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Valued Member
Posts: 34
Registered: ‎09-20-2012
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Re: Are prime cards attainable with derogs on your report?

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!

Moderator Emeritus
Posts: 12,503
Registered: ‎12-30-2011
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Re: Are prime cards attainable with derogs on your report?

[ Edited ]

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.

 

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: Are prime cards attainable with derogs on your report?

Number one thing: NEVER MISS a PAYMENT EVER.

That being said,
I had two collection accounts (FRAUD- both three years old) & no missed payments otherwise.

I assume someone with a similar name got their report mixed up with mine.

Here's the thing that a Chase Cred Analyst told me... They can approve you with collections IF they are marked as "acct info disputed by consumer".

I've since had those removed after many many many disputes& faxing the CRAs various times.

Point is: Chase Freedom did approve me after recon with a 640 FICO, and I got a $5k limit.

Now I'm at around 700 since those were finally removed. Of course, you don't want to lie or dispute accurate info., but the reality is that legally, any negative credit reporting related items must be proven by the creditor. You prob shot yourseld in the foot by sending GW letters.

Imo, it is the CRAs responsibility to act as the mediator(correct word? Lol) between the creditor and debtor. Through all of my disputing of those fraud accounts, I never once contacted the collection cos directly, but simply continued disputing via online/phone/fax methods.

Hope this helps ya :-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Established Contributor
Posts: 948
Registered: ‎05-05-2010
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Re: Are prime cards attainable with derogs on your report?

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.

Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Are prime cards attainable with derogs on your report?


beb86 wrote:

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.

 




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
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
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Re: Are prime cards attainable with derogs on your report?

I was able to get belk, walmart, barclay, zync, and amazon w/ repo and under 650 FICOs at the time of apps

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Established Contributor
Posts: 651
Registered: ‎08-07-2012
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Re: Are prime cards attainable with derogs on your report?


scarrollprint wrote:

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.

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

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Frequent Contributor
Posts: 382
Registered: ‎06-26-2012
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Re: Are prime cards attainable with derogs on your report?

Thanks for all the thoughts and experiences! I'm not looking to out for a chase or citi just yet. I was just really scared that cap 1 and store cards were going to be the only cards I could get for the next 6 years.

My plan is to wait and put at least 1.5 years between me and that late before I apply for the Walmart card. I figure that will let me test the waters. Keep that for at least a year doing the 4month cli requests.

Someone mentioned a secures card to show a high balance cc. Any good suggestions other than a credit union? My credit union doesn't offer secured cards. Obviously prefer something that doesn't report as secured. (Also I don't have ties to the military either personally or through family so NFCU and the like are out)


Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Moderator Emeritus
Posts: 12,503
Registered: ‎12-30-2011
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Re: Are prime cards attainable with derogs on your report?

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.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Frequent Contributor
Posts: 297
Registered: ‎08-08-2012
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Re: Are prime cards attainable with derogs on your report?


dwmaso001 wrote:

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!

 

Starting Score: FAKO: TU 602 EQ 550 EX 565 - 08|2012
Current Score: MyFICO: TU 633 EQ 637 EX 669 (AMEX PULL)09|2012
Goal Score: 700 across the board In my wallet: NFCU cashRewards 12000CL, NFCU LOC 10K CL, BofA cashRewards 5000CL, BofA PP 3000CL, JAREDS (AU) 1500CL, SEARS (AU) 7000CL
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