Chances of Approval?

[g35_ab05]

Greetings MyFico'ers!

Had a couple of questions and wouldn't mind some sage advice from those who may know better.

I currently have only one CC, CapOne with a $2k limit, at about 40% util to be down under 10% this month. Last late was 2.5 years ago, and have a few 90 days lates 4 years ago that I'm currently working on to get removed. AAoA is about 7 years, income about $70k, no inquiries. Credit scores are current in my signature.

I would like to add the Costco Amex TrueEarnings and the Discover More to my stable as I'd like to take advantage of the cashback rewards. I'm hoping in the next couple of months to get those old lates removed and hopefully apply. Are my chances decent in getting either? Would it be best if I apply for both in the same day?

Any advice appreciated, thank you!

[Anonymous]

For the Costco Amex, I've seen folks recommend going to the Amex preapproval website.  When you can get a preapproval there, then head into Costco and try for their Amex.  Are you a Costco customer?

[smallfry]

Too many negatives I think. Maybe someone will chime in? 

[g35_ab05]

Hi All!

Thanks for the quick responses!

Indeed, I think it would be a good idea to go to the pre-approval site, I think that will be my first stop after my score increases a bit in the coming months. As for lates, I agree I have quite a few, just was hoping a bit that they would matter less in decision after a few years. And as for scores: EQ: 664 | TU: 665

[Anonymous]

Who is your current credit card with the lates 2 1/2 years ago? Though the time has passed since they were late, and won't have has great an impact on your score, if you do plan on having your balance on current card from 40% to 10% or lower wait to apply until the revised balance has posted. I think you'll see a significant spike in your score.

If you have a little more patience, write your current credit card company and explain why you were late, how you've been excellent ever since, and if they would be willing to remove the slow pays from your bureaus. Some will, some won't. However, calling may be faster; ask to speak to a supervisor not a CSR and ask for them to please provide you written confirmation if they are willing to do that for a good customer like you.

Be aware too, that those rates are on those cards you mentioned are considerably higher than before and have annual fees (though often waived the first year). if the rewards aren't that important, consider applying at any credit union you may be eligible to join.

[Anonymous]

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@g35_ab05 wrote:

As for lates, I agree I have quite a few, just was hoping a bit that they would matter less in decision after a few years.

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When you get a bit cleaned up, you may find Discover a bit easier to get than AmEx.

Are you considering GW'ing those lates?  They count less in your FICO score as they age, but they're still visible to creditors.

[g35_ab05]

Hi again.

Current card is the CapOne with the lates, and I plan on paying down to 0% and leave it for a bit before I apply.

I have been GW'ing and have had little success so far, but I'm not giving up. I really want to get things clean before I apply, even if I need to wait 6 months or more. Regarding AFs, I know the Costco Amex does not have an AF but requires the Costco membership which I will never give up.

Thanks for all the input, it looks like I will be waiting until I'm low on util and I have a few more lates cleaned up.