Credit card to increase score???

[Anonymous]

I have a decent Equifax score, but one of the "negatives" is that I don't have any bank/installments on my account that are current (I do have a dept. store card, but that is it). I have a fairly long history, with some paid off installment loans on there (cars I paid off) with nothing other than being 30 days late over a year ago on my dept. store card on there qualifying as "negative"... I am looking at refinancing a property I have bought (when I get it in a condition to where a loan can be taken out on it and pay off the guy selling it to me) so I am wondering if I should worry about increasing my score. At the moment, I am sitting with a score (Equifax - from MyFico) of 721. According to another monitoring site, the other scores are about 40 points below that one - one of which should go up after getting info off of it that isn't mine. I am considering getting a credit card with a small limit and just using it once a month to buy gas or something, paying it off at least every other month (every month if that looks better) to just increase the score if need be. Anyone out there know of a credit card company that used Equifax as the credit bureau they look into for approvals? I know the score will take a little bit of a ding to apply, but would I see those points and more with paying it either on time or paying it off for the next year until I am ready to refinance?

Any help would be greatly appreciated.

[Anonymous]

Yes, if you don't have a CC, definitely get one. Keep just enough of a balance that you receive a bill. Pay on time, every time. Every nine months or so, bug the card company for a CLI.

[Tuscani]

Your EQ is excellent. Try a Citi card.

[Anonymous]

Okay, I took your advice (thank you) and applied for a Citi Card (dividend - 5% back for 6 mos. and then goes to 3%). I expected to either be told "you are approved" or "you are not approved". I received neither. I received a reply that I would be contacted via US Mail with the decision... Crap! Did I just shoot myself in the foot, or is this typical? (I am hoping that I didn't just lower my score more by having an inquiry - I had one 2 weeks ago when I changed cell phone carriers and they pulled credit report from EQ - and have nothing to show - like they are denying me).

Does anyone know if this is "normal"? Any info you can send my way would be greatly appreciated.

Thanks again for the great info.

[Anonymous]

Yeah, usually "we'll contact you by mail" means "no."

[Anonymous]

If that is the case "we're mailing because you are denied...", should I just hold off on trying to do anything else? It isn't like I "need" the card, I just thought having one would increase my score a little... the EQ score is the highest, and I would think it would be approved if that was what they pulled. The others are a little lower (I am disputing something on my TU report that is false), but should be up around the EQ soon. I have at least a year before I will be looking at a refi. We (wife and I) should have around $100k equity in the house when we go to refi (it should be worth at least $165k) and our payoff on it will be around $65k. I could take money I had earmarked from the sale of where I am now (no mortgage info on reports as we did a REC - we were young and thought we wouldn't be able to qualify for anything with very little money down - and we had a few credit issues) that we were planning on putting into repairs on the house and pay the balance down if the owners are wanting to get a certain amount out of it - which might eliminate the need to refi - because then we could knock it out in about 5 years).

Isn't this "game" just so wonderful???!!! You think you have a decent score and can just get a card to have one active and then they drop the bomb "we will be contacing you bia US mail with our decision". Oh well....

[Anonymous]

Okay, I just bought the other 2 reports (because I was curious after the "we will mail you" thing from CitiBank). My scores are as follows: EQ: 721 (I knew this one), TU: 689 and EX: 749....

There is a collection on the TU that is not mine (haven't even heard of the company, and it is about a year old)... I will be disputing this one (it is for $69). Would that have been cause to be declined (if that is their response) if Citi pulled the TU report? Any help would be greatly apprciated. I was a bit relieved to see that the median score was 721 (according to my FAKO scores, the EQ was the highest - go figure).

[Anonymous]

Oh carp! Just noticed that something I had paid off (CO from a number of years ago) within the past 6 months is still showing a balance (along with an overdue amount) on EX but shows $0 balance on TU and EQ... Yet, the EX is the highest... WHY?

[Drew]

oops.

Message Edited by Drew on 04-27-2007 08:54 PM

[Anonymous]

I applied for an American Airlines Citi card back in December. I believe I got a message saying "your application needs further review" and "we cannot give you a decision at this time" and something along the lines of getting back to me via mail. Usually that's creditor speak for "you don't qualify", but I couldn't believe it when a card arrived in the mail 4 weeks later.

So, don't write them off just yet. You may receive a card in the mail.