I have reached my limit, I need help.

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folglalb
 
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Joined: Sat May 10, 2014 10:25 pm
Location: atlanta, ga

I have reached my limit, I need help.

Postby folglalb » Sat May 10, 2014 10:51 pm

I am not sure where to post this, but I am in need of help at this point. Little background....messed my credit up when I was 18....I got two credit cards, Credit One bank (300 limit) and a Best Buy (300 limit)...I used these cards and paid them off religiously until I was 19 and moved out and they ended up getting closed and sent to collections. Fast forward a couple of years and I finally decided to get a secure Bank Americard with a $500 limit in 2011. I started this venure with a 485 credit score. I have slowly been paying on it and keeping the balance around ~75% (bad on me) every month. I have had this for 2 years and pulled my score up to a 560. I applied for a Walmart card and got it (small 400$ limit). Fast forward a year now, I applied for a Kay's Jewelers account and got $1100. My score is now a 602, which is exciting for me, but I have tried to start into prime cards and convert my Platinum Plus into a regular unsecured card, but I keep getting denied. I applied for a couple different ones tonight (more than I would like to admit) and ended up getting denied on half and the other require a little further action.

With all this being said, I pretty much screwed myself for at least 6 months...which is okay..I think..anyways. I am stuck, I want to build my credit further and have slightly higher balances!!!!

I am 25 and have had a fairly rough time the last few years, but have made it work. I now have a decent job making $45,000 and have a decent car which my fiance co signed with me on. I just want to have one card with a decent balance for the unexpected. I have enough money in the bank to pay off all these balances in full if I had to (considering they were maxed out, which they aren't). I am just trying to get some advice. Should I look into getting another secured card and revolve the BoAcard and a secured card every week or so....basically using the CC as my main form of payment and just pay the cards off at the end of the month?


MemberSince99
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Postby MemberSince99 » Sun May 11, 2014 5:54 pm

Assuming your 602 is a FICO, you won't get a lot of approvals based on that. I'm work instead on keeping that utilization below 10% ideally which should boost your score (you can always pay before the statement cuts you know - you mentioned you have the money to pay them off).


I'd also see if I could do a pay for delete on the baddies. But for sure get your utilization down, that will raise your score and maybe give you a shot at something. A 602 just isn't going to go very far.


Especially if you get approved for one or more new cards, then just pay down those balances and keep them down, and don't do anything for another 6 months and see where you stand then.

takeshi
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Postby takeshi » Mon May 12, 2014 10:13 am

Definitely work on the derogs as they are holding you back.

With 3 cards another secured card isn't likely to help much. Keep reported utilization in check since your cards have low limits and it's very easy to end up with high reported utilization even if you pay in full by the due date.

folglalb wrote:I have tried to start into prime cards and convert my Platinum Plus into a regular unsecured card, but I keep getting denied. I applied for a couple different ones tonight (more than I would like to admit) and ended up getting denied on half and the other require a little further action.

Derogs are always a major problem and should be addressed first but what are the reasons for denial?



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