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Credit Card Requirements Fico Only

Contributor

Credit Card Requirements Fico Only

This may be a dumb question, but do most credit card companies go just by your fico scores only?

 

If not, will they see the collection that I had paid off, and/or count that against me?

 

I also have 4 tax lines files in 2012 that may factor in.

 

My fico is 658

My fako is EX685 - EQ688 - TU666

 

I am thinking I may have to start with a Capital One secured, or would they turn me down as well?

Message 1 of 14
13 REPLIES
Super Contributor

Re: Credit Card Requirements Fico Only


xecutech wrote:

This may be a dumb question, but do most credit card companies go just by your fico scores only? No

 

If not, will they see the collection that I had paid off, and/or count that against me? Possibly

 

I also have 4 tax lines files in 2012 that may factor in. No doubt it will if paid try to have removed

 

My fico is 658

My fako is EX685 - EQ688 - TU666

 

I am thinking I may have to start with a Capital One secured, or would they turn me down as well? BofA US bank cap1 will pull 3 CR's so be aware


 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 14
Valued Contributor

Re: Credit Card Requirements Fico Only


xecutech wrote:

This may be a dumb question, but do most credit card companies go just by your fico scores only?

 

If not, will they see the collection that I had paid off, and/or count that against me?

 

I also have 4 tax lines files in 2012 that may factor in.

 

My fico is 658

My fako is EX685 - EQ688 - TU666

 

I am thinking I may have to start with a Capital One secured, or would they turn me down as well?


The FICO score is your foot-in-the-door, so to speak. If your score doesn't pass the computer cut-off, the lender will deny you instantly. However, even if your score is high (720+), you can still be denied due to excessive inquiries, short credit history, low AAoA, and a plethora of other reasons.

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Message 3 of 14
Highlighted
Contributor

Re: Credit Card Requirements Fico Only

So, should I apply with cards that have a specific fico limit to get the computer to authorize me without a person seeing the loan?

This may be wishful thinking.

 

Oh, and I am an authorized user on 2 cards at 23% util and no lates.

Message 4 of 14
Valued Contributor

Re: Credit Card Requirements Fico Only


xecutech wrote:

So, should I apply with cards that have a specific fico limit to get the computer to authorize me without a person seeing the loan?

This may be wishful thinking.

 

Oh, and I am an authorized user on 2 cards at 23% util and no lates.


I don't think anyone knows for sure what lenders' internal score cut-offs are, but in general it is generally agreed that there are more "lenient" lenders than others. For example, you may have an easier go of getting a Discover it card than a CSP. I'm sure someone else will comment and give you more options.

 photo Logo - Credit Card Collection - Data Inclusive_zpskiw5xfjj.jpg photo emerald_zpsfitcxbh5.jpg
Message 5 of 14
Super Contributor

Re: Credit Card Requirements Fico Only


xecutech wrote:

So, should I apply with cards that have a specific fico limit to get the computer to authorize me without a person seeing the loan?

This may be wishful thinking.

 

Oh, and I am an authorized user on 2 cards at 23% util and no lates.


I would advise against you applying for any CC's until you clean your CR's at this time ......sorry

You could have 700 scores and with all the negatives on your CR not be approved IMHO

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 6 of 14
Contributor

Re: Credit Card Requirements Fico Only

Thanks. I would love to apply and obtain a card on my own after all of the collections and gw letters. My reports improved a lot, but those tax liens will be history in about 90 days, so maybe I can wait.

 

If anyone else has some tips or some good cards to apply for, I would love to know whcih ones.

Message 7 of 14
Contributor

Re: Credit Card Requirements Fico Only

Read up on the rebuilding forum, lots of great tips!


CHASE FREEDOM 30K; CITI PREMIER 12.9K; CITIAA 8.2K; DISCOVER 16.5K; BOFA 35K; CABELA 10K; ARRIVAL 22.5K; USAA 3K; CSP 20K; PenFed 5K
Message 8 of 14
Contributor

Re: Credit Card Requirements Fico Only

Thanks for the advice. I will humbly go back to the repair threads. Smiley Happy

 

Message 9 of 14
Super Contributor

Re: Credit Card Requirements Fico Only


xecutech wrote:

Thanks. I would love to apply and obtain a card on my own after all of the collections and gw letters. My reports improved a lot, but those tax liens will be history in about 90 days, so maybe I can wait.

 

If anyone else has some tips or some good cards to apply for, I would love to know whcih ones.


If taxes are paid file Form 12277 fresh start program ...Best wishes

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 10 of 14