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Written by: vmoore0607 on 2011-02-20

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vmoore0607's review: Callout Comment I have one credit card through Capital One and I love it. I know that I need more credit in order to show creditors that I'd like to buy a home in about a year so I decided to try for this card. I read the reviews on here for the card and I frequent Best Buy alot!! I was denied :(

They pulled from my EQ and my scores at the time were T-594, EX-630, EQ-617


Comment 1 by wanderer
Re: Denied User Icon on 2011-02-20

Remarks Frustration. It is important that you acquire a credit track record (with depth). Also, that your credit be paid to virtually zero with no new credit acquistions within at least 120 days prior to loan apps. Your desire to buy a house will be affected by your FICO Scores and more. Today, there are homebuyer programs that allow for loans with FICO Scores starting at 620+ and then there are the more conventional home purchasing plans that require FICO Scores starting at 720+. The market changes so what I just placed in writing may be obsolete in one year. One thing home lenders are looking at today, is your real income and stability as they don't want to deal with a foreclosure. Too many people acquired homes from about 2005 to 2009 without the real capabilities to pay for it and it still is a major drag on the housing market and the people trapped in the situation!
Comment 2 by roughdraft
Re: Denied User Icon on 2011-02-20

Remarks Wanderer is right, avoid too many hard pulls, as it lowers your score. If you are like many of us, rebuilding your credit, do your research before applying for cards. There are great resources on here that show you what types of cards you are most likely to qualify for with your score. Unless the Best Buy card offers rewards, consider opening another credit card instead. A great way to open a card easily and improve your utilization is through a secured card. You can choose your limit, most have low yearly fess and some have competitive APR's. A few to consider are: Capital One; BBVA Compass; Wells Fargo; Public Savings Bank (will approve anyone, literally); Citi; Bank of America; US Bank (not available in all states); Orchard Bank, and a lot of the credit unions offer secured cards. Remember that cards with low limits ($500 or less) usually don't do much to improve scores. Its when they start offering more credit that you see them go up. Start with about $1000 if possible, maybe even more, just keep your balance low.
Comment 3 by vmoore0607
Re: Denied User Icon on 2011-02-20

Remarks Thanks for the info guys! I do have a capital one secures card that I opened in November. At that time my scores were below 520. Since then my scores have increased and I've been monitoring my credit closely. I even had to put disputes in due to some companies still negatively affecting my credit although it was included in my 2005 bankruptcy. Things are looking up and I'm so much mite financially wiser than before. I want certain things and I want to do it on my terms, not lenders terms. I know this requires hard work and I'm willing to do it to get what I want. I love this site. It has helped me so much!!!
Comment 4 by joeyman
Re: Denied User Icon on 2011-02-21

Remarks Nice job so far! I wanted to add one thing, don't request a credit report too often because this can cause your credit report to split. I personally suggest checking your credit report 1-2 times per month.

Keep up the great work!
Comment 5 by vmoore0607
Re: Denied User Icon on 2011-02-21

Remarks Thanks again! I am signed up with truecredit.com I can pull my 3 credit reports and scores once a month and it doesn't affect my credit negatively. I also get notice when anything has changed on my accounts so it's a great service.
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