Hi guys!
New to the board but a long-time (non-member) lurker. I've actually followed this board for about a year while rebuilding my credit and all I can say is thank you! I never really felt I had much expert advice to add so I never joined. Well, I still don't have any expert advice but I do have a few questions. 
About a year ago, my three scores were in the high 500s/low 600s. At the time, I had two paid collections from 2011 and 2012 (still do in fact), a charge-off from Midland (which has aged off my report 6 months back), and 4 hard inquiries (2 of them scheduled to drop off Nov 2014). The only good things on my report was/is my student loan, paid off and in good standing from 7-10 years back, a cc I closed back in 2011 on my own without any negative reporting, and zero debt.
I started rebuilding my credit by applying and being approved for a Capital One secured credit card. I was approved, made a $99 deposit, and went on about my way with a cl of $200. Following the advice of the board, I made a $20-$40 purchase and then paid it off before my cc statement cycled. Flash foward to the 6 month mark, I received a $100 bump. Over this period of time, my credit score jumped from the low 600s to mid 600s. Just a week ago, they bumped my cl up to $750 so I am feeling pretty happy. Not yet factoring in the new cl increase, my scores are as follows: Ex: 694, TU: 694, and Equifax: 686.
I did try disputing a collection for inaccurate dates (they were/are inaccurate but I never saved my documents) but it came back as the same. I was thinking of doing a gw letter to the other collection company, but the whole disputing process and fluctuation in my score freaked me out to be honest. Even though I tried following the advice of the board, I just kind of felt like I was running around blindly poking at things. I'm going to stop poking things.
ANYWAY, my SO and I want to buy a house in 10 months and when we spoke to our banker, he recommended I open another credit line now since I only have my little secured credit card and that's it. I also sought the advice of this board and got the same feedback. So... I'm going to take the plunge and do that after my cc reports my new cl increase (beginning of Aug).
I have a fuzzy action plan with questions and I'm just hoping anyone can weigh in with some experience or feedback. Thanks!
I am planning on applying either for Discover IT or the Wells Fargo Rewards. Would it be better to apply for both on the same day? I know there would be two hard inquiries by the companies but would they "see" each other if I applied the same day? Or is this dishonest? I don't want to be on the wrong side. Are there better cards than this that other people have applied for within my same credit score range? I read cc reviews, but I always stumble on 5 star Amex and Chase ones and those are definitely out of my league at this point. Also, I had a cc charge off at WF 10 years ago (silly college kid). It is paid and not reporting any longer. Doesn't sound like WF blacklists, but can anyone confirm from experience?
If I am declined by both, I am then going to humbly turn to my mother who is part of the elusive 800 club and be added onto her cc as an AU. Her cc was established 1968 and has never had a late that is reporting. She doesn't have any problem with this since she knows how hard I've been working and also, I have no desire or plan to even use the cc. It also would be nice to be able to be an AU for the future since she is getting a little older. I'll definitely ask the cc company whether or not they report AUs and go from there. I just want to make sure I'm not going to adversely affect her. Is there any way that by me being added as an AU, her cl will be reduced? Is this silly? I just don't want anything negative to come from her generosity.
Finally, has anyone been at this same point and if so, what was your next step that worked or didn't work for you? Other than that, thanks for your time folks! I appreciate it greatly.
@Anonymous wrote:Hi guys!
New to the board but a long-time (non-member) lurker. I've actually followed this board for about a year while rebuilding my credit and all I can say is thank you! I never really felt I had much expert advice to add so I never joined. Well, I still don't have any expert advice but I do have a few questions.
About a year ago, my three scores were in the high 500s/low 600s. At the time, I had two paid collections from 2011 and 2012 (still do in fact), a charge-off from Midland (which has aged off my report 6 months back), and 4 hard inquiries (2 of them scheduled to drop off Nov 2014). The only good things on my report was/is my student loan, paid off and in good standing from 7-10 years back, a cc I closed back in 2011 on my own without any negative reporting, and zero debt.
I started rebuilding my credit by applying and being approved for a Capital One secured credit card. I was approved, made a $99 deposit, and went on about my way with a cl of $200. Following the advice of the board, I made a $20-$40 purchase and then paid it off before my cc statement cycled. Flash foward to the 6 month mark, I received a $100 bump. Over this period of time, my credit score jumped from the low 600s to mid 600s. Just a week ago, they bumped my cl up to $750 so I am feeling pretty happy. Not yet factoring in the new cl increase, my scores are as follows: Ex: 694, TU: 694, and Equifax: 686.
I did try disputing a collection for inaccurate dates (they were/are inaccurate but I never saved my documents) but it came back as the same. I was thinking of doing a gw letter to the other collection company, but the whole disputing process and fluctuation in my score freaked me out to be honest. Even though I tried following the advice of the board, I just kind of felt like I was running around blindly poking at things. I'm going to stop poking things.
ANYWAY, my SO and I want to buy a house in 10 months and when we spoke to our banker, he recommended I open another credit line now since I only have my little secured credit card and that's it. I also sought the advice of this board and got the same feedback. So... I'm going to take the plunge and do that after my cc reports my new cl increase (beginning of Aug).
I have a fuzzy action plan with questions and I'm just hoping anyone can weigh in with some experience or feedback. Thanks!
I am planning on applying either for Discover IT or the Wells Fargo Rewards. Would it be better to apply for both on the same day? Doesnt really matter and I would not go with WF unless you bank with them. I know there would be two hard inquiries by the companies but would they "see" each other if I applied the same day? The inquiry is recorded in a millisecond or less there is no truth to the multi browser same time pushing the submit button and creditors not being able to see the inquiry it happens so fast that strategy went out the window awhile ago. Or is this dishonest? Nothing dishonest here I don't want to be on the wrong side. Are there better cards than this that other people have applied for within my same credit score range? I read cc reviews, but I always stumble on 5 star Amex and Chase ones and those are definitely out of my league at this point. Also, I had a cc charge off at WF 10 years ago (silly college kid). It is paid and not reporting any longer. Doesn't sound like WF blacklists, but can anyone confirm from experience? You actually want 3 revolving bankcards and 1 store card at minimum to maximize your Fico. I would be turning to local CU to see what they could do for me, there are also national ones out there. WF will blacklist every bank does it just depends on how much it was and how long ago, some never forgive, Amex and Citi come to my mind, from experience. Best thing you can do for yourself is to have your mom add you on as AU before you app for more cards, verify that they will actually report the AU some dont. You cannot affect her credit at all she can affect yours by what she does with that card but AUs can be removed completely if the account goes bad.
If I am declined by both, I am then going to humbly turn to my mother who is part of the elusive 800 club and be added onto her cc as an AU. Her cc was established 1968 and has never had a late that is reporting. She doesn't have any problem with this since she knows how hard I've been working and also, I have no desire or plan to even use the cc. It also would be nice to be able to be an AU for the future since she is getting a little older. I'll definitely ask the cc company whether or not they report AUs and go from there. I just want to make sure I'm not going to adversely affect her. Is there any way that by me being added as an AU, her cl will be reduced? Is this silly? I just don't want anything negative to come from her generosity.
Finally, has anyone been at this same point and if so, what was your next step that worked or didn't work for you? Other than that, thanks for your time folks! I appreciate it greatly.
