Welcome to the forums! I am so glad you are here.
You are making progress so far. I like it.
I would advise you getting the Open Sky secured Visa card. It has pretty decent rates and only one fee (an annual one). Plus, there is no credit check. Have you checked Discover's pre-qualification page? You may be able to snag yourself a pretty darn good card that can graduate with responsbile use.
I would close the Horizon Gold card. It is not worth paying money for if it's going to report to Equixfax only, which is not used often by lenders.
Well the Horizon is only 6.95 a month and as I said I’m waiting to see what wonders it’s gonna do once it hits later this month...and I live in North Carolina and most of our lenders look at Equifax and report to Equifax that’s why it is my lower score so I care more about my Equifax that’s why I don’t mind the only reporting to Equifax...but thanks though
In that case, you are fine. I forgot that reporting varies by state.
Would you mind updating the community once it reports? A lot of people here are interested in the card but don't know if it actually reports.
Why do you need that much in open credit lines that may or may not be used? I realize that the trade lines are already open but hopefully, you consider the cards that the poster above mentioned - mainly because they report to all 3 bureaus and can graduate to cards that would fit your lifestyle down the road.
Also, is there anything else holding your scores down that could be addressed?
I am currently in the rebuilding phase. Adding tradelines has increased my score 45 points in 30 days! So I just wanted to share with my fellow rebuilders some excellent ways to add tradelines to get credit utilization’s down in return boosting your score!
Horizon Gold Card $500
I recently applied for this retail card and was approved for a $500 credit limit. It is $29.95 a month but I called to cancel it because I thought it was a credit card and they not only lowered my monthly payment to only $6.95 but increased my limit to $1250! They report to Equifax only I believe. It has yet to hit my credit because it does so after you make your first monthly payment so 45-60 days. I will keep you all informed to the wonders it makes after it does so.
My Jewelers Club: $5000 credit limit NO CREDIT CHECK reports to all 3 bureaus...but you must order $100 pay half and pay the $99 membership fee only a investment of $150...and I believe payments are about $30 a month
Ox Publishing: Credit line of $2500 reports to Equifax only...gives you the option of opening two lines of credit totaling $5000!
Hutton House: Credit line of $1500 reports to Equifax and TransUnion... they also give you the option of opening two lines of credit
I believe for Ox Publishing and Hutton House they have a fee of $30. That is a total of around $13500 in open lines of credit for only an investment of $250! I thought this was very helpful because it is very difficult for someone with a credit score of under 640 to get approved for that much credit!
I really hate these kinds of "credit cards" that are really just bilking you to establish credit. (Mod Cut-Not here please-thanks) Yeah, it works but you don't feel too good about yourself. (meant to be funny).
From a FICO perspective it works, but wouldn't it be better to open three secured credit cards with credit unions that will either graduate or at least establish a relationship to later get an unsecured card or an auto loan?
There's many ways to get to the goal line and this way will work, but I would hate to have to see those tradelines on my reports for 10 years after I close the last turd.
The problem with opening tradelines with high fees like that is that eventually you'll get your scores up to a point where you could get better cards and you'll realize it's not worth paying $30 or more a month in fees for substandard cards. Then you'll close those accounts and your AAoA will take a hit, lowering your scores again.
I'm glad these are helping you (for now) but I wouldn't recommend this approach to others.