My lowest score should be Experian 641. My Equifax is at least 666, probably quite a bit higher, since I have had 4 negatives drop of since I pulled it. Don't know TU, but it is probably somewhere in the middle. I have removed all of the bad that I can for now. I am now trying to raise my scores by adding more good. However, I am in the sticky situation of trying to buy a house, so I don't need a bunch of INQ's if I don't get the credit. Please advise on what I am likely to get, preferably with no fee. Thanks!
I doubt there's anything he's 'guaranteed' to get with those scores (aside from a secured card, maybe)...mine are around 80-100 pts higher and I still wouldn't dare apply for most of them lest flush an inquiry down the toilet.
That is definitely good advice! Our home is being built, so we won't close on it for about three more months. I am looking to add more credit to build my score, I have no intention of using it to acquire debt. It was actually my mortgage broker's idea to try to add one card to help increase our score, and hopefully lower the interest rate will pay on our home loan.
Re: Re: What card am I 'guaranteed' to get? While I agree there is no "guaranteed" card, your statement about secured cards and not daring to apply for a card with scores 80 - 100 pts above 650 is nonsense. Many cards from prime banks can be had with scores of 650 - 670 and they aren't secured. Can you explain why if your scores are 80 - 100 pts higher than the posters 650 - 666 scores, that would be a waste of inquiry? Another absolutely uninformed statement.
Re: Re: What card am I 'guaranteed' to get? New credit cards before mortgage are always bad news.... But try this to add another positive entry to your credit report, since you said there is 3 months time at least ... Open an installment loan secured with a savings account, and pay it off within 3 months. Quite a few credit unions and community banks are willing to do this for you, and report to CRA too, without adding a hard inquiry to your CR. When you pay it off, make sure you get the pay-off in writing; it is quite possible that your pay-off may not have hit the report, and you would not want to jeopardize your mortgage. -- lakpr
Re: Re: What card am I 'guaranteed' to get? SISTER, BROTHER, MOTHER, FATHER have an "EMPTY" credit card that is like 10 or 20 year old account that you can be an "AU" on???? That way you "APPLIED" for nothing...but get the TL
Re: Re: What card am I 'guaranteed' to get? braindead, What George said. Also, if you are currently carrying balances on your existing credit cards, shuffle the balance around to keep the debt/credit-limit ratio on every single card to less than 30%; less than 20% is even better. This may mean paying down your balances, shuffling some of the debt from a lower APR card to an higher APR card (yes, it doesn't make sense, but that's the way FICO is). You can ask your existing creditors to grant you an increase in credit-limit; but make sure that they DO NOT pull an hard inquiry for that. If they can't do that, forego the credit limit increase. -- lakpr
Re: Re: What card am I 'guaranteed' to get? This may come as a big surprise but get this. I have a FICO score of 640. I have about 22 credit cards...what?? Yes, I said 22 and I have about $70,000 of debt on my credit report from having maxed out credit cards, student loans, etc. I am listed as having a credit score better than 25% of the population. Yet, I have never been late on any credit card payments and I always pay them off in full (when the interest rates change from their promotional rate to like 0% or 1% to 9%). And, you know, even with my score, I have never gotten declined for a credit card. I recently got a First USA card with a $15,000 limit and a MBNA card with a $9,000 limit. So, in my experiance, scores aren't all they are cracked up to be (at least when it comes to getting a credit card). I think they would rather see that you pay things on time and have never been late (despite the high balances you carry) vs. a guy that has a score of 760 but has been late a few times and only has a couple accounts. I have gotten my sisters Equifax up above 700 but because she still has derrogatory stuff, I can't get her approved for anything, including an in store Sears card! LOL. So, don't get too down on yourself if you have a low score!
