What would you do with a 651 credit score?

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Dherald
 
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What would you do with a 651 credit score?

Postby Dherald » Fri Apr 10, 2015 1:57 pm

My question is this... I just found out that I have a credit score of 651 and I'm trying to figure out what is the best card I should apply for to get approval. I know that it is not good to apply for a lot of cards so that is why I'm asking. Plus with a score of 651 which is fair I don't have as many options for a insecure card.


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lobbythis
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Postby lobbythis » Fri Apr 10, 2015 2:07 pm

All depends on how many derogatories you have on your report really. 651 is not as bad as you think if your reports are fairly clean.

I'm just slightly above you and have plenty of cards and still growing.

You need to decide what's most important to you when picking a card. Cash back, travel points, low APR or a combination of those?

babybear9925
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Postby babybear9925 » Fri Apr 10, 2015 2:13 pm

the Bank America Cash Rewards Card for College students

amex007
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Postby amex007 » Fri Apr 10, 2015 4:05 pm

I would go for the Capitalone QuicksilverOne or VentureOne. Dont know what the requirements for a Chase Freedom are but that is a good card also.
Or the Barclaycard Arrival.
Amex Gold NPSL | Amex ED 28500 | Barclaycard Arrival 17500 | Hyatt visa signature 5000
sockdrawer-- GM 4000 | Unionplus 2200
EX 795 EQ 786 TU 790

amex007
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Postby amex007 » Fri Apr 10, 2015 4:19 pm

You might qualify in the Good range, a little above Fair credit. I would do some more research if I were you but I think your safest option is the QuicksilverOne. The other 3 are a little tougher but you might have a chance with Freedom.
Amex Gold NPSL | Amex ED 28500 | Barclaycard Arrival 17500 | Hyatt visa signature 5000
sockdrawer-- GM 4000 | Unionplus 2200
EX 795 EQ 786 TU 790

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otter
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Postby otter » Fri Apr 10, 2015 7:14 pm

Dherald wrote:My question is this... I just found out that I have a credit score of 651 and I'm trying to figure out what is the best card I should apply for to get approval. I know that it is not good to apply for a lot of cards so that is why I'm asking. Plus with a score of 651 which is fair I don't have as many options for a insecure card.


The score is really not as important as the components of that score. Is your score 651 because: (1) You have a thin file? (2) You have a few derogatory items? (3) Lots of inquiries. Those things will tell us what card(s) might be right than the exact score.
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

Dherald
 
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Postby Dherald » Sat Apr 11, 2015 4:37 am

See the thing is I don't really know how to break down my credit report lol. I know this is going to sound like a dumb question but how do I determine how many derogatories I have?

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nismoZtuner
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Postby nismoZtuner » Sat Apr 11, 2015 1:31 pm

babybear9925 wrote:the Bank America Cash Rewards Card for College students


that was my first card!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

flan
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Postby flan » Sat Apr 11, 2015 3:29 pm

Dherald wrote:See the thing is I don't really know how to break down my credit report lol. I know this is going to sound like a dumb question but how do I determine how many derogatories I have?



Derogatories are 30/60/90/120 day late payments, charge offs, collections, judgements, tax liens, bankruptcies.

Where did you get the score from? Normally, when you get a less than stellar score, it includes a section that says something like "Factors impacting your score", and lists two to four things that are holding your score back. Some you can fix, like utilization, others, like "time accounts established" you have to wait for.

If you tell us what's on your report, we can tell you what you might be able to do.

takeshi
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Postby takeshi » Sat Apr 11, 2015 5:40 pm

Dherald wrote:What would you do with a 651 credit score?

Address the issues before applying for anything. What's your credit like? See what you can do to address your derogs -- hit some sites with more of a focus on rebuilding credit. Carefully research before you take any action as it is possible to make things worse if you have unpaid derogs. If your utilization isn't in check then get it under control.

Where is this score from? What CRA was used as the data source? Keep in mind that there are 3 major CRA's and you have a score with each for any scoring model. Also keep in mind that depending on the creditor you apply with they may use an entirely different scoring model and/or CRA which can mean that the number they pull may be different from the 651 you're relying on.

Dherald wrote:See the thing is I don't really know how to break down my credit report lol. I know this is going to sound like a dumb question but how do I determine how many derogatories I have?

Your reports will have a section for negative information. Pull all 3 and carefully review them.

Dherald wrote:I know that it is not good to apply for a lot of cards so that is why I'm asking.

Correct for your credit but it varies. Thicker credit profiles in good standing can generally handle more new accounts.

Dherald wrote:Plus with a score of 651 which is fair I don't have as many options for a insecure card.

A confident card is the way to go versus insecure. ;)



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