Best Credit Card for New Credit History
Author: FashionEBoutique
Posted: Sun Jan 15, 2006 4:09 pm
Post subject: Which Card's To Apply For With One Year Estab Credit History
In feb I will have finally established credit history for one year. I am really hoping that I will be able to qualify for a better credit's and would like to apply. I am hoping that I can get some suggestions on which card's would typically approve me with only one year credit history. I am interested in adding a few major credit cards not store card's if I an help it. I know that sometime in the future I would like to have a Citi Premier Pass card, but I am not sure if I would qualify with only a year history?
I do not have any negative's on my report at all it is completely clean. However, I do not have many credit card's. I have 1 Installment loan 1300 that is not paid off and closed (this acct was open is feb 05), I have another Installment loan that is open and current with a balance of about $600(this acct was open in June 05). I also have a Macy's dept store card w/a 1K limit open in June and is current, Orchard MC $300 limit (open in Sept. current), Capital One MC $300 limit (open in Nov current). My FICO scores range around 635, but will/should be higher once I apply in FEB. I will be waiting for my scores to increase before I apply for any card. The reason my scores are lower are because of the fact that the CRA's have not updated my payments to my credit cards. The way they are reporting shows that both of my major cc's are very close to the limit's. My Macy's card is reporting under 30%. I have since paid off my major cc's to 0 balances and my Macys card is at 30%. According the the FICO simulator my score would increase to in between 700-757, but I realize that may not be accurate.
I have searched the creditpulls database and it does help for score guidelings, but me having such limited and newly established credit seems to outweigh the fact that my score is the same as what other's are approved with. I don't know if this will change once I reach a full year of history or not. If anyone else is out there that has this same issue or did sometime in the distant past and could give me some inside info. on which card's are "Newly Established Credit" Friendly I would truly appreciate your help and recommendations.
Thanks Again and sorry for the long post. I use to be more active in this board, but I lost my log in info for a long while and have been having trouble logging into this site. I am on AOL and maybe this is why I am having the trouble.
I wish everyone the best of luck with all of their credit and financial goals with NEW YEAR!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rain
Posted: Sun Jan 15, 2006 5:48 pm
Post subject:
If you don't have any negatives in your report its very hard to understand why your score is low.
You said : " I have 1 Installment loan 1300 that is not paid off and closed (this acct was open is feb 05)", are you saying you charged this off and didn't pay?
This would be the reason for your low score if so.
You will not be able to get any good cards until your score hits 700 or so I think. Length of credit history is less of a factor than the fact that you had this negative.
Author: Ira
Posted: Mon Jan 16, 2006 12:27 am
Post subject: Best Credit Card for New Credit History
Please explain what you consider "installment loans" and why one is "closed" and others are "open." Some people use these terms incorrectly.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: crypticlineage
Posted: Mon Jan 16, 2006 12:05 pm
Post subject: Best Credit Card for New Credit History
Here is how I established my credit. My history is only 12 months old.
1. Jan 05 - opened US Bank secured visa - $1000
paid faithfully in full every month, havent incurred any fianance
charges.
2. Aug 05 - FICO Score - 707
3. Sep 05 - Target card - approved $300 - paid faithfully in full every month.
4. Nov 05 - FICO Score - 723
5. Dec 05 - Turned down for auto loan by US Bank, Suntrust Bank.
6. Dec 05 - FICO Score - 701
7. Dec 05 - Approved for auto loan by credit union
8. Jan 06 - Turned down by US bank and Citibank for unsecured cards
9. Jan 06 - FICO Score - 665 (Target card made wrong past due n/a
comment on report; and denial of credit cards as mentioned
above)
10. Jan 06 - Disputed wrong comment in Equifax report
11. Jan 06 - FICO Score 681 (dispute in progress)
12. Jan 06 - Credit Union Auto Loan account reported to Equifax
13. Jan 06 - FICO Score 677 (dropped 4 points only due to new loan)
I have a very clean and excellent payment history with all my creditors and have still been turned down for unsecured credit cards. I need to free up the 1k invested in my secured card but do not want to do that until USBank upgrades me to unsecured.
