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Barclay's card or remain in garden?

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nativenyer
Frequent Contributor

Barclay's card or remain in garden?

Here's my situation: I had taken myself to garden believing this is where I needed to be for at least a year.  I currently have the following cards:

 

First Premier - $300

Credit One - $400 (they recently gave me a $100 increase without me asking)

Capital One - $200

PayPal Smart Connect - $500

I keep utilization to less that 5% and never paid late on these accounts.

 

 

I have seeral positive TLs.  My current baddies are:

 

Two old Chase Student loans COs $0 balance (the loans have been rehabbed, are with Nelnet and never been late)

Carmax loan with several 30 day lates from 2 1/2 years ago.

GECRB Rooms to Go account CO $0 balance

CACH collection balance of $1200 (rapidly paying this off)

Hunter Warfield paid collection $152

Four paid medical collections in the process of being deleted

 

I was wondering if I should apply for a Barclay's card.  I have 5 inquiries on my report:

12/13, 2/13 - My bank for two secured loans

9/12 - Cap One

6/13 - First Premier

7/13 - Webbank

 

Too many inquiries?  I don't want another inquiry to drop my score and I'm applying for a mortgage next month so that will be another hard pull.  Should I stay in the garden?

Message 1 of 7
6 REPLIES 6
yudeology101
Senior Contributor

Re: Barclay's card or remain in garden?


@nativenyer wrote:

Here's my situation: I had taken myself to garden believing this is where I needed to be for at least a year.  I currently have the following cards:

 

First Premier - $300

Credit One - $400 (they recently gave me a $100 increase without me asking)

Capital One - $200

PayPal Smart Connect - $500

I keep utilization to less that 5% and never paid late on these accounts.

 

 

I have seeral positive TLs.  My current baddies are:

 

Two old Chase Student loans COs $0 balance (the loans have been rehabbed, are with Nelnet and never been late) When was it?

Carmax loan with several 30 day lates from 2 1/2 years ago.  Not good, have you tried GW?

GECRB Rooms to Go account CO $0 balance  Not good, When was it?

CACH collection balance of $1200 (rapidly paying this off)  Not Good, Cach is notorious for being agressive so great job on paying this off rapidly

Hunter Warfield paid collection $152  When was it and is it for PFD?

Four paid medical collections in the process of being deleted Good

 

I was wondering if I should apply for a Barclay's card.  I have 5 inquiries on my report:

12/13, 2/13 - My bank for two secured loans

9/12 - Cap One

6/13 - First Premier

7/13 - Webbank

 

Too many inquiries?  I don't want another inquiry to drop my score and I'm applying for a mortgage next month so that will be another hard pull.  Should I stay in the garden?


Well, you have some baddies that you are currently working on, so that's a good thing.  What are your scores?  I wouldn't app for anything unless you get those baddies taken care of (to fall off completely from your CR) and start planning.  Others can chime in, but you have a number of baddies right now probably too risky to app for anything just yet. 

JPM Ritz Carlton $8k I UMP Club $8k I CSP $8k | Chase Hyatt $5k I AMEX Green NPSL I AMEX Delta $2k I Citi AA $2k | C1 QS $4.5k
BOA UNC-CH Alumni $6k I Hawaiian WEMC $3k I Arrival $6.5k I IT $1.5k | Merrill+ $2k | Lowes $12k | Apple $2k | +23more
Scores: EQ:671 (FICO 11) EX:686 (FICO N/C) TU:686 (FICO N/C) *8-5-14*
Overall UTIL: 14% *Gardening Since: 1/20/16*
------------------------------------------------------------
Need to stay out of trouble.... Go Heels!!! ... GC Watchlist ( #1 since 12-12-13)
Message 2 of 7
nativenyer
Frequent Contributor

Re: Barclay's card or remain in garden?

The student loans were charged off in 2010.

GECRB was charged off in 2012.

GW'd Carmax twice so far and they have said no.

HW collection was from 2009.  Have no idea exactly what it was for.  Requested info from them and never received it. 

