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When can I get a real credit card?

New Member

When can I get a real credit card?

Currently I have an OpenSky secured CC(200) balance 5month old, CreditOne CC(300 limit)4 month old, 4 commenity store CC(1250 total limit SCT), all 4 months old and am an authorized user on an Am Ex (17500 limit). FICO credit score around 620 on all CRA's. I have 3 late payment on a student loan over 4 years old, zero collections, 4 charge off totaling 4000 dollars. Total utilization for all cards 6%. 23 inquiries in the last 2 years with 17 of them falling off next month august 2017. These were all from a car loan application.

 

I have applied for Amex Blue-Denied, Disney Chase Visa-Denied(2x's), Amazon Visa-Denied, Capital one quiksilver-Denied, Am Ex Green Charge-Denied, Walmart card- Denied.

 

How far away am I from getting a real card and being able to ditch my secured and terrible CreditOne?

Message 1 of 18
17 REPLIES
Super Contributor

Re: When can I get a real credit card?

I would give it 6 months more to give some age to your newer accounts, keep making on time payments and you should start to see your score rise. Take a break from the store cards for now. Regardless what anyone says store cards ARE real credit cards, just not bank cardsSmiley Wink.

Keep an eye out on Cap One prequals as i understand they can be solid though usually triple pullers. Once you can get your next card, perhaps the C1 then think of releasing Credit 2 back to the sea. Itll happen, just give it a little timeSmiley Happy
Message 2 of 18
Community Leader
Valued Contributor

Re: When can I get a real credit card?


jcruz0623 wrote:

Currently I have an OpenSky secured CC(200) balance 5month old, CreditOne CC(300 limit)4 month old, 4 commenity store CC(1250 total limit SCT), all 4 months old and am an authorized user on an Am Ex (17500 limit). FICO credit score around 620 on all CRA's. I have 3 late payment on a student loan over 4 years old, zero collections, 4 charge off totaling 4000 dollars. Total utilization for all cards 6%. 23 inquiries in the last 2 years with 17 of them falling off next month august 2017. These were all from a car loan application.

 

I have applied for Amex Blue-Denied, Disney Chase Visa-Denied(2x's), Amazon Visa-Denied, Capital one quiksilver-Denied, Am Ex Green Charge-Denied, Walmart card- Denied.

 

How far away am I from getting a real card and being able to ditch my secured and terrible CreditOne?


- Far, far away if you keep applying like that. Building a strong credit profile is an endurance marathon, not a 100 yard dash. With such limited credit history coupled with so many inquiries you are scaring away potential lenders as you appear too desperate for credit. Step back and wait at least a few months before applying for anything. And read through the wealth of information here on MyFico and learn about different CC lenders and how easy/tough they are. Amex & Chase are two of the hardest to get approvals from, they aren't going to approve you with your credit score, short credit history, and excessive inquiries.

 

And stop wasting inquiries on "cold app'ing". Most of those you have applied with have pre-qualification sites - you put in your info and they soft pull your credit report and tell you what, if anything, you qualify for. Google "(Lender) pre-qualifier" and you'll find them, like "Capital One pre-qualifier".  All the best to you.


Fico 08: 720/721/719 TU/EX/EQ
Message 3 of 18
New Member

Re: When can I get a real credit card?

The reason I applied for these is because my brother was approved for Chase Slate 2000 limit chase freedom unlimited 2,500 limit and both on the same day and am ex blue everyday 500 limit with the same scores as me. He also has 3 collections but no charge offs and only 11 total inquiries. 17 of my inquiries fall off in the next 30 days. So our score are almost identical and I have no collections and he has 3. I wonder if they are weighing my 3 lates (2 60 day and 1 90 day) from four years ago heavier than his collections account.
Message 4 of 18
New Member

Re: When can I get a real credit card?

Stop comparing yourself to your brother, it's about what's in YOUR file. It's going take 6-9 months of regular on time payments for any unsecured bankcards to want to give you anything. As you were told, use the prequalify tools or "check for offer" tools, you also need to make sure that you input the info they ask for just like it appears on your credit report, if it doesn't match, they are less likely to "find anything" you prequalify for, make sure you check ALL THREE reports and find out which bureau a bank pulls from BEFORE you app so you know what needs to match what. The other thing is that once you get approved sometimes the banks will make you wait for six months before they will let you get another card, they want to see how you will do with the first one.