Hope this info helps new credit establishing people. Please post comments and advice if you have any. Thank you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sun Jan 15, 2006 4:09 pm
Post subject: Which Card's To Apply For With One Year Estab Credit History
In feb I will have finally established credit history for one year. I am really hoping that I will be able to qualify for a better credit's and would like to apply. I am hoping that I can get some suggestions on which card's would typically approve me with only one year credit history. I am interested in adding a few major credit cards not store card's if I an help it. I know that sometime in the future I would like to have a Citi Premier Pass card, but I am not sure if I would qualify with only a year history?
I do not have any negative's on my report at all it is completely clean. However, I do not have many credit card's. I have 1 Installment loan 1300 that is not paid off and closed (this acct was open is feb 05), I have another Installment loan that is open and current with a balance of about $600(this acct was open in June 05). I also have a Macy's dept store card w/a 1K limit open in June and is current, Orchard MC $300 limit (open in Sept. current), Capital One MC $300 limit (open in Nov current). My FICO scores range around 635, but will/should be higher once I apply in FEB. I will be waiting for my scores to increase before I apply for any card. The reason my scores are lower are because of the fact that the CRA's have not updated my payments to my credit cards. The way they are reporting shows that both of my major cc's are very close to the limit's. My Macy's card is reporting under 30%. I have since paid off my major cc's to 0 balances and my Macys card is at 30%. According the the FICO simulator my score would increase to in between 700-757, but I realize that may not be accurate.
I have searched the creditpulls database and it does help for score guidelings, but me having such limited and newly established credit seems to outweigh the fact that my score is the same as what other's are approved with. I don't know if this will change once I reach a full year of history or not. If anyone else is out there that has this same issue or did sometime in the distant past and could give me some inside info. on which card's are "Newly Established Credit" Friendly I would truly appreciate your help and recommendations.
Thanks Again and sorry for the long post. I use to be more active in this board, but I lost my log in info for a long while and have been having trouble logging into this site. I am on AOL and maybe this is why I am having the trouble.
I wish everyone the best of luck with all of their credit and financial goals with NEW YEAR!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rain
Posted: Sun Jan 15, 2006 5:48 pm
Post subject:
If you don't have any negatives in your report its very hard to understand why your score is low.
You said : " I have 1 Installment loan 1300 that is not paid off and closed (this acct was open is feb 05)", are you saying you charged this off and didn't pay?
This would be the reason for your low score if so.
You will not be able to get any good cards until your score hits 700 or so I think. Length of credit history is less of a factor than the fact that you had this negative.
Author: Ira
Posted: Mon Jan 16, 2006 12:27 am
Post subject: Best Credit Card for New Credit History
Please explain what you consider "installment loans" and why one is "closed" and others are "open." Some people use these terms incorrectly.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: crypticlineage
Posted: Mon Jan 16, 2006 12:05 pm
Post subject: Best Credit Card for New Credit History
Here is how I established my credit. My history is only 12 months old.
1. Jan 05 - opened US Bank secured visa - $1000
paid faithfully in full every month, havent incurred any fianance
charges.
2. Aug 05 - FICO Score - 707
3. Sep 05 - Target card - approved $300 - paid faithfully in full every month.
4. Nov 05 - FICO Score - 723
5. Dec 05 - Turned down for auto loan by US Bank, Suntrust Bank.
6. Dec 05 - FICO Score - 701
7. Dec 05 - Approved for auto loan by credit union
8. Jan 06 - Turned down by US bank and Citibank for unsecured cards
9. Jan 06 - FICO Score - 665 (Target card made wrong past due n/a
comment on report; and denial of credit cards as mentioned
above)
10. Jan 06 - Disputed wrong comment in Equifax report
11. Jan 06 - FICO Score 681 (dispute in progress)
12. Jan 06 - Credit Union Auto Loan account reported to Equifax
13. Jan 06 - FICO Score 677 (dropped 4 points only due to new loan)
I have a very clean and excellent payment history with all my creditors and have still been turned down for unsecured credit cards. I need to free up the 1k invested in my secured card but do not want to do that until USBank upgrades me to unsecured.
Hope this info helps new credit establishing people. Please post comments and advice if you have any. Thank you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 6:38 PM
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