Applying for a Credit Card after a DMP

[Creditaddict]

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@ockizard wrote:

Ok, just pulled them and a few accounts have "mcc" (managed by credit counseling) next to them.  How would I go about getting rid of those other than waiting?  If just a few and not all of the cards that were enrolled in the DMP.

I have 0 negative items on any of my reports....and it's probably been at least 5-6 years since I have had a last payment on anything.  I only pulled 2 of my 3 scores because I didn't want to enroll in one of those monitoring schemes that I really don't have the use for (given my credit is always frozen).

My Equifax score is 767 and my TransUnion score is a 749.

Should I wait 90 days and check again in hopes that the "mcc" will be removed from my report?

Thanks for all the help, and sorry for posting in two forums!

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I tend to be a lets move this a long type a person and I would dispute to "update current account status" or what not but maybe the other poster that went through a DMP can give best action plan here... I just hate to wait 90 days but wow, fantastic scores once you get those things removed...

[thelethargicage]

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@ockizard wrote:

Ok, just pulled them and a few accounts have "mcc" (managed by credit counseling) next to them.  How would I go about getting rid of those other than waiting?  If just a few and not all of the cards that were enrolled in the DMP.

I have 0 negative items on any of my reports....and it's probably been at least 5-6 years since I have had a last payment on anything.  I only pulled 2 of my 3 scores because I didn't want to enroll in one of those monitoring schemes that I really don't have the use for (given my credit is always frozen).

My Equifax score is 767 and my TransUnion score is a 749.

Should I wait 90 days and check again in hopes that the "mcc" will be removed from my report?

Thanks for all the help, and sorry for posting in two forums!

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Yes, just wait. Don't bother disputing unless they're still there after 90 days. In that case, call your creditors and ask to speak to a credit analyst. 

[thelethargicage]

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@Creditaddict wrote:

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@ockizard wrote:

Ok, just pulled them and a few accounts have "mcc" (managed by credit counseling) next to them.  How would I go about getting rid of those other than waiting?  If just a few and not all of the cards that were enrolled in the DMP.

I have 0 negative items on any of my reports....and it's probably been at least 5-6 years since I have had a last payment on anything.  I only pulled 2 of my 3 scores because I didn't want to enroll in one of those monitoring schemes that I really don't have the use for (given my credit is always frozen).

My Equifax score is 767 and my TransUnion score is a 749.

Should I wait 90 days and check again in hopes that the "mcc" will be removed from my report?

Thanks for all the help, and sorry for posting in two forums!

---

I tend to be a lets move this a long type a person and I would dispute to "update current account status" or what not but maybe the other poster that went through a DMP can give best action plan here... I just hate to wait 90 days but wow, fantastic scores once you get those things removed...

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You could dispute it, but the creditor will just confirm the account is being reported correctly. That's what happened when I tried. The ignorance you will encounter from CSRs on this is staggering. The notation will drop off automatically. 

[ockizard]

I'll plan on applying in a month when the last few remaining accounts (that were just paid off) are listed as closed.  I'm fairly certain the credit union will cut me some slack since I have had 2 auto loans from them (1 current).

When applying, what is the rule of thumb....apply for a large credit limit and they'll approve you for the most they feel comfortable?  Or apply for a smaller credit limit to increase the chances of getting approved?  I wasn't sure if you would get declined altogether if you applied for a higher CL or if they will approve you at just a lower figure.

Thanks again for all the help!

[Creditaddict]

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@ockizard wrote:

I'll plan on applying in a month when the last few remaining accounts (that were just paid off) are listed as closed.  I'm fairly certain the credit union will cut me some slack since I have had 2 auto loans from them (1 current).

When applying, what is the rule of thumb....apply for a large credit limit and they'll approve you for the most they feel comfortable?  Or apply for a smaller credit limit to increase the chances of getting approved?  I wasn't sure if you would get declined altogether if you applied for a higher CL or if they will approve you at just a lower figure.

Thanks again for all the help!

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very few places (maybe your CU) can you ask for how much you want when applying for a credit card and if it is your CU I always apply for max and they will counter.

[Lynnst]

Congratulations on sucessfully completing the program!  I was in your exact shoes almost 2 years ago.  The DMP notation was removed from all but one account within 60-90 days.  After 90 days I disputed the only one left and it was removed.  I applied for an AmEx BCE within a month after the final DMP payment and was denied.  I waited a couple months to apply for any other cards. Since then I have been approved for each of the cards for which I applied.  I didn't ask for any specific limits - but I was pleased with the limits I was offered.    

[sjt]

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@ockizard wrote:

Ok, just pulled them and a few accounts have "mcc" (managed by credit counseling) next to them.  How would I go about getting rid of those other than waiting?  If just a few and not all of the cards that were enrolled in the DMP.

I have 0 negative items on any of my reports....and it's probably been at least 5-6 years since I have had a last payment on anything.  I only pulled 2 of my 3 scores because I didn't want to enroll in one of those monitoring schemes that I really don't have the use for (given my credit is always frozen).

My Equifax score is 767 and my TransUnion score is a 749.

Should I wait 90 days and check again in hopes that the "mcc" will be removed from my report?

Thanks for all the help, and sorry for posting in two forums!

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Congrats on completing your DMP! You should be very proud of yourself!

From my understanding, with a DMP through a CCS most, if not all, your creditors will positivily re-age your accounts. This can take up to 90 days to update on your report.

[ockizard]

Excellent!  Thanks for the response.  My DMP was in fact through a CCS so I'll hold off for 90 days and check the report again.  Still undecided as to when I should apply for my card though as I'd like to get it before 90 days, but if the interest rate will be significantly lower I might hold off.

Thanks again!