Well everyone it looks like my credit is slowly but surely improving. I have applied for a few things and have actually qualified for three. They are the Walmart store card (got denied for the Walmart Discover), Amazon Store Card (never applied for the Visa), and Paypal Connect (they denied me for the Mastercard). A couple of years ago I likely would have been turned down flat for anything, so this is an improvement. I already have two Gas Cards (only use one of them regularly), a Target regular card that I managed to keep clean (no balance currently), and a Target Visa with a very small limit that I mainly just use for my monthly recurring charges, and an overdraft line on my checking account. My plan is to make occasional small purchases that I can pay off every month and hopefully raise my credit score that way. My eventual goal is to be able to get a Visa or Mastercard with an large enough credit line to help with the occasional school tuition (I take online classes) or car repair or save me on gas (I drive a LOT between my two jobs) but for now, I am happy that I finally qualify for something!
That's great to hear, Cathy! Keep up the excellent work and of course don't hesitate w/ further questions regarding your credit!
In a twist of fate.......I've put in another couple of applications. The one I have been approved for (that I know of) is Discover (I had an account with them before that I voluntarily had closed down many moons ago). I was hoping for a credit line big enough to put a car repair or occasional tuition (I take online classes) and possibly get something back on my gas usage (I commute). I was hoping for something inside $2000 for a limit but realistically I thought $1000 might be more realistic considering my credit is in an "improvement" stage. I don't have the card yet but I have online access set up and I went online to see what my credit limit is $6300 or so says my online account. I was totally shocked! I realize Discover isn't as universally accepted as Visa or Mastercard so I am tempted to say I still need one of those for those emergency car repairs, but I have also learned my lesson about having too many cards, so I am not sure where to think now.
I didn't think I had a chance for Discover since I got turned down for a Walmart Discover (but approved for a Walmart store card) but I got one of those "Invitation to apply" things in the mail (which normally I give to my accountant, Mr. Trashcan) but since my credit seems to be on the upswing, I thought I'd give it a shot. Just to put this into perspective............my Target Visa only has a $600 limit (though it was $3000 when I first got it many years ago-it got reduced before my credit started to go downhill around the time the economy started crazy).
Hi Cathy, I have a question for you about the Walmart Discover / Walmart store card. When you applied for the Walmart Discover, were you turned down, did they instead offer you the store card at $xxx CL or did you have reapply separately?
I applied online at the Walmart website. True enough it's a different bank that backs the Walmart Discover so that would explain why I got turned down for it. When you apply for it, there is wording on the application that says you are considered first for the Walmart Discover then the regular card (as I recall). When I applied for it the "instant response" indicated that I had instead qualified for the Walmart store card. I didn't have to apply separately.
I checked my PO box this last Saturday and saw the preapproval/invitation notice. Went online and applied that day thinking I would get turned down. Got an email on Monday that said they were "rushing" the card to me. Checked my PO BOX today (Wed) and it was there. Called the number to activate it and somehow got a live person as opposed to an automated activation. Ended up with a $6300 credit limit and and (after intro) a 19.99% APR. The credit limit is still mind-blowing to me. I am determined to do things right this time and keep track of things as opposed to spending all crazy. However, I am going to try and put gas as well as my regular recurring stuff on it (or as many as will take Discover), save my money, and pay the bill off every month. This way I will get a fair amount of the cash back reward and by paying it off every month, show a good enough credit history to where I can get a better Visa (than I already have) or Mastercard for those times I might need something other than Discover since they are not as universally accepted. At least that's the plan. Hopefully I can live up to my own expectations on this and stay disciplined.
FYI: I figured out how I actually qualified for all of this. They checked Trans Union, which is the cleanest of the three major credit reports on me. In other words, when I checked my reports last year, it didn't have all of my past credit boo-boos on there (sadly, Equifax and Experian did). Plan on checking my reports again soon when I have the time to sit down and go over them to make sure all the "nicks" on there are actually mine (found a couple of questionable items last year). Matter of fact, according to the paperwork they sent with the card, my Trans Union FICO (as of 3/2/13) is 670. Makes me wonder what the other two are since they have more of the boo-boos, but I will be looking into that soon.
Here is a great article to help you stay disciplined from a previous post I shared with everyone. 7 Habits of Highly Frugal People - 7 Habits of Highly Frugal People Thanks! Heather with BoostMyScore.NET
A throwback blog from Josh: Frugality Becomes Chic ... Unfortunately I sort of feel like this moment has come and gone.
