Jump to content

Sign in to follow this  
mrsP2b

Need a credit card!

Recommended Posts

I was discharged Chp 7 in 8/04 and have been debt free ever since (no car loan, no mortgage). I want to get a credit card to begin building back my credit. DH & I *hope* to buy a home this spring ($200k), and I hope to improve my credit by then with this credit card.

 

What general card should I get? I plan to pay it off every month & not carry a balance.

 

T 617

Eq 636

Ex 597

 

Please help me with any tips, advice, etc for raising my fico scores in order to get a mortgage. How long before I'll notice a change on my reports? Can I qualify for a mortgage with the scores I have now? We make about $75k per year total and my scores are better than DH.

 

Any advice appreciated!

Share this post


Link to post
Share on other sites

If your shoes were mine, i'd get like 2 good secured cards and use them wisely. Work on whatever is holding your scores down. If your set on getting a house in the near future, try not to obtain new credit for at least 6 months beforehand. I suggested the secured cards because they will most likely be easier approvals. Use them a few months and you'll see a score increase.

 

Some here hate Orchard but they are whom I choose to start my rebuilding with. Another long time favorite is Crown Jewelers who in the plight to help the less then credit fortunate actually "do not" pull your credit report to open an account. So you get a positive reporting tradeline (as long as you make an initial purchase) without the extra inquiry and risk of denial.

Share this post


Link to post
Share on other sites
If your shoes were mine, i'd get like 2 good secured cards and use them wisely. Work on whatever is holding your scores down. If your set on getting a house in the near future, try not to obtain new credit for at least 6 months beforehand. I suggested the secured cards because they will most likely be easier approvals. Use them a few months and you'll see a score increase.

 

Some here hate Orchard but they are whom I choose to start my rebuilding with. Another long time favorite is Crown Jewelers who in the plight to help the less then credit fortunate actually "do not" pull your credit report to open an account. So you get a positive reporting tradeline (as long as you make an initial purchase) without the extra inquiry and risk of denial.

 

 

 

So, it's NOT good to get an unsecured credit card 6 months prior to getting a home loan??? Why? Is it OK to get a SECURED credit card prior? What is the difference in the cards, regarding getting approval for the home loan? Thanks!!

Share this post


Link to post
Share on other sites

Well it's not wise to get any credit 6 months prior to applying for a mortgage. It's just whats said here and in the mortgage section of creditboards.

Share this post


Link to post
Share on other sites
If your shoes were mine, i'd get like 2 good secured cards and use them wisely. Work on whatever is holding your scores down. If your set on getting a house in the near future, try not to obtain new credit for at least 6 months beforehand. I suggested the secured cards because they will most likely be easier approvals. Use them a few months and you'll see a score increase.

 

Some here hate Orchard but they are whom I choose to start my rebuilding with. Another long time favorite is Crown Jewelers who in the plight to help the less then credit fortunate actually "do not" pull your credit report to open an account. So you get a positive reporting tradeline (as long as you make an initial purchase) without the extra inquiry and risk of denial.

doesn't CJ only report to one CRA? don't you have to buy crap from them for it to report?

 

orchard is an ok subprime card.

 

in the OPs case, opening two or three unsecured cards now will probably help her chances at a decent mortgage APR.

Share this post


Link to post
Share on other sites

CJs reports to all, or has in the past. Yes, you do need to buy something for it to report. But the key being no extra inquiry and a positive tradeline reporting.

Share this post


Link to post
Share on other sites

As far as the sub-primes go I would go with Orchard. They report as HSBC to all (3) and with your scores

ranging from 597-636 you should be fine. I know SG said Juniper and I'd agree with her if they would

accept you with those scores. It might be worth the risk for another Inq..but then again it can be *B offed.

Anyway, I know Orchard would accept you and you'll get the disires FICO boost. BTW, have you considered

be put on as an AU, Mon/Dad/Family/Friends etc.? That will really jump start your FICO...just make sure it's

old and most of all 100% CLEAN!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

    1. tmkats
      tmkats
      Age: 44
    2. Kmlingo5
      Kmlingo5
      Age: 36
  • Member Statistics

    • Total Members
      177,720
    • Most Online
      1,528

    Newest Member
    J9196
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines