Hello again,
I'm looking for some guidance and tips on my credit building plan. As ive previously mentioned in other threads, I have no score. I have a few baddies on my credit reports from past medicals. I have some INQs too. I want to buy a home in the next two to five years. Here is what I've done and what I plan to do.
I now have two secured credit cards.
SDFCU-500
TD Bank-2500
I also applied for a Capitol One secured card that I was not approved for but since I already have the hard pull INQ I'm going to follow up and try to get the third card. So my hard pull INQs I will list below. The newest mortgage pull was really against my will. I was working with a lending agent who took it upon herself to pull my credit knowing I wouldn't be approved. I even have an email from her stating that she was not going to pull my credit. Her reasoning was that I didn't have a score so it wouldn't effect my score. She just wanted to see what was on my credit. I'm upset enough that I don't think i will be doing any business with her in the future. The auto and motorcycle loan requests were to build credit. I bought the bike cash and I'm still driving my rusted out station wagon...
March 2014:
TD Bank Secured CC
Capitol One Secured CC
Auto Loan
Morgage
March 2013 and older
Morgage
Motorcycle
So besides the two secured CCs that are brand new and possibly the third with CapOne, I was planning on opening a secured loan. I want to get one without another INQ if possible. So with my two, possibly three secured credit cards in my wallet and a secured loan for a mix in credit trades, I plan to not do anything else until at least April 2015. This way my oldest INQs will fall off and my 2014 INQS will be over one year old. During this next year I will work on my few medical collections trying to get them off of my reports.
Does anyone see any flaws in my plan? I know my recent INQs are starting to add up so I need to stop before it gets out of hand. With my super thin file it's going to make an impact on my score when I get one. I'm not to concerned with my credit score in the short term. I'm looking more towards the one year point and beyond. Also any information about secured loans vs unsecured loans and secured loans with no hard pull is appreciated. My credit union through work offers both and I will be eligible in July but I'm not sure if they hard pull for secured loans.
Thanks again everyone. I'm really enjoying the boards and the friendly atmospher for learning.
