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.
What does lipstick on a pig mean? Thanks!
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 :-)