cancel
Showing results for 
Search instead for 
Did you mean: 

Apply for CC a bad idea?

tag
Anonymous
Not applicable

Apply for CC a bad idea?

I'm looking to improve my scores to at least a 640 mid. I'm about 20 pts shy at the moment. I plan to meet the LO in 6 months. I have one credit card, a Cap1 secured with $750 CL. I've asked for a CLI, no go. I've asked for a PC, no go. I'm curious if picking up another card would improve my score, or if I should just leave it alone and not apply for anything new till after closing?

Message 1 of 6
5 REPLIES 5
GirlMelanie89
Established Contributor

Re: Apply for CC a bad idea?

If Im not mistaken, you need at least 3 tradeline to maximize your score and only carry a 1%-10% balance one card.  With your score, I fear that you will waste an inquiry.  Have you pre-qualified on Cap1's site? If you were confident that you would be approved, another card wouldnt hurt. Especially since you dont plan to apply for nother 6 months. Banks like to see a  month period on 0 inquiries.  Another option is to try for a Comenity back store card via the shopping cart trick.

Bankruptcy discharged: May 2014 Starting Score: 571 Goal Score: 700
Current Score: 676 (EQ FICO) 674 (EX FICO) 662 (TU FICO)

Mortgage Loan Originator in Kentucky
Message 2 of 6
Anonymous
Not applicable

Re: Apply for CC a bad idea?

In addition to the secured card, I have a car loan and two student loans that I'm currently paying on. I assume that meets the three trade line rule. I have one inquiry in the last year , last February from the apartment complex I moved into.
Message 3 of 6
GirlMelanie89
Established Contributor

Re: Apply for CC a bad idea?

Hmmm...then you have the necessary tradelines. Put this orignal posit in the Rebuilding Credit forum. You should get more insight... something is definitelt holding your score down. Do you have any recent missed payments?

Bankruptcy discharged: May 2014 Starting Score: 571 Goal Score: 700
Current Score: 676 (EQ FICO) 674 (EX FICO) 662 (TU FICO)

Mortgage Loan Originator in Kentucky
Message 4 of 6
Anonymous
Not applicable

Re: Apply for CC a bad idea?

I don't know how to move the original post, sorry if this is not the correct place for my topic.

Define "recent".... Smiley Happy

I have the last four months ( 10/15 - 1/16 ) 120+ days late on a Verizon charge off from 2/14. I have since settled with them, but they refuse to drop the lates.

The car loan is just over two years old with no lates. It's a joint account, if that matters. I co-signed for someone and have since taken procession of the car.

The two student loans were 90 days late, 2 times, 6/15 and 7/15.

The secured card is over two years old, never late, less than 5% utilization.

 

Message 5 of 6
GirlMelanie89
Established Contributor

Re: Apply for CC a bad idea?


@Anonymous wrote:

I don't know how to move the original post, sorry if this is not the correct place for my topic.

Define "recent".... Smiley Happy

I have the last four months ( 10/15 - 1/16 ) 120+ days late on a Verizon charge off from 2/14. I have since settled with them, but they refuse to drop the lates.

The car loan is just over two years old with no lates. It's a joint account, if that matters. I co-signed for someone and have since taken procession of the car.

The two student loans were 90 days late, 2 times, 6/15 and 7/15.

The secured card is over two years old, never late, less than 5% utilization.

 


Lol. Me either. Tyoically a moderator will do it. But you could just copy and paste your question in the new forum and then they'll delete this one. Ahh man, I wish you could have negotiated a PFD on Verizon. LO may want to see a 12 month period from the 6/15 and 7/15. 2 years is better, but if youre like me, you dont want to wait! I know I dont. The rebuilding forum will tell you to start sending GW (Goodwill letters) to both Verizon and the student loan servicer. Theres no guarantee, but its worth a try!

Bankruptcy discharged: May 2014 Starting Score: 571 Goal Score: 700
Current Score: 676 (EQ FICO) 674 (EX FICO) 662 (TU FICO)

Mortgage Loan Originator in Kentucky
Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.