Home Members Tools Credit Cards
   

I Was Approved Average Score Of 570: Best Buy Reward Zone® MasterCard® Review

Card Reviews Comments Add Your Own
Search Reviews:
I Was Approved Average Score Of 570 - Written by: Pmarti8 on 2010-07-24

Best Buy Reward Zone® MasterCard®
[Card Details]

 
Overall Satisfaction
Customer Service Not Rated
Rewards Not Rated
Account ManagementNot Rated
Delivery TimeNot Rated





Pmarti8's Card Review:

My credit line is only for $100 but this is just a stepping stone for an overall increase of my credit scores. News flash people Fair Issac doesn't know or care whether your credit line is $100 or $100,000! If you keep your credit utilization under 30% and pay on time, your credit score WILL increase!

My one objective is to purchase a home within 6 months and I need open credit lines to do so. I have lived and will continue to live credit card free.

 




Comments On This Review: (7 Total)



Comment 1
Comment Title: Congratulations On Your Approval ! From Kdb030609 on 2010-07-24

I'm not sure but a 100 CL card and 6 months may not be enough credit history to bring your scores up to a level. That lenders will approve a mortgage for you. While reviewing your application. Especially since the mortgage meltdown. Mortgage lenders are being conservatve right now. Unless you have a very large down payment. That would significantly diminish their risk in lending money to someone with a very limited credit history. Mortgage lenders also will look at your credit report not just your scores. You might need a little more time to get to your goal of owning a home. I commend you on your goal of owning a home! I hope I haven't offended just trying to help give a little info. Good Luck!!!



Comment 2
Comment Title: Re: Approved Average Score Of 570 From Wanderer on 2010-07-24

Congrats! Wish you the best. Mortgage lenders are said to be looking for FICO Scores greater than 720 and really great credit lines with depth. Also, they like the shared risk (more down) in case another home market value decrease occurs. Go for it!



Comment 3
Comment Title: Re: From Brian23 on 2010-07-24

I believe you can get an FHA first-time homebuyer mortgage with a minimum medium FICO of 640. But of course, the higher the CS, the better your chances are.



Comment 4
Comment Title: Wow!!! From Sfrancis on 2010-07-24

I applied for this card last month and they declined me. My scores are 605, 614, 640. The only thing I can think of is that I have an Orc MC and HSBC doesn't allow you to have more than 1 of their bank cards right now, at least that's what it says in their FAQs. I think 620-640 credit score is needed for a mort (you're almost there)! Apparently, you used to qualify for a loan with scores in the 500s or below (first time buyers). CNN article at: http://money. Cnn.com/2010/07/16/real_estate/tighter_FHA_requirements/ (Only 10% down)



Comment 5
Comment Title: Re: Approved Average Score Of 570 From Pmarti8 on 2010-07-24

@KDB LOL no I am not offended. You're right I do have limited credit history, however, I am applying for a first time buyer loan thru the USDA which only requires a 620-640 credit score. I believe it is definitely feasible to raise my score to that range in 6 months.

I only have two minor and paid medical collections that I am currently disputing once those are gone my score will improve, but probably not enough to cross that 620 threshold (must have open TL's) so that is why I applied for this card and a Capital One.

There is a method to the madness :)



Comment 6
Comment Title: Re: I Was Approved From Joeyman on 2010-07-25

Did you get approved for the Capital One?



Comment 7
Comment Title: Re: Capital One... From Sfrancis on 2010-07-25

CapOne didn't decline me completely, but they offered the secured card. I already have the unsecured Orchard Bank and then only 30 days later got approved for a USAA MC (unsecured). I did not accept Capital One's offer.


Add a new comment

 



Credit card reviews are posted by user submission and do not warrant the opinions of Finance Globe.

 

 

 

Credit Cards | Finance Social Network | Credit Card Reviews | Markets
About Us | FG on the Web | Sitemap | Privacy | Terms | Contact


Copyright © 2014 Finance Globe. All rights reserved.