Newbie HELP!! Rebuilding No CC or revolving

Anonymous · ‎03-27-2017

Hi All! I'm new to the myFico, just signed up today, but I have been reading and studying posts on the forums for a couple of weeks.

i was using Credit Karma to check reports and get some old things paid off and check scores.

Acording to CK my scores have gone from high 580s to TU 608 and Equifax 624 by paying off some medical collections that they refuse to delete for PIF

but did have some other creditors that did Delete for PIF

Pulled my Fico today at to see: 548Poor Equifax; 575Poor TransUnion; 587Fair Experian...... Disappointed to say the least!

I also have 4 Judgements that are PIF 1 that is due to fall off May this year the other in June the other 2 are reporting until 2020 that I can't do anything else about 😕

One thing is I don't have ANY revolving credit. No CCs or LOC.

Ive just applied for and got a $1000 DiscoverIt secured CC. That hasn't even come in the mail yet, and I will not charge more than 20% on and will pay every month.

All my other loans (student, auto and mortgage are current)

BIG Question... Do I apply for more cards now to increase available credit and build more on time payments, and risk a quick drop in credit age (current AAoA 8yr9mo) and increase # of Inquiries?? (3 on each CR right now)

HELP!

I would also also like to get a camper this year that's approx 20,000.

any suggestions welcome!

Anonymous · ‎03-27-2017

I've seen several posts here that suggest having at least 3 CCs??

and if so which other cards should I attempt to get?

Thanks!

Anonymous · ‎03-27-2017

Hi @Fun2

If you pop over to the bankruptcy forum, you will see a thread about bankruptcy friendly cc's. It doesn't appear that you have a bankruptcy, but there is some good information and data points you could read over prior to apping.

3 cc's and an installment loan are what is recommended for score optimization.

Have you tried the Cap 1 prequal site to see if they match you with any offers? It's a soft pull, so it won't add an inquiry.

Anonymous · ‎03-27-2017

Hey fellow rebuilder! I like my capital one secured card! It is a triple hard pull on all agencies, so keep that in mind. Only downside is you can't add to the credit line. But it is nice as it's accepted by more retailers than discover is and no annual fee.

Anonymous · ‎03-27-2017

@Anonymous wrote:
@Anonymous @Anonymous

If you pop over to the bankruptcy forum, you will see a thread about bankruptcy friendly cc's. It doesn't appear that you have a bankruptcy, but there is some good information and data points you could read over prior to apping.

3 cc's and an installment loan are what is recommended for score optimization.

Have you tried the Cap 1 prequal site to see if they match you with any offers? It's a soft pull, so it won't add an inquiry.

Thx for the reply, No, I haven't tried them yet, I'm Concerned that I will ot get accepted as one of my prior judgements was from a Cap one card from 2009.

Does anyone know if prior history with Cap One will automatically deny you?

Also, if I do get a pre approve from Cap One site and then do decide to go through with the app, will soft pull become a HP?

I'd just HATE to get a HP, then rejected. 😢

rmduhon · ‎03-27-2017

Cap1 is usually very forgiving. If the if the delinquent account was more than 1 year ago you should be ok. If you wait until the Discover reports you might get a score boost large enough to skip a secured card from Cap1 and go straight to unsecured.

Anonymous · ‎03-27-2017

i had 2 orchard bank cc that i believe cap1 owned that i defaulted on and i applied anyways after going to their pre-qual site and got approved for their unsecured plat.

Anonymous · ‎03-27-2017

Are there other unsecured that do soft pull? I've seen a lot on here for Credit one as a forgiving CC any advise for them or wait it out?

Anonymous · ‎03-27-2017

@Anonymous wrote:
i had 2 orchard bank cc that i believe cap1 owned that i defaulted on and i applied anyways after going to their pre-qual site and got approved for their unsecured plat.

What kind of scores at the time? And did the pre qualify so turn into a HP?

thanks

rmduhon · ‎03-27-2017

Prequals will become HP when you actually apply. You can't avoid that. Hubby got his unsecured Cap1 cards when his scores were in the upper 500's.