 

CACH is a pain in the rear.  I agreed to pay them $50 a month but depending on my mood they'll receive anywhere from $200 to $500 a month.  The original amount was over $3000.  This acount was sold to them from GECRB.

 

Message 3 of 7
yudeology101
Senior Contributor

Re: Barclay's card or remain in garden?


@nativenyer wrote:

The student loans were charged off in 2010.

GECRB was charged off in 2012.  Not good, still count as recent

GW'd Carmax twice so far and they have said no.  Never give up on it, keep trying! I've read someone tried 10+ times and it worked

HW collection was from 2009.  Have no idea exactly what it was for.  Requested info from them and never received it.  

 

CACH is a pain in the rear.  I agreed to pay them $50 a month but depending on my mood they'll receive anywhere from $200 to $500 a month.  The original amount was over $3000.  This acount was sold to them from GECRB.  Yes, CACH/ Midlands are notorious so it's a good thing that you're paying this off first.  Also, are you paying it off for PFD?  Make sure you ask them because they can say otherwise and have it in writing if possible.

 


Baddies have huge impact within first 1~3years and it weighs down after.  Since you have some recent ones (2yrs), i would hold back and continue working on these baddies.  Building credit is a marathon, not a sprint and it can be painful at times so dont be discouraged but keep doing what you're doing!

 

 

JPM Ritz Carlton $8k I UMP Club $8k I CSP $8k | Chase Hyatt $5k I AMEX Green NPSL I AMEX Delta $2k I Citi AA $2k | C1 QS $4.5k
BOA UNC-CH Alumni $6k I Hawaiian WEMC $3k I Arrival $6.5k I IT $1.5k | Merrill+ $2k | Lowes $12k | Apple $2k | +23more
Scores: EQ:671 (FICO 11) EX:686 (FICO N/C) TU:686 (FICO N/C) *8-5-14*
Overall UTIL: 14% *Gardening Since: 1/20/16*
------------------------------------------------------------
Need to stay out of trouble.... Go Heels!!! ... GC Watchlist ( #1 since 12-12-13)
Message 4 of 7
nativenyer
Frequent Contributor

Re: Barclay's card or remain in garden?

It's okay. I was happy in the garden anyway and didn't want to come out for a good two years at least. Thanks!
Message 5 of 7
Shokk
Established Contributor

Re: Barclay's card or remain in garden?

Depends on the card and what the rewards are.  I got Barclay's reward card with 0% on BTs, and $1300 limit.  Had around 5-9 INQs at the time, score probably mid 600s.  (I don't recall who they pulled)

 

Point being, I took the chance and app'd. (Had "pre-approval" letter, but those don't always mean your approved)

 

It was only 1 INQ if denied and the 0% allowed me to transfer 2 cards with high int rates.

I don't know my start scores, but low 500s. 6/2013

2/19/15
EQ FAKO - 638
EX FICO - 665
TU FICO - 697
Message 6 of 7
Jamex
Frequent Contributor

Re: Barclay's card or remain in garden?

I'm also considering the Barclay's card. For what it's worth, they always pull just TU, so you could try looking at just your TU file to gauge your chances. (So for example, if less of your INQ's or baddies are showing up on your TU file specifically, you may have a decent shot and it could help to increase your overall available credit).

 

That said, I'd agree generally that if your TU file includes everything you listed above, you might be better off staying in the garden for another year.

Starting score 3/30/13: 570s across the board
As of 2/17/18: EX 802 | EQ 809 | TU 811

CSR 34K | Freedom 21K | Marriott 24K | Alaska 21K | Citi Dividend 5.9K | Barclay Rewards MC 15K | DCU Visa 10K | AX SPG 24K | AX PRG NPSL | AX Green NPSL | AX EDP 10K | Cap One Venture 20K | SFCU Visa 15K | Barclay Arrival+ 24K (AU) | BankAmericard 13.5K (AU)

Message 7 of 7
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