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Quick question: Question about buying a home & lending tree....? Hoping for any answer or 2. My other question... I have been on a long rebuilding spree. I takes a lot of discipline and patience.. |
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I would like to know the answer too. Anyone here know what is the answer. I'll do some poking around and get back to you if I bump into an useful answer. You should email the people at Lending Tree as they probably know..
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Cloase all accounts you have open with zero balances except for one for ers. The more cards you have open the higher your available credit is, all this does is show the card co's how deep into debt you can get, even with out their card. They often don't like this amount to be high. I recently closed 7 or 12 accounts and lowered my available credit by about 6k. My Lending Tree credit score went from 676 to 712 by doing this...
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Eric.
First off, congrats on rebuilding your credit. From the information you posted it appears you major obstacles are:. 1. Debt ratio on your open accounts. Anything above 35% may throw up the red flag.. 2. Number of inquiries may be hurting you. Creditors don't like to see lots of inquiries.. 3. I would suggest paying off and closing all of them except the Providian Gold because of it's reasonable limit (high rate, but you might need the limit).. 4. After the others are paid off, get the Providian balance down to about $1000 and be sure to pay at least 10% of the balance every month.. 5. Wait 6 months and apply for a prime rate low interest card.. 6. If you don't want to do all the above, pay off most of the cards and walk into your credit union (if you have one) and talk to a Lending Tree loan officer about opening an credit card account. There is nothing like a face to face, it worked for me.. Regards,. JP.. |
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I thought it was illegal to send a credit card until one actually applied for it?? Just curious..
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Thanks for all the useful information, everyone..
Question:. If I drop down to two unsecured lines with a total of let's say $5K by then vs. keep 4 open with a total of say $8K, will that give me a lower limit on a newly issued card?. How do they figure the limits? I assume the existing credit lines figure into it somewhere.. Also, does the 12 mos. on inquiries really make a difference? I know 6 mos. does... |
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I don't understand why you need all these credit cards, and why you want to have a 20K line on a new platinum?.
Why not have 20k in your checking account? Is it your intention to spend every dime of your income and go into debt for 20k as well?. You ought to cancel all the cards but one, and don't carry a balance on it... |
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Because I charge about $5K/month in business expenses and my current lines have to be paid twice a month to cover that, and heaven forbid I might want to use some myself..
Having that cash sitting around waiting to be used on a debit card is a waste of money. I'd rather have it earning 10-20% per month.. Most of my friends that make comparable incomes that haven't had problems in the past have $50K or so in lines. I don't really need that much.. The flip side is that you need credit to get credit, and when I start moving on real estate when the market drops, I'll need the platinum plated credit report.. I would much prefer to have one 6K card instead of the 6K in cards I have currently, but I'm taking what is made available to me, and building history in the meantime.. In the short term, this sucks, but as soon as I close all these and let it sit for 6 months, I'll have 12-15 satisfied accounts, and perfect history dating back 7 years.. I'm leaving the car note with minimum payments because the rate beats the hell out of any business lines I have. It's cheap money.. Ever think maybe I have 20K sitting in a checking account? This isn't about 20K, it's about power-building credit to make real money.. John Debtor wrote:. I don't understand why you need all these credit cards, and why you want to have a 20K line on a new platinum?. Why not have 20k in your checking account? Is it your intention to spend every dime of your income and go into debt for 20k as well?. You ought to cancel all the cards but one, and don't carry a balance on it... |
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You ought to cancel all the cards but one, and don't carry a balance on it by John Debto.
''''''''''''''''''''''''''''''''''''''. Not a good idea.. Fico is heavily credit card driven.. Following your advice could drasticly lower your score resuliting in much higher cost of loans and insurance... |
