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Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
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Any of you gotten Premium CC with 1 collection reporting?

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.

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Valued Contributor
jamesdwi
Posts: 1,546
Registered: ‎09-16-2011
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Re: Any of you gotten Premium CC with 1 collection reporting?


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. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
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Re: Any of you gotten Premium CC with 1 collection reporting?


jamesdwi wrote:

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. 

 

 


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.

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Any of you gotten Premium CC with 1 collection reporting?


MountainHiker wrote:

jamesdwi wrote:

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. 

 

 


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.


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

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Valued Contributor
jamesdwi
Posts: 1,546
Registered: ‎09-16-2011
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Re: Any of you gotten Premium CC with 1 collection reporting?

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. 

 


Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Established Contributor
FicoTron
Posts: 512
Registered: ‎01-27-2011
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Re: Any of you gotten Premium CC with 1 collection reporting?

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.  

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Regular Contributor
BlueNightStar
Posts: 181
Registered: ‎07-09-2011
0

Re: Any of you gotten Premium CC with 1 collection reporting?

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.

Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
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Re: Any of you gotten Premium CC with 1 collection reporting?


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.  


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.

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: Any of you gotten Premium CC with 1 collection reporting?

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.

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Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
0

Re: Any of you gotten Premium CC with 1 collection reporting?


LS2982 wrote:

MountainHiker wrote:

jamesdwi wrote:

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. 

 

 


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.


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

 


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

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured

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