 

Other things you can do is join something like Navy Federal Credit Union or Digital Federal Credit union, they seem to be a bit more "lenient" with approving cards for people with past issues. You can join both just by opening a savings account, low deposit. They have great car loan rates too if you ever need purchase or refinance.

 

Discover is another great card to get, they do have a secured one, you actually might be able to get one that's not secured, they do have a prequalification tool: https://www.discovercard.com/application/fmo?execution=e1s1

 

If they offer you the secured card, take it, it will convert to a real card in about six months if you charge small stuff and pay off in full. They are good with credit increases too.

 

American Express has the prequalify tool, use it BEFORE apping. Capital One same thing. Above all, remember you made questionable choices in the past (most of us have), it's going to take longer then a minute for anyone to "trust" you at a decent interest rate, but it can and will happen with some work on your part.

USAA AMEX | Discover IT | Cap 1 QS | NFCU VISA Rewards | AMEX Blue | AMEX Everyday | Chase Freedom | SONY VISA Rewards| NFCU CLOC | Home Depot | Amazon
===========
Refi'ed on Autos Lowered Interest rates/payments/terms. Got the kid's credit established and refi'ed auto lowering interest/better terms. Thanks to the folks here in the myFico community. Great info and advice.
Message 5 of 18
New Member

Re: When can I get a real credit card?

Thanks for the advice. Discover has possibly the worst preapproval site ever according to many of the post on my fico. If i enter that I am a student it recommend the student card, have applied in the past and been denied, if I dont put that I am a student it recommends the secured card, applied in the past after the preapproval and was denied.

 

I will garden for a few more months then try the preapproval sites again. thanks 

Message 6 of 18
Community Leader
Valued Contributor

Re: When can I get a real credit card?


jcruz0623 wrote:
The reason I applied for these is because my brother was approved for Chase Slate 2000 limit chase freedom unlimited 2,500 limit and both on the same day and am ex blue everyday 500 limit with the same scores as me. He also has 3 collections but no charge offs and only 11 total inquiries. 17 of my inquiries fall off in the next 30 days. So our score are almost identical and I have no collections and he has 3. I wonder if they are weighing my 3 lates (2 60 day and 1 90 day) from four years ago heavier than his collections account.

Your credit score is just the starting point for consideration of a credit application. No two exact same scores will receive the same consideration & result, because they also consider credit history, credit limits, income, how long you have been with the same employer, how long at your current address, etc.

 

Try those pre-qualification sites, but you'll do better waiting for the car loan inquiries to fall off.


Fico 08: 720/721/719 TU/EX/EQ
Message 7 of 18
Frequent Contributor

Re: When can I get a real credit card?


jcruz0623 wrote:
The reason I applied for these is because my brother was approved for Chase Slate 2000 limit chase freedom unlimited 2,500 limit and both on the same day and am ex blue everyday 500 limit with the same scores as me. He also has 3 collections but no charge offs and only 11 total inquiries. 17 of my inquiries fall off in the next 30 days. So our score are almost identical and I have no collections and he has 3. I wonder if they are weighing my 3 lates (2 60 day and 1 90 day) from four years ago heavier than his collections account.

Jesus! 17!

Yea, wait a couple months and read all the information on here, particually the section on rebuilding or building credit. give it a couple months, and try cap 1 platnium/ qs 1. 





Gardening since 7.8.17
Message 8 of 18
Valued Contributor

Re: When can I get a real credit card?

Merrick Bank is the best of the sub=prime lenders IMO.  You might want to check it out

 

https://onlineoffer.merrickbank.com/?code=UCK7199226695

 



3/16 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>11/17 CCT EX 735 TU 807 EQ 716
You are only young once, but you can be immature forever
Message 9 of 18
Regular Contributor

Re: When can I get a real credit card?

Where are you at on paying the $4k in charge offs? Are these multiple accounts, or just one?
Message 10 of 18