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My question is Which is more popular Visa or Discover Card? Thanks for any answer. 2nd question I got is.. Hello all. I have been reading this forum over the years but never registered. I have acquired good information thankfully helping me get my credit up. I am grateful.. |
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That's a good question. I'm not sure what is the right answer to your question. I'll do some research in Google and get back to you if I find an decent answer. You should email the people at Discover Card as they probably could assist you..
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Note that many furniture financing companies are treated the same as pay day loan/hard money lenders by FICO and other scores..
If you have the ability to prove income, a credit union may be in order.. Goodluck!.. |
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Installment loans have minimal impact on your scores. If it does report, it will probably hurt more than it will help (inquiry + lower the average age of accounts)unless you have a fairly thick file. It would probably be better for you if it doesn't report at all..
Toy limit hell sucks. Your scores are good enough to get you a real card but the sub primes are holding you back. My suggestion is to go open an account with a local credit union and get a card from them. I would not be surprised to see a $5K+ approval with clien reports and a halfway decent income. The other option is, as suggested above, to open a secured card with a $3,000-$5,000 limit and then apply for a few prime cards in 6 months or so.. If it were me:. 1) Open an account at a local CU and see what they offer you. 2) Check the credit pulls database and grab a couple of cards that the DB indicates you will be approved for. I would think you would be a good candidate for Juniper and possibly the new Amex card that I don't remember the name of. Go try the pre-selector. EDIT: Its the Zync card I was thinking of. This post has been edited by. Jtoast. : 13 January 2010 - 05:00 PM.. |
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Forgive me for all of these questions...What is a same as pay day loan ? .
What do you mean by thick file?. I actually belong to a credit union. I have an auto loan through them as well. If I apply for a Discover card and get accepted will my credit score go down. or what will happen?. If the finance I just took out for the furniture does report, how much would my score go down.. I think all and all I will be ok. I just worked hard to get up here, and I dont want to blow it by being excited and starting to by things. I am going to purchase a home in about a year.. Even if it drops a little bit and I keep on making my payments on time, I dont see why it would not go back up. If you could respond to my questions above I would appreciated it. Thanks for your help!.. |
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Financial services firms, like CITI financial (different from CITI bank) are seen as lenders that cater to people with credit issues and FICO treats them differently than other types of tradelines...
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Number of accounts reporting. If you have a lot, you have a thick file. If you dont, then it's thin..
The reason this matters is because the more you have, the less effect a new account would have. Example: If you have 1 account that is 6 years old and then open a second account, your average drops to 3 years. If you have 100 accounts that are 6 years, your average doesn't significantly change.. Cant tell you without knowing FICO's proprietary algorithm but usually you take a small dip due to average age and the inquiry and then your score creeps up a bit due to the improved utilization (assuming you don't max it out). The key is that CU might give you a decent limit, which other lenders would then hopefully match... |
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If you were to get a new card with a decent limit and keep up perfect payment history on it for the next 12 months, you would probably be in a much better situation to get a house than you are now. Yes, you will get a temporary, small credit score decrease, but by the time you are applying for that mortgage your score will be better than it is now...
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Thanks for the help..
I went to my credit union yesterday and applied for a line of credit. I know in the past week I have had 2 hard inquiries, the furniture finance, and the line of credit I will most likely get. I know this will bring my credit down a little (hopefully not much). But for now I have really nice new couches, and a line of credit that I did not have before and I know if I pay everything on time in the next 6 months to a year I should be good.. I just wanted to say thanks for everyone's help... |
