Yep, Likewise is right!
Otherwise, how else would FICO know how well you'd handle actual revolving debt (since I'm fair sure it's predicative in nature -- meaning, "Bob has used his CCs excellently/well/poorly/etc in the past, so he's likely to use it equally so in the future" kinda thing)?
In order to up your score, you need to "prove" to FICO that you've learned the error of your ways (not a judgment here ... just saying that FICO sees COs as "errors" ) and that you can handle revolving debt responsibly.
The difference in our scores in my siggie (which have gone up, but I've been too lazy to edit it) show what a diff having revolving credit can make in re FICO scoring. On average, we went up a good 50+ points on opening new accounts and using them wisely (though our util on the actual CRs is a bit on the high side -- haven't gotten the hang of paying them off prior to the statement/report date, so we're just going to pay them off and SD'em!).
With 640s and no recent uglies, you should be able to get at least a Cap One card -- but, really, most likely even better/prime than that. You're only drawback is that you don't have CCs already (so to the CCCs, you're more of a risk since you don't have a track record with CCs).
Post over in the CC forum on what you should app for!!!
Otherwise, how else would FICO know how well you'd handle actual revolving debt (since I'm fair sure it's predicative in nature -- meaning, "Bob has used his CCs excellently/well/poorly/etc in the past, so he's likely to use it equally so in the future" kinda thing)?
In order to up your score, you need to "prove" to FICO that you've learned the error of your ways (not a judgment here ... just saying that FICO sees COs as "errors" ) and that you can handle revolving debt responsibly.
The difference in our scores in my siggie (which have gone up, but I've been too lazy to edit it) show what a diff having revolving credit can make in re FICO scoring. On average, we went up a good 50+ points on opening new accounts and using them wisely (though our util on the actual CRs is a bit on the high side -- haven't gotten the hang of paying them off prior to the statement/report date, so we're just going to pay them off and SD'em!).
With 640s and no recent uglies, you should be able to get at least a Cap One card -- but, really, most likely even better/prime than that. You're only drawback is that you don't have CCs already (so to the CCCs, you're more of a risk since you don't have a track record with CCs).
Post over in the CC forum on what you should app for!!!
There is a "glass ceiling" in that if you have a serious derog and/or a public record, you are assigned to one of the two negative score buckets. There's only so high that you can go in these --760-770, maybe? (bracing myself for storm of contradictory reports! 
)
Once they fall off your reports, you will be reassigned to a positive bucket, and your potential top score is much higher.
)Once they fall off your reports, you will be reassigned to a positive bucket, and your potential top score is much higher.
@haulingthescoreup wrote:
There is a "glass ceiling" in that if you have a serious derog and/or a public record, you are assigned to one of the two negative score buckets. There's only so high that you can go in these --760-770, maybe? (bracing myself for storm of contradictory reports!
Once they fall off your reports, you will be reassigned to a positive bucket, and your potential top score is much higher.
that's still pretty high! (imho) i could only wish for scores like that!
