CREDIT CARD REQUIREMENTS

[Anonymous]

There have been so many changes in the lending industry. Does anyone have current information on credit card approval requirements?  Specifically, for major credit cards, what is the minimum fico score, job length, income, etc. necessary to obtain a card?  I currently have one mortgage ($54K), one credit card ($250 limit) and a consolidated student loan on my report ($62K).  My BK fell off two years ago.  Anything other derogatory is over two years old and paid.  My current scores are 676, 688, and 691.  Since poor repayment of college credit cards tanked my scores in the first place, I really don't want anymore credit cards.  I only got the one credit card for tradeline purposes.  However, I am really trying to increase my scores to 700+ and I was thinking that adding a major credit card would do the job, but I don't want to apply if I'm not going to get approved.  From reading some of the threads here, it seems Penfed is a great card and provides great interest rates.  I'd like to know how I can get that card too... 

Message Edited by Murphym on 01-29-2009 09:29 AM

[Anonymous]

You would have to have a super duper clean report to get in with Penfed, I see people over 700 getting declined for them left and right.  I would suggest applying for a Bank of America card, you might get the card or you might get a counter offer for a partially secured card (99/500).  BofA is a great bank get in with even if it means going secured, because they unsecure in 9-12 months.  You might try NFCU if you are eligible for membership, and try any local CU you can join.

[Anonymous]

Thanks for your response!  I'm sorry I am not too familiar with the abreviations and acronyms used througout the site.  What is NFCU?  What is meant by (99/500)? I have heard so many horror stories about B of A so I am kind of hesitant to have any accounts with them.

[Anonymous]

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@Anonymous wrote:

Thanks for your response!  I'm sorry I am not too familiar with the abreviations and acronyms used througout the site.  What is NFCU?  What is meant by (99/500)? I have heard so many horror stories about B of A so I am kind of hesitant to have any accounts with them.

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I don't know, but Navy Federal Credit Union?  Someone else may know.  

The 99/500 BoA card is a partially secured credit card.  You pay $99 and BoA gives you a $500 credit limit credit card.  After about 9 months, with good history, the card can become unsecured and it will grow with you.  You can't apply for this card, but if you apply for a regular CC and they don't approve you, they may counter offer with the 99/500 which gives you a chance to show them you can managed your credit responsibly, and then they can unsecure it after about 9 months.

[pattycake]

Try Citibank - you should qualify for something with them.  My niece and son both did and got cards.  Good luck.

Credit is still available, you just have to be patient and apply at the right places.   

GO ARIZONA CARDINALS!!! 

[Anonymous]

Thanks for your responses!  Pattycake, do you know what your son and niece's scores were when the applied?  Were they in college at the time they applied?

[oracles]

Hi Murphy

NFCU means Navy Federal Credit Union 

You need to be eligible to become a member.  If you can, i would highly recommend you do.

I would also agree with fender regarding BofA. They will grow with you and give generous credit limit increases.

Also you should definitely get another cc seeing how you only have 1. I wouls also say to get a store/gas card to improve your mix of credit.

All these things will improve your credit report and score.

[Anonymous]

Is the B of A card reported as a secured card?  Does B of A pull credit for secured cards? Or can I just tell them that is what I want?

Which store/gas cards are easiest to obtain?  Which report is pulled and what is the min FICO score?

[bamagirl1]

If you apply for a regular boa card and are not approved MOST of the time they will offer you either the 99/500 or the secured card..i think the 99/500 reports like a normal card. I have the secured, it only reads secured on one credit report the other two it doesnt say secured.

and for scores that's just gonna depend on other things on your credit report, etc and what they credit card lending qualifications are..

good luck

[Anonymous]

BofA does report as secured.  They do pull credit for secured, and they can even deny you for secured credit.. which sounds silly to me!