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New Contributor
Posts: 51
Registered: ‎07-08-2011
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Re: Credit Card Options/Strategy

[ Edited ]

The Cap One cards were builder cards and were treated as such. But when the letter from Barclays was sent to me (I didnt go to them) I thought here we go. App'ed and boom 500....really? I called several times and even got to the point where I called them out for giving XYZ CL to people I know are in a lower standing. Nothing. I finally spoke to a CSR at Barclays that flat out said what I stated in my first post of this thread that sent me through the roof. No one wants to step up. My lowest card before BK was a 2000 Guitar Center Card. 


I thought maybe I was getting blacklisted. But I only delt with HSBC and GE prior to BK and they all had high CL's. When I filed these cards were all in good standing. I understand that most CCC are being conservative with CL's. 


Thats why I thought about just cutting ties, going AU and starting over. I know a BK is going to thrash CL offers, but 500 CL's are just pathetic past a builder.  A personal loan is going to be hard to get with INQ's on my report from that D*** car dealership.  I could easily do a Secured Card, but to my understanding they report as such and I doubt anyone is going to rush to match it.


I know someone has had to have delt with this. I have went the extra mile and nothing seems to pay off like most on the board. I am just searching for answers. 

Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
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Re: Credit Card Options/Strategy

OK, so two things:


First, don't make any changes in your credit profile within six months of going for a mortgage. Look boring, and calm, and self-assured, and supremely uninterested in all things credit. Then, once your new mortgage funds (not just when you sign, but when it funds), you can start making changes.


Second, there's nothing wrong with closing cards, as long as you understand all the implications. Read fused's Closing Credit Cards to help you think throught the ins and outs. If you decide to close some cards, fine; but I would strongly recommend getting an improved card first. CC lenders get very skittish when they look at a credit report with few open revolving credit lines.


As a general comment: it's very important to learn to separate your emotional reactions (which are perfectly understandable and natural) from your decision-making processes. People tend to take rejections from lenders as personal slights, when in fact, they are often the results of some computer-generated decision. Your personal worth is not validated by a lender deciding to mail you a plastic rectangle in an unmarked envelope. And don't get so bent out of shape about a secured card. Plenty of people have started/ re-started with a secured card. And as you know, the fact that it is secured has zero impact on your FICO scores.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
Posts: 134
Registered: ‎12-01-2010
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Re: Credit Card Options/Strategy

Filing bankruptcy is a pretty big deal.  Its ultimately the thing that CC companies worry about most.  Your a HUGE risk and have to pay the price now. 

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