If you had to choose ...

[Anonymous]

Between waiting a few days for your FICO to increase (by having a BIG account come current - is currently showing as 120+/$4K overdue - I'm assuming the update will result in a big change in FICO?) ... or getting a card NOW/adding another TL NOW, (and perhaps being denied or offered a higher APR or having to do a 99/500), which would you choose??

We're so happy that we've gotten to 572 and in the "not good" credit category and OUT of the BAD credit category that we're silly with the possibilities and necessities of rebuilding our credit/adding revolving TLs.

Just want to make sure that while our motivation is excitement, our results are wise!!

TIA!!

[Anonymous]

WAIT!!!

[Anonymous]

---

@Anonymous wrote:
WAIT!!!

---

Thanks, Sly!!!

*sigh*

Not the answer that we, in our rabid excitement (still happy dancing!!), wanted, but I know it's the wisest course of action!!!

I don't suppose you know how much of a jump we can expect when the biggest baddie (the student loan over 120 days late & $4K past due) updates to current/paid, do you?

We're really, really, really hoping that it knocks us up another 40 points (which seems to be about how much our car loan updating bumped us up!).

FICO Sim says that if it updates, we can expect to hit the 600 club ... SO hoping it's true!!!

As always, Sly, thank you!!!!

*hugs!*

[Anonymous]

I would guess...a good bit...because...120+ past due...weighs almost the same as a collection...I think you'll be good...

[Anonymous]

---

@Anonymous wrote:
I would guess...a good bit...because...120+ past due...weighs almost the same as a collection...I think you'll be good...

---

Thanks again, Sly!

We're hoping so ... of course, we've also put in a request with ACS to forgive our lates (long story ... wrong account info, hedgy payment structure/mistakes -- went from $242 to $504 when ACS bought our account from another lender -- and their inability, according to CSR, to send us our promissory note) ... if that goes through, our only dings would be a couple of 30 days with our car loan, a tax lien and a CA.

Don't know how that will play out ... we'll find out soon, I guess! :/

[BungalowMo]

I totally agree with sly...once that is off, you'll look a lot better on the ficometer!

Here's wishing you a ga-zillion points on the loss of the baddie!  (or at least 50-75ish!)

[DustyStash]

Wonderin,

Definitely wait until your other account updates. I know how impatient one can get in all the excitement. I've been there numerous times !  But you always want to make sure when you're applying for a new credit card or any account, that you're putting your very best foot, or score forward. If you apply now and are denied, you'll be kicking yourself and saying should have waited. and then its possible that your score updates 20-40 points higher ... and then you apply again, and are still denied.

Also those scores that you have now, are going to be denied right now by most credit card companies, unless you're looking at a secured card. And believe it or not, they still might deny you ! Even those guys have tough requirements sometimes. Also, keep in mind, you can often be declined a credit card based on specific information in your report, not just the score. Some places will deny you if you have ANY collections period. you could have a 700 score and 1 collection and be denied. A past bankruptcy regardless of age might automatically get you denied. Any accounts that are past due .. such as the one you're waiting on right now. Too many inquiries in a specific time frame could get you denied.

So its not always a score thing. Lenders have their own criteria, and some things are automatic denials, regradless of your score.  So definitely let the other account update. It should definitely help the score ... and then look at the rest of your report and see if theres anything else you can work on, prior to applying for a credit card or anything else. you always want to put your best foot forward, not just for a better rate, but to be able to be qualified in the first place period !  Good luck, you've done great work so far, and stick with it.  Best wishes,

Sparky =o)