topic Re: Apping for Prime Credit Cards in Credit Cards

Apping for Prime Credit Cards

Education44 — Mon, 07 Jan 2013 19:15:16 GMT

I have been rebuilding my credit for the last 12 months and have cleaned it up as much as I can at this point. How successful do you think I would be with applying for prime credit cards? This is what my credit reports look as of today?

Capital One Auto Loan - $21,000 (opened April 2011)

Capital One CC- $7,500 (opened Sept 2011 - started with $500 CL)

JC Penney - $2,500 (opened June 2011 - started with $150 CL)

Fingerhut - $1,280 (opened Jube 2011 - started with $250 CL)

Victoria's Secret $850 (opened June 2011 - started with $250 CL)

Merrick Bank $600 (opened March 2007 - no CLIs)

Credit One $400 (opened August 2011 - given the option to pay for CLIs, I said NO)

Account History - 19.3 years

AAOA - 6 years

Baddies - pax state tax lien (lien filed 2009)

HSBC CO -- 2008

Merrick banks - 3 lates, last one occured two years ago)

Re: Apping for Prime Credit Cards

Burned2manybridgesB4 — Mon, 07 Jan 2013 19:20:33 GMT

What are the balances/utilization on these cards?

The few lates, if I recall, if not more than 30 days, should start losing their "punch" after the two year mark, gradually hurting less as time goes on.

Re: Apping for Prime Credit Cards

Education44 — Mon, 07 Jan 2013 19:21:57 GMT

0 balances except Merrick and Credit One -- they each have $8 balances.

Re: Apping for Prime Credit Cards

Burned2manybridgesB4 — Mon, 07 Jan 2013 19:31:05 GMT

Any other bad marks beyond the lates (including CRA disputes)?

*sorry, caught the bottom of your post after typing this*

Your AAOA is good, and the 7.5k limit is great!

Re: Apping for Prime Credit Cards

Education44 — Mon, 07 Jan 2013 19:23:58 GMT

HSBC CO charge off and a paid state tax lien.

Re: Apping for Prime Credit Cards

Burned2manybridgesB4 — Mon, 07 Jan 2013 19:25:33 GMT

Bump*

I think the CO's a killer until it's gone, if you're looking for a top teir card.

Let some of the "experts" chime in now. I'm in the same battle, waiting for CO's to disappear in a few months.

Re: Apping for Prime Credit Cards

djrez4 — Mon, 07 Jan 2013 19:35:56 GMT

I've put together quite a portfolio of cards with a paid CO (DOFD 2007) on my reports. It's not the killer everyone thinks it is. I had to recon the CSP and answer questions over the phone for the Ink. The CO didn't come up either time.

Re: Apping for Prime Credit Cards

Education44 — Mon, 07 Jan 2013 19:37:23 GMT

I hope not. I've tried GW'ing HSBC (Capital One), with no luck.

Re: Apping for Prime Credit Cards

dodgeball — Mon, 07 Jan 2013 19:38:14 GMT

A old CO shouldnt disqualify you

Re: Apping for Prime Credit Cards

djrez4 — Mon, 07 Jan 2013 19:41:22 GMT

Education44 wrote:
I hope not. I've tried GW'ing HSBC (Capital One), with no luck.

Cap One is useless. They respond to every GW letter with a "we're reviewing our policies regarding that," letter. If you want to get a Cap One (HSBC) CO removed, you have to play hardball.

Re: Apping for Prime Credit Cards

Education44 — Mon, 07 Jan 2013 19:45:12 GMT

I want to be careful with Cap One (I have CC and Auto Loan with them), they've been pretty nice to me.

Re: Apping for Prime Credit Cards

Burned2manybridgesB4 — Mon, 07 Jan 2013 19:48:15 GMT

If you're not opted out, doesn't Chase/Citi have prequalifier links up, and running now, as well as Discover?

Re: Apping for Prime Credit Cards

Education44 — Mon, 07 Jan 2013 19:52:13 GMT

I have received pre-approval letters from Discover, Chase and Wells Fargo. I was a authprized user on a card from Citibank that was not paid off.

Re: Apping for Prime Credit Cards

Burned2manybridgesB4 — Mon, 07 Jan 2013 19:56:01 GMT

Maybe your best bet is to bite the bullet, and app for what you want. If you get a denial, you'll have the reasoning behind the decision, and can recon from there.