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Posts: 84
Registered: ‎12-01-2012
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Apply for new credit cards? Help please

[ Edited ]

I currently have a 696 Equifax score (although when I refreshed from equifax.com I have a 709).  I think my other two CA are both above 670.

 

I was careful last month to pay off my credit cards in full, so my utilization is around 5%.  When I apply for a new credit card, do they have the most updated credit record at that moment or is it sometimes a few months old?  I ask because since I started reading up on how to raise my credit score I've made sure my credit utilization is below the 10%, where as before it was always at 80% before I pay it in full after the statement cycle ends.

 

I applied and got accepted for a capital one card 3 months ago(not realizing that it pulled all 3 reports)

and around the same time I think I also had applied for a chase and american express platinum and got rejected in both(fico newbie so I didn't know anything and was shopping around to see what I would get accepted....dumb I know)

Back a few months ago I had a very high credit utilization %, and I have a satisfied judgement from when I stupidly lent a friend my american express card and a charge off home equity line.  Both have since been paid off, but it's still on my record.

 

So my question is...what are the chances that I can get approved?  I dont want to keep applying and getting denied, but I would think a high 600s should be ok for getting a card, or is the chargeoff and judgement just a deal breaker for some credit card companies?

 

I was also thinking about requesting a CLI that I was rejected about a year ago, should I do the CLI before or after the credit card applications?


Starting Score: CK 658 12/4/12 | CS 658 12/4/12 | myFico(EQ) 696 12/1/12
Current Score: CK 725 12/1/14 | CS 775 12/1/14 | myFico(EQ) 753 12/2/14
Goal Score: 800 Dare I Dream??


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Posts: 3,197
Registered: ‎01-24-2010
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Re: Should I apply for a new credit card?


crew99 wrote:

I currently have a 696 Equifax score (although when I refreshed from equifax.com I have a 709).  I think my other two CA are both above 670.

 

I was careful last month to pay off my credit cards in full, so my utilization is around 5%.  When I apply for a new credit card, do they have the most updated credit record at that moment or is it sometimes a few months old?  I ask because since I started reading up on how to raise my credit score I've made sure my credit utilization is below the 10%, where as before it was always at 80% before I pay it in full after the statement cycle ends.

 

I applied and got accepted for a capital one card 3 months ago(not realizing that it pulled all 3 reports)

and around the same time I think I also had applied for a chase and american express platinum and got rejected in both(fico newbie so I didn't know anything and was shopping around to see what I would get accepted....dumb I know)

Back a few months ago I had a very high credit utilization %, and I have a satisfied judgement from when I stupidly lent a friend my american express card and a charge off home equity line.  Both have since been paid off, but it's still on my record.

 

So my question is...what are the chances that I can get approved?  I dont want to keep applying and getting denied, but I would think a high 600s should be ok for getting a card, or is the chargeoff and judgement just a deal breaker for some credit card companies?

 

I was also thinking about requesting a CLI that I was rejected about a year ago, should I do the CLI before or after the credit card applications?


They pull the most updated information at the time from your credit report.   However, most CC only report once a month, so some info can be a month behind your daily balance.

 

The much lower utilization greatly improves your chances.

 

The CO and judgement is a major consideration and a deal breaker for some, but it becomes less important as it ages.

 

Do the CLI first.  Pick cards that are for average rather than execellent credit.    Consider store cards from places where you shop regularly, and your chances with them are much better.

 

 

Contributor
Posts: 84
Registered: ‎12-01-2012
0

Re: Should I apply for a new credit card?

CLI would result in a soft inquiry correct?  as opposed to a hard inquiry with a new credit application?  Does the standard one year dropoff still apply for soft inquires?

 

Thanks for the quick response!  Smiley Happy     

I am reading and reading on the forums trying to get caught up on the credit education, would love more feedback from others in similar situation as well.  

 

Thank you guys!


Starting Score: CK 658 12/4/12 | CS 658 12/4/12 | myFico(EQ) 696 12/1/12
Current Score: CK 725 12/1/14 | CS 775 12/1/14 | myFico(EQ) 753 12/2/14
Goal Score: 800 Dare I Dream??


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Contributor
Posts: 84
Registered: ‎12-01-2012
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Re: Should I apply for a new credit card?

So I asked for a CLI on my Citi and got a approval for a $2000 increase...woohoo!  So at least i'm heading in the right direction!

So the next question is.....what card should I apply for that would have a higher chance of success rate and a high limit?  I keep reading about the amex bcp bce, but I dont think I am ready for those yet, and my satisfied judgement was from amex so I'm sure i'm still on their blacklist?


Starting Score: CK 658 12/4/12 | CS 658 12/4/12 | myFico(EQ) 696 12/1/12
Current Score: CK 725 12/1/14 | CS 775 12/1/14 | myFico(EQ) 753 12/2/14
Goal Score: 800 Dare I Dream??


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Contributor
Posts: 84
Registered: ‎12-01-2012
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Re: Should I apply for a new credit card?

What is the benefit of getting BCE or BCP?   I see alot of people wanting to get that


Starting Score: CK 658 12/4/12 | CS 658 12/4/12 | myFico(EQ) 696 12/1/12
Current Score: CK 725 12/1/14 | CS 775 12/1/14 | myFico(EQ) 753 12/2/14
Goal Score: 800 Dare I Dream??


Take the FICO Fitness Challenge
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