Any of you gotten Premium CC with 1 collection reporting?

[MountainHiker]

I'm trying to guage how damaging only 1 collection can be to a person's ability to gain credit approval for premium credit cards.Have any of you applied and received decent credit limits with banks that offer premium cards, despite having old collections on your credit? Like CitiBank,AMEX,Chase? When I say old, the age of collection up for debate is four to six years.

Do creditors only give love to clean credit reports? I hate to think only clean reports are worthy of new credit. My collection is a old unpaid phone bill of $800.00. I would pay it but I'm concern that might leave the collection reporting for another seven years.It drops off credit report in seven months and then I would like to pay it off.

My FICO scores are in the very low 700's.

[jamesdwi]

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@MountainHiker wrote:

I'm trying to guage how damaging only 1 collection can be to a person's ability to gain credit approval for premium credit cards.Have any of you applied and received decent credit limits with banks that offer premium cards, despite having old collections on your credit? Like CitiBank,AMEX,Chase? When I say old, the age of collection up for debate is four to six years.

Do creditors only give love to clean credit reports? I hate to think only clean reports are worthy of new credit. My collection is a old unpaid phone bill of $800.00. I would pay it but I'm concern that might leave the collection reporting for another seven years.It drops off credit report in seven months and then I would like to pay it off.

My FICO scores are in the very low 700's.

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App'd and recieved  AMEX (zync, blue), Chase Freedom, HomeDepot(citi) with multiple 4+ year old collections on my report, As long as they are a couple years old and you have no recent lates and no chargeoffs you are good for lower end prime cards. 

[MountainHiker]

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@jamesdwi wrote:

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@MountainHiker wrote:

I'm trying to guage how damaging only 1 collection can be to a person's ability to gain credit approval for premium credit cards.Have any of you applied and received decent credit limits with banks that offer premium cards, despite having old collections on your credit? Like CitiBank,AMEX,Chase? When I say old, the age of collection up for debate is four to six years.

Do creditors only give love to clean credit reports? I hate to think only clean reports are worthy of new credit. My collection is a old unpaid phone bill of $800.00. I would pay it but I'm concern that might leave the collection reporting for another seven years.It drops off credit report in seven months and then I would like to pay it off.

My FICO scores are in the very low 700's.

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App'd and recieved  AMEX (zync, blue), Chase Freedom, HomeDepot(citi) with multiple 4+ year old collections on my report, As long as they are a couple years old and you have no recent lates and no chargeoffs you are good for lower end prime cards. 

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James

Man that makes me feel optimistic about my chances.Thanks dude. I'm thinking about trying for a Citibank bank card but not sure which  of their premium card could I get with a collection on my file.Any suggestions? I also plan to try for the Zync.

[LS2982]

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@MountainHiker wrote:

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@jamesdwi wrote:

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@MountainHiker wrote:

I'm trying to guage how damaging only 1 collection can be to a person's ability to gain credit approval for premium credit cards.Have any of you applied and received decent credit limits with banks that offer premium cards, despite having old collections on your credit? Like CitiBank,AMEX,Chase? When I say old, the age of collection up for debate is four to six years.

Do creditors only give love to clean credit reports? I hate to think only clean reports are worthy of new credit. My collection is a old unpaid phone bill of $800.00. I would pay it but I'm concern that might leave the collection reporting for another seven years.It drops off credit report in seven months and then I would like to pay it off.

My FICO scores are in the very low 700's.

---

App'd and recieved  AMEX (zync, blue), Chase Freedom, HomeDepot(citi) with multiple 4+ year old collections on my report, As long as they are a couple years old and you have no recent lates and no chargeoffs you are good for lower end prime cards. 

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James

Man that makes me feel optimistic about my chances.Thanks dude. I'm thinking about trying for a Citibank bank card but not sure which  of their premium card could I get with a collection on my file.Any suggestions? I also plan to try for the Zync.

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Try for the ZYnc and hold it for at least 6 months, then go for CIti.

[jamesdwi]

App for Zync, its easy to get these days, people get just need 6 months history with a Credit card and a 640+.  Still haven't got a full Citi card yet, I have the homedepot card, app'd but denied for a full Citi card too much new credit. But shouldn't be a problem for you since you don't have any new credit. 

[FicoTron]

I have a 6 year old CO and got Amex Gold and Amex BCP.  I got two rebuilders with low limits 2 years ago when my score was 519 and rehabbed my student loans.  Keep in mind that I have a pretty decent range of good accounts otherwise, so that has a lot to do with offsetting the CO.  

[BlueNightStar]

Definitely go for the Zync first. They approved me with one open collection and not so great utilization. I have read in the past that collections older than 3 years seem to be potentially less damaging and decent creditors start to become easier with approvals at that point. I went for the Zync because I couldn't be penalized by being given another low CL (as long as it was NPSL which I felt it had a good chance to be and was approved).

Then I went for a local CU card to see if I could get a decent CL. I received my highest CL and lowest APR to date with them. The big boys of the credit world are probably not going to approve me yet for any really decent CLs or APRs because my collection is still pretty recent. I hope by the time it has aged further I will have increased the limit on my CU card even further and will be in a good position with the age of my AMEX included to get some decent prime cards. Always keep the long term strategy in mind.

[MountainHiker]

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@FicoTron wrote:

I have a 6 year old CO and got Amex Gold and Amex BCP.  I got two rebuilders with low limits 2 years ago when my score was 519 and rehabbed my student loans.  Keep in mind that I have a pretty decent range of good accounts otherwise, so that has a lot to do with offsetting the CO.  

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Fico Tron

Thank you for sharing your experience. I was starting to think I was the only person with a collection reporting against me. This gives me a little swag in my step.Maybe I can get a premium card.

[Crashem]

Op neglected to mention he had several unpaid collections fall off including from Amex.  However I still think he should app to Amex to see if he is blacklisted.

[MountainHiker]

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@LS2982 wrote:

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@MountainHiker wrote:

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@jamesdwi wrote:

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@MountainHiker wrote:

I'm trying to guage how damaging only 1 collection can be to a person's ability to gain credit approval for premium credit cards.Have any of you applied and received decent credit limits with banks that offer premium cards, despite having old collections on your credit? Like CitiBank,AMEX,Chase? When I say old, the age of collection up for debate is four to six years.

Do creditors only give love to clean credit reports? I hate to think only clean reports are worthy of new credit. My collection is a old unpaid phone bill of $800.00. I would pay it but I'm concern that might leave the collection reporting for another seven years.It drops off credit report in seven months and then I would like to pay it off.

My FICO scores are in the very low 700's.

---

App'd and recieved  AMEX (zync, blue), Chase Freedom, HomeDepot(citi) with multiple 4+ year old collections on my report, As long as they are a couple years old and you have no recent lates and no chargeoffs you are good for lower end prime cards. 

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James

Man that makes me feel optimistic about my chances.Thanks dude. I'm thinking about trying for a Citibank bank card but not sure which  of their premium card could I get with a collection on my file.Any suggestions? I also plan to try for the Zync.

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Try for the ZYnc and hold it for at least 6 months, then go for CIti.

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You are the second person that suggested the Zync. Think I will pull the trigger right after my auto lease in about 30 days. Thanks