topic Re: Denied for CLI on Cap 1 secured card. What to do next? in Credit Cards

Denied for CLI on Cap 1 secured card. What to do next?

CreditCowboy — Mon, 28 Jan 2013 19:33:44 GMT

Okay, so I have been with Cap 1 for 7 months now, paid on time and in full each month. Using less than 10% of Credit. I only have two tradelines in good standing, the Cap 1 card, and a student loan I have been perfect on for 24 months. My credit before is BAD. I was young and dumb and didn't pay my bills on time. Lots of charge offs and one open collection for 2gs w Ford Credit (should I pay this?). My wife and I want to buy a home this year and would like to get pre-approved ASAP. My scores are Experian 592, Equifax 634, and TU 649,and she is around 620 w a foreclosure from 3 yrs ago. My question is should I remain the course with my two tradelines and very minimal credit ($300), or apply for a new another secured, or unsecured card? If so, any recommendations on cards? My gross income is around $70k a year and my wife's is 115k a year. I have been in current position about 18 months and she has been at her job 2 plus years. Any tips, recs, help would GREATLY appreciated! Thanks so much!

Re: Denied for CLI on Cap 1 secured card. What to do next?

CreditCowboy — Mon, 28 Jan 2013 19:36:14 GMT

Ill also add we have very LITTLE debt between the two us so I am wondering if there is a company that would look at our income and low DTI for approval more than just our scores.

Re: Denied for CLI on Cap 1 secured card. What to do next?

flashevo — Mon, 28 Jan 2013 19:50:52 GMT

What kind of scores is that? Fico or fako? If the eq and tu are not ficos they are not super bad so I would think it could get a secured card. Does the bank you bank with offer a secured card? Also what was the denial reason?

Re: Denied for CLI on Cap 1 secured card. What to do next?

ceemee2203 — Mon, 28 Jan 2013 20:11:42 GMT

Since it's a secured card, you can also increase your CL by depositing more money.

Re: Denied for CLI on Cap 1 secured card. What to do next?

injustifiiable — Mon, 28 Jan 2013 20:14:13 GMT

They didn't automatically give you one at the 6 month mark? That's usually the only unsecured CLI you will get on Secured card if anything.

Maybe try for one Capital One's other cards? Usually of the Average Credit variety.

Re: Denied for CLI on Cap 1 secured card. What to do next?

CreditCowboy — Mon, 28 Jan 2013 21:11:15 GMT

I pulled the EQ score from My Fico and the Experian and TU scores I paid for through myfreecreditreport.com. Not sure if they are FICO or not?

Re: Denied for CLI on Cap 1 secured card. What to do next?

SpeedingWheels — Mon, 28 Jan 2013 21:14:03 GMT

Just log into your account online and make an additional deposit to increase your credit line.

Re: Denied for CLI on Cap 1 secured card. What to do next?

CreditCowboy — Mon, 28 Jan 2013 21:14:43 GMT

Thank you. I am a little hesitant to apply and get denied but I dont think my credit will improve much until I get some new lines w good history. I dont have any hard pulls since 6/12, when I applied for the CL card. I do have a couple unknown pulls from creditors on 8/12 and 12/12. Can I get those removed since I obviously did not give them consent? Any tips on easy to qualify for unsecured cards?

Re: Denied for CLI on Cap 1 secured card. What to do next?

CreditCowboy — Mon, 28 Jan 2013 21:16:38 GMT

Hey Speeding Wheels,

I see you have a cap 1 card as well. Was that your first card on the road back? Was the Cap 1 cash rewards hard to qualify for?

Re: Denied for CLI on Cap 1 secured card. What to do next?

SpeedingWheels — Mon, 28 Jan 2013 21:17:56 GMT

Personally I wouldn't apply for anything right now.

Make an additional depost on your Cap1 card to increase the CL, let your INQ's age and your score will go up.

GIve it a few months and then you'll be in a much better position to try for something unsecured.

Re: Denied for CLI on Cap 1 secured card. What to do next?

SpeedingWheels — Mon, 28 Jan 2013 21:20:17 GMT

CreditCowboy wrote:
Hey Speeding Wheels,

I see you have a cap 1 card as well. Was that your first card on the road back? Was the Cap 1 cash rewards hard to qualify for?

Cap1 secured was my first acct.

I started with a $200 CL and did 2 very small deposits to increase the CL a few months apart.

At the 1 year mark they offered a verrrrry small unsecured CLI ($100).

All that being said, keeping that card in good standing did wonders for my scores.

You just have to be patient.. it takes time. And you can boost your score by increasing your limit with an additional deposit (I sound like a broken record here, but it's true)

Re: Denied for CLI on Cap 1 secured card. What to do next?

CreditCowboy — Mon, 28 Jan 2013 21:27:26 GMT

My thoughts as welll. Thanks for your help!

Re: Denied for CLI on Cap 1 secured card. What to do next?

jsucool76 — Mon, 28 Jan 2013 22:05:59 GMT

Definitely throw as much as you can into your cap1 secured. The card does not report as a secured one, so later when you go to apply for bigger and better cards, it just looks like a regular credit card.

Re: Denied for CLI on Cap 1 secured card. What to do next?

jamie123 — Tue, 29 Jan 2013 02:31:47 GMT

What you really need to do is visit the "Rebuilding Credit" forum on this website.

You need to learn how to get the baddies REMOVED from your report. You do this by arranging PFDs (Pay for Delete) with the lenders. You can also do GW (Good Will) letters to plead your case with lenders.

If you don't get the bad stuff removed it will take years for your scores to recover. The bad stuff will stay on your report for 7 years and your scores will take that long to recover. You probably won't qualify for a mortgage this year unless you are successful in having most of the bad stuff removed.

You need scores of around 650 to start qualifying for some of the easier credit cards. Even some of the better secured cards won't touch you right now with your low scores and history.

It is not really too difficult to have the baddies removed. Like anything else, the first one is the hardest.