Should I get another credit card?

Aug 222010
 

Hey all,

First, as always, thanks for bounty of awesomeness you all provide with your advice.

 

Here’s where I am, after a 3 month cleanup:

 

TU: 662

EQ: 722

 

No collections, no COs, all accounts current. Last late payment was a year ago. I have 120s, but not since then. 4 inq: 1 from landlord in Feb for the house I now rent, one for car in May, one for Capone card I got in May, and one from last November for a house I opted to not purchase.

 

1 open card w/Cap one, $500 limit (will be going up to $750 in the next month from CreditSteps).

 

I keep reading that two is optimal. I’m wrestling with whether to app for one more. Secured isn’t an option, because of an overdraft black mark from a few years ago on ChexSystems. (Tried Orchard secured and was denied b/c of it.)

 

My scores are good, but we are probably going to be house shopping Q1 of next year, so I’m really not wanting to put an inq on there, however I know I’d need to get dinged in order to add one more unsecured line of credit. I PIF my current one every month and would do the same with any additional cards, it’s purely to get my FICO back up solidly into the 700s.

 

Worth it, or wait longer? I’m in an extremely strong place financially – good salary, just a car loan and student loan.

After 3 Months, Inaccurate Info Still on CR – FRUSTRATING

Aug 042010
 

After 3 months of disputes with CRA and countless emails and certified letters to the bank/mortgage company, my report still shows I was 60-120 days in May and June 2010 on my home mortgage and home equity loans, even though, GET THIS – I PAID BOTH FRIGGIN LOANS OFF IN FULL IN MAY 2010!!

 

What do I do now? I’m at my wit’s end, running out of patience. I’ve asked the bank/mortgage for a GW deletion of all accounts, and they refused. Should I ask for a GW deletion of all derogs? 

 

 

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Can Someone Explain this to me?

Aug 042010
 

From Scorewatch’s credit summary:

 

Open
Accounts		 Total
Number		 Balance Available Available credit does not include accounts without a credit limit, such as mortgage or installment accounts Credit
Limit Credit Limit includes the high balance for accounts without a credit limit, such as mortgage or installment account		 Debt to
Credit
Ratio		 Monthly
Payment
Amount Monthly Payment Amount includes the amount owed per month on all accounts due on a monthly basis		 Accounts
with a
Balance
Mortgage 0 $0 N/A N/A N/A $0 0
Installment 4 $17,319 N/A $19,597 88% $389 4
Revolving 1 $4,432 $421 $4,853 91% $75 1
Other 0 $0 N/A N/A N/A $0 0
Total 5 $21,751 $421 $24,450 89% $464 5

Available credit does not include accounts without a credit limit, such as mortgage or installment accounts.

Credit Limit includes the high balance for accounts without a credit limit, such as mortgage or installment account.

Monthly Payment Amount includes the amount owed per month on all accounts due on a monthly basis.

 

 

A few questions..

 

Does this chart only represent “open” accounts?

 

If not,  where does your average collection fall in this list?  Revolving or Installment since evidently thats all I have balances in?

 

Of the “Installment Accounts”  one of them is a secured loan that i can actually close out at any time, one is a small $1000 loan and the rest i can assume is my student loan..  

 

And the 1 revolving account is this stupid vacation network thingy i joined with a friend. 

 

Do these ratios look like they are going to hurt more than help?  Should i close out the 2 loans to get $6K off of that balance and only leave the student loan?  or am I just freaking out at this graph for no reason lol..

 

Thanks   April

 

 

 

seventh ave, midnight velvet, swiss colony, etc

Apr 062010
 

I pulled all three yesterday, 4/5/2010.  I have paid all accounts in full, yet they are now showing CO, after I paid them, no lates.  When I called Swiss Colony the credit dept. could not figure out why it was “in the purple”  even though the accounts are paid in full.  I did pay late, however after I paid it is showing CO not before.  So, I have GW all of them and was wondering, since the mailing address is the same for all of them is there a parent company or CEO for Seventh ave, Swiss colony, midnight velvet, monroe&main, etc?  I have GW them before, with no response, but now they are PIF so I see no reason to report incorectly and even the credit dept. can’t explain it.  Any help would be appreciated.

Thanks

V~ 

Which to pay first?

Mar 172010
 

I have 3 credit cards and one charge off on my credit and I’m wondering which to pay first to improve my credit score quickly.  I have to buy a new car in the next few months because mine is getting old and costing me more than it’s worth.

 

Card #1 – owe $230 at 9% interest

 

Card #2 – owe $235 at 9% interest

 

Card #3 – owe $561 at 11% interest (this card is closed)

 

Charge off – owe $521 (no interest, obviously).  This shows up under the “accounts” section of my credit report, not under collections.  The description is “charge off/bad debt” and they ARE reporting my current balance and payments

 

 

My current score with Equifax is 679.  I’ve done the FICO Score Simulator with the credit card debt, but I haven’t been able to find any advice/information on what paying off a charge off will eventually do to your score.  I know in the short term it could hurt me, but will I be able to recover in 4 months, which  is when I plan to buy a car.   So right now, I am making payments on all accounts and have been current on all accounts since September 2007.  Should I put more towards the credit cards or the charge off?

 

 THANKS for any knowledge you can impart!