10-12-2012 04:28 PM
I have a 1 CA and 3 bCO that are PIF. One is 2 years old come December and the other are from 2006. I was just approved today through USAA for a Visa Rewards card with a $1500 limit. There is hope for us. Good luck to you in attaining all of your goals!
10-13-2012 12:39 AM - edited 10-13-2012 12:43 AM
Time does indeed heal all, and these days at least a 680 clears the FICO underwriting hurdle for the vast majority of cards, including some of the goal cards many people have on this forum. A near 700 score is obtainable by most people with significant derogatories as they age, but getting into the gold-plated land tends to take those derogatories falling off as even old ones tend to limit the maximum value of your score as a result of bucketing.
Don't get hung up on the word "prime" for credit cards, it's misapplied to them honestly as it describes one's FICO tiering, and doesn't include rewards or anything else which make a card worthwhile to have. To put that in perspective, I realized the other day when I started doing my math on this year's spending that my silly C1 nee Orchard card justified it's AF with no forex fee, and that doesn't suck for any card... and other than C1 I just can't get that from anyone else at the moment until I put more lipstick on my pig, which includes waiting for a while.
The 90 day late from a year ago is a major derog, you'll likely have a btter shot (and score) when it reaches the 2-3 year mark. I know waiting is no fun, but there's hardly any instant gratification in FICO score improvement, and time passing is about the only constant in the algorithm.
10-13-2012 08:24 AM
10-14-2012 02:46 PM
I think it all depends what the derogs are and how old they are.
A friend got a couple of Amex Cards with a charge off from 2009. Their reports are clean except the charge off.
10-14-2012 02:49 PM
for the most part time heals all
I agree, the more time you let your negatives age the less they will impact you for new credit apps.
10-14-2012 05:10 PM
I was able to get belk, walmart, barclay, zync, and amazon w/ repo and under 650 FICOs at the time of apps
10-14-2012 07:26 PM
I'm not getting ready to app, I'll be in the garden for at least another full year (unless I feel like getting a walmart store card to start my path to discover).
I know in a year, I probably won't be in primeland. I'm right about 620s according to Myfico score watch but I have some old paid C/Os that every GW comes back as denied and 1 90 day late from about a year ago so I have 6 more years till that drops off.
Will I really have to wait 6 more years till all the bad stuff drops to get into prime land? I feel like my scores have come a long way just from getting rid of what I can and by puting time between myself and everything else, I'd hate to hear taht I'm stuck with Cap1s 750 HL for the next 6 years.
Any one get a prime card while still having some derog on their reports?
I'm in the same boat having trouble getting prime bank cards, and with high limits approved but trust me even with derogs it's still possible to attain the Chase and Amex cards of the world. It will require more work on your part and added patience.I applied for and was denied my Chase freedom card and reconned it three times before getting approved. I have one single unpaid collection on my credit report and that has been a huge negative in the eyes of creditors and has hurt my credit worthiness.The good news it does fall off in march 2013.Bad news the collection was sold and continues to be reported as a recent collection(instead of being 6.7 years old) which of course scares the crap out of most creditors.My advice is to keep your utli very low under 5% and that will help.Do everything you can to increase your odds by never being late, practise what to explain to the credit department in order to get approved,if need be open up a secured card and put a large amount in it to show you are capable of handling high limit cards.Time and hard work does and will improve your credit.
10-15-2012 04:24 AM
10-15-2012 08:47 AM
I keep forgetting as I think there's at least one more known, but not reporting as secured is I think mostly only C1, USAA, and NFCU. Hopefully someone will refresh my memory (getting old, my apologies) if there's additional ones.
10-15-2012 09:44 AM
I just got denied for Freedom and discover more and they both listed reason as major deliquencies on report, which would be 2 charge-offs from 2007 that I took care of back then. I've had rebuilder cards for 3 years, and just got a Barclay rewards card (not considered prime i don't think) I know I should be closer go 700, but I'm starting to think I won't get a prime card till those COs fall off.
Recon goes a long way!
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