Need some advice!

[Anonymous]

Long time lurker, first time poster here! I've gotten such good info over the past few months from the boards but I have a couple of questions that I'm hoping someone can help clear up or give me some advice on how to proceed. Apologies in advance for the long post!

Here's a quick rundown of my story: I recently got serious about my credit and I've started the long journey to rebuilding my credit back from the grave. I pretty much ruined my credit in college and then I basically tried playing the waiting game and let a bunch of stuff fall off over the next few years. I finally got brave enough to pull my credit scores in March of this year and they were in the mid 500's (not the best but I was expecting WAY worse). I applied for a Cap1 Quicksilver One card and was surprised to be approved for $1000! This was back in April so the card is still very new. I pumped so much money into this card over the next few months and always got close to the limit (never over) but paid it down before the statement cut so it always posted a low utility (<10%). I got really brave and hit the button for a cli on the website around the first of this month (my dog was needing major ear surgery and was going to use this card to pay for it but didn't want to max it out) and low and behold they upped me to $3500 with only 2 statements cut! I started feeling a bit more confident in my credit rebuilding ability so I went crazy with apps (not proud of that). My scores were in the 600's across the board by this point so I ended up applying to Walmart ($300 CL), Care Credit ($500 CL), Target ($300 CL), and did the SCT to get a J. Crew ($250) and a Victoria's Secret ($500). This was all within the past month. Everything was going great until I applied for a Discover it and was denied. That denial hit me hard. I realized I was being pretty reckless and needed to chill with the apping.

So now for the problems:

1) I'm still pretty sore about being denied for Discover even though in hindsight I don't know why I thought my 620 EX score would qualify me. I called the recon number I found on the boards and the credit analyst said I was denied because I don't have a long history of credit use. That's pretty fair seeing as I've only had my Cap1 for 3 months now. My question is, do you guys think I would have any luck with the secured card? I wish I would have saved myself the hit point and just applied for the secured version first, but what's done is done. I'm really wanting to build up my credit porfolio and I need another credit card that isn't a store card. I would prefer not to have to go through the secure route but knowing it can/will graduate to an unsecured card within a year is pretty tempting. What do you guys think?

2) If I don't end up applying for the Discover or if I end up geting denied are there any other cards that you guys can recommend with my current scores? I got a preapproval for a Cap1 Platinum and when I applied it was an automatic denial (since my QS1 is less than 6 months old). I don't know why they sent me that if they have that policy about only applying for their cards every 6 months, but whatever. I've looked at other preapproval sites and I don't currently qualify for any big name brands (AMEX, Chase, Citi, etc). Ideas? Or am I going about this all wrong and should I just stay in the garden for a bit?

3) I'm also in need of a (newer) car that is more reliable than the little car I have now. I'm hoping to get an SUV because I have a toddler and a 90 lb dog that are toted around and I'm tired of hearing the phrase "he's breathing/slobbering all over me mommy!" in regards to my toddler and dog sharing the backseat. haha Plus I travel A LOT for my work and I need something that is more reliable than my current car. My worry is that I won't qualify for a (decent) loan with my measly scores though. They are: TU-640 (5 inq) EQ-620 (4 inq) EX-600 (1inq). I've thought about joining a credit union and from reading the boards it looks like most popular ones are Alliant, NFCU, and PenFed. I'm still in the "rebuilding" phase of my journey so I know my scores aren't great but do you guys think they are good enough to get me in and qualify me for a car loan (that isn't in the double digits!). I'm not looking for a fancy SUV, just something modest that gets good gas milieage and is spacious enough for my family. I've been looking at Ford Escapes and Nissan Rogues that range from 2011 to 2013 so I'm going to need to borrow anywhere from $11000 to $14000. Do you think I could pull this off with my scores? I looked at getting pre-approved with Capitol One but I wasn't impressed with thier offer. I'm hoping that a credit union can get me approved for a single digit APR! lol

I know this was a lot to throw out for my first post but I appreciate any and all advice on these topics! I've learned so much but I know I still have a loooooong way to go to get my scores where I want them (720 across the board). A girl can dream, right? LOL

[Anonymous]

Hopefully this post can be moved to the rebuild forums. You should get a better response over there.

[fltireguy]

Your best bet, in all honesty might be to see if you can join NFCU. They are awesome, from auto loans to credit cards. If you need info on how to join, PM me.. I would be happy to share...

[Anonymous]

 I don't know what my auto fico score was 4 months ago, but at the time, I was shopping for a pre-owned, certified vehicle.  My CU pre-approved me for an auto loan with  25% interest.  I went to the dealer and got dealer financing for 3.9%.  My scores according to MF range from 617-632 now, but they were right around 600 when I got the loan.  I bought the car before I started to try to clean up my credit.  

The vehicle is a 2013, certified.  I'm sure YMMV, I just wanted to share.  CUs are not always the best for auto loans as the dealers get more incentives and have more flexibility. 

[Pway]

Capital One has a new policy where you can only be approved for one card in a six month time frame.  I would garden with what you have at the moment.  No need to rush, you are doing fine.  Discover is an odd ball, some are approved and some are denied.  Time is the essence here.  

Obtaining a secured card is up to you, however it seems as though you have passed the secured route.  You have a major and some store cards in your mix of credit.  Don't go app crazy and regret it later will all the inquiries.  It takes time and you will get there in due time.  

[Anonymous]

If you don't mind me asking, what type of car did you end up getting? I've been looking at a few SUV's but I think I might try and get more bang for my buck and buy a newer car instead.

[fltireguy]

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@Anonymous wrote:

 I don't know what my auto fico score was 4 months ago, but at the time, I was shopping for a pre-owned, certified vehicle.  My CU pre-approved me for an auto loan with  25% interest.  I went to the dealer and got dealer financing for 3.9%.  My scores according to MF range from 617-632 now, but they were right around 600 when I got the loan.  I bought the car before I started to try to clean up my credit.  

The vehicle is a 2013, certified.  I'm sure YMMV, I just wanted to share.  CUs are not always the best for auto loans as the dealers get more incentives and have more flexibility. 

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Captive financing can have some good deals, as opposed to banks and CU's... BUT..

 If you use captive, you generally CANNOT combine with rebates, and other cash back offers, etc. That is always one thing to consider.... NFCU, and DCU both have awesome new car rates, as well as PenFed. 

[Anonymous]

Good morning, I am interested in NFCU as well. Please PM me. Thank you.

[EAJuggalo]

Also, if you attempt to finance through the dealer you will more than likely end up with a ton of inquiries.  I ended up with 5+ inquiries on EQ and TU when I went looking for my new to me van in Feb.  I already had a smaller CU that I was with and they flat out told me that they would not have given me a loan at all, let alone one with half the APR of what the dealer offered if I wasn't already a member when I applied. 

Discover denied me with a 705 TU for not having enough recent revolving accounts.

[righthererightnow]

With all of those inquries (that you already have)... seems like the choice is to get a car loan/car  OR a new credit card. You have to pick the one that you really need.