Should I apply for more credit or continue idling?

[BrandonSS]

Well in the last 4-5 months I've raised my scores from lower-mid 500s to all around 630.  This is a big next few weeks... I'll explain.

1. My Motion to Vacate judgment is pulled on October 20 at the court.  The plaintiff has until then to respond.  I've yet to get anything back yet, so fingers crossed that my old paid judgment from 2006 gets removed. STILL WAITING ON JUDGE TO SIGN THE MOTION.  PLAINTIFF DID NOT RESPOND.
2. My Capital One CC statement is on October 21st.  They didn't post last month, so the pattern shows they will definitely post this statement.  This is my ONLY revolving account and I've already absorbed the Inq, so I'm expecting a nice gain in points (10-20?+?)  Yes I know to report only a 1-9% balance come statement time. CAPITAL ONE HIT AND JUMPED MY SCORES NICELY!!! 
3. I sent a GoodWill to the CEO of Capital One about an account I had from 2004-2006 (perfect payments in that time frame) then I lost my job and went 30,60,90,120 and CO.  I settled with them years ago.  After emailing the CEO a girl from Executive Office called me the next morning.  Very sweet girl and very positive.  She is currently investigating the account, asked further details of my hardship, current status, etc and said she will take care of things and get back to me soon.  She called me Friday morning and then again yesterday to "touch base" and let me know that she is still working the account NO LUCK THUS FAR

So those 3 things alone, if I batted 3 for 3, i would think, would raise my score considerably. Am i right?  I have no open collections, no major baddies other than those above and have a lot (14?) good reporting accounts, only 3 are open (2 student loans totalling only $2800 now, and 1 personal loan with only $900 balance remaining). No late payments for over a year.

But, should I ap for maybe a store card like a Best Buy card?  Or should I let the dust settle up there and THEN go for more cards?  Only reason I want to ap is for a better looking credit mix and improved score. 

[Creditaddict]

Since you have so many things that are leaning in your direction for a positive income you could be talking some major score gains so I would wait!  Right now with a 630 you would find yourself with a Best Buy Mastercard for $300 most likely... if you wait and gain over 50 points, you are then into line to apply for Barclay, Macys Amex, Citi, Discover, etc... good prime banks that will grow with you unlike HSBC

[BrandonSS]

Well this is a slow process...

1.  My Motion to Vacate -  This was scheduled to be DONE by October 20th.  Well, the process is done.  The plaintiff never objected by the 13th (the cut off date), so now the judge just needs to sign it (the 20th).  But he hasnt yet.  I talked to the lady at the office and she said 99% sure it will be granted since there was no objection, but its sitting in a stack that the judge needs to go through to sign.  Ugh!  She said to check back next week to see if he has gotten to it yet, or my copy will show up in the mail signed and done.  So its good news so far, just waiting for the official signed paper.

2.  My Capital One car posted (only revolving account) and I made HUGE gains!!! Jumped 21points on EQ and 62 (yes 62!!!) on TU! to my current scores in the siggy.

3. Old Capital One cleanup - no luck yet.  The girl that seemed like she was going to do it for me was undercut by someone else (an equal) and already closed my case and sent me a denial letter.  She was someone I never even spoke with  

So I assume I should keep waiting so i can get a better CL.  But I know I need another card or store card to add to my mix. 

[Creditaddict]

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@BrandonSS wrote:

Well this is a slow process...

1.  My Motion to Vacate -  This was scheduled to be DONE by October 20th.  Well, the process is done.  The plaintiff never objected by the 13th (the cut off date), so now the judge just needs to sign it (the 20th).  But he hasnt yet.  I talked to the lady at the office and she said 99% sure it will be granted since there was no objection, but its sitting in a stack that the judge needs to go through to sign.  Ugh!  She said to check back next week to see if he has gotten to it yet, or my copy will show up in the mail signed and done.  So its good news so far, just waiting for the official signed paper.

2.  My Capital One car posted (only revolving account) and I made HUGE gains!!! Jumped 21points on EQ and 62 (yes 62!!!) on TU! to my current scores in the siggy.

3. Old Capital One cleanup - no luck yet.  The girl that seemed like she was going to do it for me was undercut by someone else (an equal) and already closed my case and sent me a denial letter.  She was someone I never even spoke with  

So I assume I should keep waiting so i can get a better CL.  But I know I need another card or store card to add to my mix. 

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Best Buy MC (check pre-qual) , a GE backed store card (walmart, Chevron, Gap, Dillards, etc) might be a good option also

[BrandonSS]

I logged into Value City Furniture and just got a pop-up saying...

"You are pre-approved for a Value City Furniture
Credit Card Account with a credit limit of $1000"

We are looking to buy a new kitchen table so I signed on to see if there were any coupon offers or deals.  I'm tempted to get this since we are going to spend money soon anyway, but.. more importantly, I'm currently looking for a new (used) car and I also want to partially finance an engangement ring next month.

So what should i do?  Should I not take the bait and make my jewler financing be my next "store card", or should I go ahead and get it??

[Anonymous]

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@BrandonSS wrote:

I logged into Value City Furniture and just got a pop-up saying...

"You are pre-approved for a Value City Furniture
Credit Card Account with a credit limit of $1000"

We are looking to buy a new kitchen table so I signed on to see if there were any coupon offers or deals.  I'm tempted to get this since we are going to spend money soon anyway, but.. more importantly, I'm currently looking for a new (used) car and I also want to partially finance an engangement ring next month.

So what should i do?  Should I not take the bait and make my jewler financing be my next "store card", or should I go ahead and get it??

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When you build up your stash of credit cards, the goal is not to carry a balance on them.  Avoid the temptation to look at available credit as something to spend.  We're all trying to avoid the temptation to build debt rather than build a credit score and solid finances.

If you're looking at financing a car, keep as much cash as possible in your accounts.  Try to avoid incurring additional debt.  Watch your CC accounts and make sure you're not carrying any balances and that you're not paying any interest.  Let one CC or revolving account report a small balance and pay it off immediately after it reports to avoid paying interest. 

And lastly, watch your AAofA when app'ing for new credit.

Good luck to you - and especially best wishes on your upcoming engagement.  (And remember, it's always easier to start married life with little to no debt - one of the best wedding gifts available and you can give it to yourself!)

[BrandonSS]

Oh i know, thats why I said I'm about to spend the money on one anyway.  But I am not sure I want to take an inquiry hit and a hit to my AAoA before the car and engagement.  I have very little debt now $8 in revolving and under $3500 total in student loans and an installment.  I run almost all my daily purchases through my CC now just to earn the cash back. (better than nothing back!) I just pay it in full multiple times a month.

I'm just not sure gaining $1000 in CL and adding a mix will help or hurt since I plan to make those 2 purchases in the coming month(s).

I currently only have 1 revolving account, being a $300 Capital One card.