Overwhelmed (but willing to learn)

For just about anything you want to get off your chest about credit cards.
22 posts
malevy
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Posts: 9
Joined: Mon Jun 03, 2013 11:37 am
Location: WI

Overwhelmed (but willing to learn)

Postby malevy » Mon Jun 03, 2013 11:53 am

Hi everyone,

Just signed up for the site after lurking a ton. I was doing some research in hopes of bettering my credit score and it's a bit overwhelming. Pulled my TU Fico score and I was a little taken back that it was only 642. I have one secured card (since 2011) and a best buy store only card, which I just got.

Not to bore people anymore but what's a logical next step for me. I pay bills on time and am sick of not having a "good" score. /rant
Fico TU-647
TU-689
EXP-638

Goal-725 across

Bill Me Later-$1000
Cap One Secured-$300
BestBuy-$2000
Amazon-$700


s.jessica
Centurion Member
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Posts: 125
Joined: Wed Dec 05, 2012 12:47 pm
Location: Iowa

Postby s.jessica » Mon Jun 03, 2013 8:02 pm

What do you have for a secured card? Since you just got the best buy store card it likely hasn't reported yet. With your score, I think I would try for a Barclay card for average credit, that way you could have an unsecured major credit card. Store cards do help, but it's better to have at least 2 major cards reporting.

malevy
Green Member
Green Member
 
Posts: 9
Joined: Mon Jun 03, 2013 11:37 am
Location: WI

Postby malevy » Mon Jun 03, 2013 8:06 pm

I have the Cap One secured card. While I have never had a late payment, I've only received one CLi of $100 since opening the card.
Fico TU-647
TU-689
EXP-638

Goal-725 across

Bill Me Later-$1000
Cap One Secured-$300
BestBuy-$2000
Amazon-$700

KrazyNick
Platinum Member
Platinum Member
 
Posts: 79
Joined: Mon Jan 25, 2010 12:10 am
Location: South Carolina

Postby KrazyNick » Mon Jun 03, 2013 8:20 pm

I would shoot for a major bank card. A Barclays or maybe a bank of America for rebuilding credit! You'll get there my friend! Keep paying them off every month. Your score will rise!
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

MemberSince99
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Jun 03, 2013 8:21 pm

With your score and cards, I suggest you look at GE cards. They auto-cli every 4 months or so with good use and paying in full. You can Google the term "shopping cart trick" to see if you can get one using only a soft pull. Try to get about 2 of these, not too many all at once, and use your cards and pay in full for 6 months to a year and at that point you will certainly see your score go up some.

Once you get in the range of 670 or 680, go for cards like Discover IT and Chase Freedom, or even Amex Green. Don't go nuts once your score hits this level and apply for much more than this, or go for the upper tier cards yet. You have to do this in stages over time.But if you follow this, you should see success.

KrazyNick
Platinum Member
Platinum Member
 
Posts: 79
Joined: Mon Jan 25, 2010 12:10 am
Location: South Carolina

Postby KrazyNick » Mon Jun 03, 2013 8:24 pm

MemberSince99 wrote:With your score and cards, I suggest you look at GE cards. They auto-cli every 4 months or so with good use and paying in full. You can Google the term "shopping cart trick" to see if you can get one using only a soft pull. Try to get about 2 of these, not too many all at once, and use your cards and pay in full for 6 months to a year and at that point you will certainly see your score go up some.

Once you get in the range of 670 or 680, go for cards like Discover IT and Chase Freedom, or even Amex Green. Don't go nuts once your score hits this level and apply for much more than this, or go for the upper tier cards yet. You have to do this in stages over time.But if you follow this, you should see success.



Also a good idea. Forgot about GE cards. I've never had one but I heard they are very generous with credit limit increases!
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

malevy
Green Member
Green Member
 
Posts: 9
Joined: Mon Jun 03, 2013 11:37 am
Location: WI

Postby malevy » Mon Jun 03, 2013 8:39 pm

Thanks for the insight everyone.

Just did a quick Google search of shopping cart trick but I really dont get it haha. Also how would I apply for a GE card (found nothing on their site)
Fico TU-647
TU-689
EXP-638

Goal-725 across

Bill Me Later-$1000
Cap One Secured-$300
BestBuy-$2000
Amazon-$700

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Jun 03, 2013 8:41 pm

GE cards are usually store cards - for example the Amazon store card (NOT the Chase Visa card), Victoria's Secret and a bunch of others.

Basically the shopping cart trick is, you go to the website of one of these companies (like VS) and put stuff in your card and go to check out, entering your address. It soft pulls your address so make sure you use the address on file with the credit bureaus, and may offer you a card based on that soft pull of your credit without a hard inquiry.

malevy
Green Member
Green Member
 
Posts: 9
Joined: Mon Jun 03, 2013 11:37 am
Location: WI

Postby malevy » Mon Jun 03, 2013 8:44 pm

Thanks Membersince! Will definitely check it out
Fico TU-647
TU-689
EXP-638

Goal-725 across

Bill Me Later-$1000
Cap One Secured-$300
BestBuy-$2000
Amazon-$700

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Jun 03, 2013 9:02 pm

One more comment - the Walmart card is GE also, so that's something to consider. You can go for the Discover version, and if you don't qualify they may give you the store card. That's another way to get in with GE. They are well known for growing with you and I have personal experience with that so it's a good option for you.



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