was shocked again I was approved for the quicksilver for $5000, so I read to apply for another card right away and I was declined for the venture .. Did I do the right thing or should I have waited ? Will the venture decline have a affect on my quicksilver approval ?

Thanks in advance , and sorry for the long post just really looking forward to building my credit , fixing my investment property issue and buying a future home for me he wife and kids .

[CreditDunce]

1) Don't put too much stock into the credit score CK provides.  It isn't a FICO score.  Use CK to monitor your TU and EQ credit reports only.  Discover will give you a monthly TU-08 score.  While it is only for on credit reporting agency, it is a much better score to monitor.

2) Having at least three credit cards will help you build your credit score the fastest.  You should have enough cards now.  I wouldn't apply for any more credit cards until you have closed on your next house.  Assuming you are planning on buying a new house in the next couple of years.

3) The Venture denial will not affect the QS approval.  There is nothing to worry about.   Cap1 will have pulled your credit reports again (one each for each of the three major CRA's).  However, the hard pull were more than likely combined with the QS pull.

4) Be sure to understand how the short sell will hurt your credit.  It is almost the same as a foreclosure. It may make it very difficult to purchase another house in the near future.  Also, check to see if they will report the amount forgiven in the short sell as taxable income. 

[CreditDunce]

I forgot to add my usual disclaimer:   The monthly Discover FICO score is very useful, but FICO 08 scores are not used for underwriting mortgages.  Most likely it the bank will use your FICO EX-98, EQ-04 and TU-04 scores.   You TU-08 score may be higher or lower than your TU-04 score.  You cannot use your TU-08 score as a proxy for how you are progressing towards your mortgage goal.  If you are a member of DCU/PSECU, you can get your EQ-04/EX-98 scores for free.  Otherwise, you may want to purchase them here when the time is closer.

[Thomas_Thumb]

---

@CreditDunce wrote:

 4) Be sure to understand how the short sell will hurt your credit.  It is almost the same as a foreclosure. It may make it very difficult to purchase another house in the near future.  Also, check to see if they will report the amount forgiven in the short sell as taxable income. 

---

http://www.nolo.com/legal-encyclopedia/short-selling-home-should-you-33439.html

A Short Sale Won't Save Your Credit Score

Saving your credit score may be the most touted reason for choosing to short sale your home rather than letting it be sold at a foreclosure sale, but the reality is that a short sale is not much better for your credit score than a foreclosure. According to myFICO, the consumer division of Fair Isaac (the company that invented the FICO score), short sales, foreclosures, and deeds-in-lieu of foreclosure are all "not paid as agreed" accounts and are considered the same for purposes of your FICO score. For additional information on short sales, see Nolo's article Short Sales and Deeds in Lieu of Foreclosure.