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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?
@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.
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.
@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!
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'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.