New to forum...just appvd, currently rebuilding

For just about anything you want to get off your chest about credit cards.
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stones
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New to forum...just appvd, currently rebuilding

Postby stones » Sun Sep 21, 2014 8:20 pm

Hi all,

I am in the process of fixing my credit. I usually read through this site and Fico. I decided to register here since I noticed most members here have excellent credit and I am hoping I can end up in the same boat.

My score was a mess years ago and about a year ago I took out a CAP1 Secured card which I had for a year without any issues. I was sent a preapproved letter for the CAP1 Quicksilver card and after asking on the forums I gave it a shot and was approved.

If this is in the wrong section feel free to move it and if I left anything out that may be useful please let me know.

Just so you can have a better idea:

My score right now is around 630~ and I have the following cards (all low CL):

Macy's - $500
Cap1 QS - $1k
Cap1 Platinum (Secured) - $600

I want to work my way up to about 800 Fico score and need a few more cards.

Do you guys think it would be wise to apply for other cads now although I recently approved for the QS maybe 2 weeks ago?

Could you guys give me any advice on how I can accomplish an 800 Fico other than paying on time? Any advice you give I will follow as I plan on buying a house in the next 2-3 years so this is very important to me.

Thanks,

Tony


PallasAthena
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Location: USA

Postby PallasAthena » Sun Sep 21, 2014 10:58 pm

Hi, welcome. This all depends on your past and how recent your delinquencies occurred. Bad things tend to drop off your credit report after 7 years. Delinquencies negatively affect your score and some can affect it pretty badly.
Try applying for the Discover It card if you're looking for one. If they deny you, always call the reconsideration line. Try to ask Capital One to turn your secured credit card into an unsecured one. Keep using your cards and every 6 months, ask for a credit line increase if they don't give you one, automatically. Try to pay your balance in full at the end of each month. Use your card as if it were cash. If you have $100 in the bank to spend on groceries, only charge $100 at the supermarket. (You get my point!) Don't max out your credit cards, though. With the right discipline, you'll be on your way raising your credit score.
Just an FYI, I filed for BK in 2006 and I had several serious delinquencies on my CR leading into the BK. My credit score was in the mid 500s if I remember. Today, all of the delinquencies have dropped off except for the BK. My FICO score is now 735. I believe my experian score was a 705 earlier this summer. The BK is preventing my score from going higher. So, it all depends on what your negatives were.
Oct '16
TU: 783, Equifax: 772
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
0 CC debt (Disc, Citi, and WF Amex)
furniture debt: $1800
Closed unused CCs, was dinged a few pts, but recovered
I filed for BK in '06 and was in debt over $500K. Never again! You can do it too! :lift:

MemberSince99
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Location: WI

Postby MemberSince99 » Mon Sep 22, 2014 6:39 am

With your score and what you have there I would NOT be applying for other cards right now. I'd use what you have responsibly until you hit at LEAST 650s to high 600s first. I don't mean to sound all MyFICO on you but 630 just isn't very good and you need to garden what you have for the time being as the approvals won't be many at this point. There are still things you could get, but, the question is should you and they probably for the most part aren't cards you would want long term.

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Vattené
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Postby Vattené » Mon Sep 22, 2014 4:08 pm

I must agree. Since you are looking to get a mortgage soon, your best bet is to not apply for anything. Sure, you MAY get approved, but it is iffy and any hard pulls on your credit will stay on for 2 years. Getting better loan terms on the mortgage you're expecting to apply for is more important than any marginal increase in credit card rewards.

Use the QS to rack up rewards, but ALWAYS pay in full. Find out when your balance is reported on the card and make sure a low (non-zero) utilization is reported each month. Make multiple payments a month, if necessary. I think what will help you most, if you have any other loans (car, etc.), is making more than the minimum payment to get the balance down as low as possible come mortgage application time.

In a year or more when your credit has improved, applying for one other card MAY help you. However, I think for now you should focus on managing what you have.

Good luck! Improving your score is a slow and boring process, but if you manage your credit reaponisbly it will happen.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Sep 22, 2014 4:31 pm

Getting to an 800 will only happen as a lot of your bad marks fall off with time. It won't just happen after you make timely payments on a few unsecured cards for a year or two. When you get to the higher FICO scores necessary to get a good mortgage rate, bad history hurts you far more than good history helps you.

Bad marks other than a bankruptcy fall off after 7 years. A bankruptcy would fall off after 10 years. Buying a house may need to wait, unless you have an enormous income relative to the house's purchase price.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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otter
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Postby otter » Mon Sep 22, 2014 5:10 pm

Agree with every reply above... 800 might be unrealistic for you. It's nearly impossible to have a 750 with any baddies. An 800 requires everything to fall into place- no baddies, low utilization, a wide variety of types of credit, a long credit history, and low inquiries. If it was easy to get an 800, there'd be a lot more 800's.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450



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