lincolnjlincoln

3 Contributions 33 People Helped

Member Since: April 2014

Most Helpful Contribution

Will opening a credit card raise your score?

Jan 26, 2015
Yes and no well maybe!
Helpful to 32 out of 41 people

Understand my title, it truly depends on your credit, say for example you have "fair" credit and you apply for a card that is for "excelent" or "good" credit than you will more than likely be denied.  The problem with this is that while you were denied for the card, and the company has left you with a feeling of  dissapointment,  but hold on, they did give you something.....   A hard credit pull. which can pull down your score. as far as I have seen in my experience with credit cards, "if approved" you will typically see a drop the first month "the hard pull showing up" and then the account is reported which restores order. Now this can leave you scared because on one hand CK says you have "low approval odds with x card and recomends card Z with a $99 a year fee and $50 application fee." on the other hand you apply for the "Black" card that requires an 800+ score if you're in the 600s  I would recommend looking at sites that offer a "peek" at whats available first.  The cc companies want you as a customer and will offer their best foot foreward thats not to say if you ask for a high intrest no reward card thats below your "pay grade" they wont give you one but as I was saying for the smart shoppers a lot of companies give you the ability to input some basic info and do a "soft pull" which lets them see basicly just your score and picks the best cards to match you.  If you decide to take an offer than they do a hard pull but at least you can be pretty confident that when the pinwheel stops spinning, its's going to say "congratulations" instead of "we're sorry but at this time..." and it wont be a wasted credit pull. The bottom line is yes a new card can help your score however, it's not the card, it's what you do with it. eg using less than 30% available credit, payments on time ALWAYS!!!!!  Can't stress that enough even the minimum on time is better than a full payoff a day late.

Activity (3 Total Contributions)

Will opening a credit card raise your score?

Jan 26, 2015
Yes and no well maybe!
Helpful to 32 out of 41 people

Understand my title, it truly depends on your credit, say for example you have "fair" credit and you apply for a card that is for "excelent" or "good" credit than you will more than likely be denied.  The problem with this is that while you were denied for the card, and the company has left you with a feeling of  dissapointment,  but hold on, they did give you something.....   A hard credit pull. which can pull down your score. as far as I have seen in my experience with credit cards, "if approved" you will typically see a drop the first month "the hard pull showing up" and then the account is reported which restores order. Now this can leave you scared because on one hand CK says you have "low approval odds with x card and recomends card Z with a $99 a year fee and $50 application fee." on the other hand you apply for the "Black" card that requires an 800+ score if you're in the 600s  I would recommend looking at sites that offer a "peek" at whats available first.  The cc companies want you as a customer and will offer their best foot foreward thats not to say if you ask for a high intrest no reward card thats below your "pay grade" they wont give you one but as I was saying for the smart shoppers a lot of companies give you the ability to input some basic info and do a "soft pull" which lets them see basicly just your score and picks the best cards to match you.  If you decide to take an offer than they do a hard pull but at least you can be pretty confident that when the pinwheel stops spinning, its's going to say "congratulations" instead of "we're sorry but at this time..." and it wont be a wasted credit pull. The bottom line is yes a new card can help your score however, it's not the card, it's what you do with it. eg using less than 30% available credit, payments on time ALWAYS!!!!!  Can't stress that enough even the minimum on time is better than a full payoff a day late.

Apply for Auto Financing=9 hard hits = minus 24pts in credit. yay

Jan 19, 2015
Sad but true
Helpful to 1 out of 1 people

A lot of times when you apply at a dealer you need to read the fine print of the loan application, what they do is feed it into the computer which automaticaly applies for your auto loan if you have great credit than you get maybe 1 or 2 hits because you are considered "prime" and you get the top tier loan obviously they want to get you the best loan so you will be more inclined to sign. If your score is less than solid gold than you get denied the prime loan than you move into the different tiers of the "sub-prime" catagory and depending on where your score stands depends on how many hits you take untill they find a lender willing to finance you. 

 On the bright side you can write a letter of contest requesting the companies that pulled your credit to remove the pull and sometimes as a courtesy they will.  All you have to do is find a cookie cutter draft online "there are hundreds" and fill it out to your needs it does need to say something along the lines of, I did not give permission, if you find me remiss please send proof of my error etc. send them via certified to each of the companies and wait 30 days, if no responce "more than likely" contact the credit bureaus, show proof that you sent the letters "certified mail receipt" along with a copy of the original.  More than likely it will be taken care of.  If on the off chance the company responds with a "we had permission to pull your credit" letter fire one back stating  that the termenology in the agreement was too complex for the layman.  Most of the time just to save trouble they will remove it just as a courtesy but also because they don't want an issue, they have nothing to gain by holding that pull on your record and all to loose "you in the future as an example".  Try it you may be suprised.

582 credit score, which credit cards should i use to build credit

Jan 14, 2015
Credit Cards to Help Rebuild

Hi John I Have Been in and am actualy still walking around in your shoes. Fortunatly we now in 2015 have recources to help us find cards to suit our needs.  My biggest problem with secured cards is the mentality that goes along with them eg, well i put my money in so if I can't pay its no big deal. I think it should be stressed that there is a big difference between a debit card and a secured credit card and most people know this but again the mentality tends to get the better of us. Also I think worth mentioning is with many secured cards there are yearly fees however you will notice the APR tends to be a little more foregiving take for example Capital One's secured Platinum vs it's regular Platinum the secured has a 19% I believe and the regular has a 22.9% to break it down if you borrow $100.00 with secured you would pay $119.00 whereas with the nonsecured you would pay $122.90 quite a segnificant amount when you get into the higher dollars, but thats a lesson for another day. A lot of companies "Capital One, Discover" and a few others actualy have a pre application that allows you to see if you would be approved for one of their cards and if so which ones without a ding on your credit "if you decide to actualy apply for the card than of coarse you would get a hard pull". Now this is not difinitive for example a relative of mine tried this tool on capital one's website and it pulled up 2 cards that matched her profile she clicked than filled out the full application clicked submit and a few moments later it came back with the were sorry jive. now so that you understand how the system works it just looks at your score not your full profile, it can't not without a pull, her credit report is full of late payments and collection attempts at one point she had a solid gold credit score now she couldn;t get a loan for shoe laces. so, it isn't perfect but it works 80% of the time also another moral to take from this, even if you have a decent score, that score can be blotted out by a bunch of negative items. Myself I recently "almost a year ago" filed bankruptcy and had to rebuild it's a slow, boreing, ardeous and just plain sucky process but thats how they see if you have changed.  I started by getting a credit card "Capital One"  300.00 limit useing less than 100.00 and paying it off month to month than I bought a tv at Big Sandys Super store they have a loan company called FINANCE NOW that has a 90 day same as cash option that reports to the credit bureaus. of coarse I payed off within 90 days.  little by little each month my score would raise a few points nothing major but thats the way of it