app advice

[Kw76]

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Hi Everyone , I am a long time lurker on Myfico and find everyone’s posts very helpful and encouraging. So this is my first official post!

I’m in the process of rebuilding my credit score and have been doing so for the last 4 years, went from 550-796 currently

I have 12 old 30-120 late marks on my report due to a mortgage modification. These started May of 2011 and ended June of 2012. What kind of impact are these lates having on my scores and report ?

I haven’t had new accounts or credit cards for over 4 Years. This month I refinanced both of my car loans with a new bank, getting superb rates .

I’m just afraid to app any credit cards with some old dirt on my report, I want to go in to new creditors with a totally clean file . I want to open some accounts with Discover and possibly Penfed or Navy fed.

What are you guys thoughts with applying for new accounts and the impact of these lates ? Will these fall off all at one time or 1 by 1 ?They show up in the comments that are “affecting my score” on some reports.

Thanks for you time

AAOA 9.5 years
Oldest account 20 years
Util is 1% over 23,500 in open credit
No other derog
TU 796 Equ 787. Exp 799

[Meanmchine]

Congrats on coming out of the shadows and posting your first post.

To my knowledge, negative marks like yours are reportable for only seven years. I would suggest on monday calling TU and ask to speak to a supervisor. Maybe some of the May 2011 marks can be Early Eliminated.

Your negative marks should have no/very little impact on your score.

Your scores by themselves should open many choices for you.  Do you have any specific card in mind?

EDIT I misread your post before

[Kw76]

I’m not really sure yet about what card . I’ve been doing some research , was thinking Discover it Miles or Penfed .. but reading through the forums you wanna go into Penfed with a clean file

[Anonymous]

You should absolutely check the Discover preapproval page as your lates are 6+ years. As evidenced by your scores and assuming these are true FICO scores and not Vantage scores, they aren’t factoring in very much.

Your AAoA and utilization work to your favor. I would also check the AMEX prequalify page for offers, if I were you.

Also, what are you looking for in a card—travel, cash back, high limit?

[Kw76]

I’m looking higher limits and would like to build travel rewards.

[Meanmchine]

Checkout Chase prequal site. You definately will have no problem with their 5/24 rule.

I was approved for Penfed with 2 6-year COs showing

[Kw76]

I definitely will , thanks

[Anonymous]

Any luck on prequals @KW76?

[Anonymous]

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@Kw76 wrote:
I’m looking higher limits and would like to build travel rewards.

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If you have a specific airline you fly with or hotel chain you prefer, let us know too because there might be a card that works best for that. (E.g. Amex SPG if you often stay at Starwood properties)

If you are looking for general travel rewards, definitely look into Chase CSP or CSR, Barclaycard Arrival Plus (watch out, Barclay's can be known for CLDs and AA), BoA Premium Rewards.

It is important to note that even though your scores may be high, each creditor can have their own peculiar take of those lates, even if they are no longer being factored in as greatly in your score. So if you get denied for 1 card, have a second choice lined up. (But it does look like you will be approved for any of these cards)

Fingers crossed and good luck!