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Contributor
Posts: 93
Registered: ‎03-26-2013
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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?

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Posts: 26,876
Registered: ‎02-07-2013
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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


 



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Valued Contributor
Posts: 1,551
Registered: ‎11-10-2012
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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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Contributor
Posts: 93
Registered: ‎03-26-2013
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Re: Credit Card Requirements Fico Only

[ Edited ]

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.

Valued Contributor
Posts: 1,551
Registered: ‎11-10-2012
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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.

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Posts: 26,876
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Re: Credit Card Requirements Fico Only

[ Edited ]

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



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Contributor
Posts: 93
Registered: ‎03-26-2013
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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.

Contributor
Posts: 88
Registered: ‎03-16-2012
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Re: Credit Card Requirements Fico Only

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


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Contributor
Posts: 93
Registered: ‎03-26-2013
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Re: Credit Card Requirements Fico Only

Thanks for the advice. I will humbly go back to the repair threads. :smileyhappy:

 

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Senior Contributor
Posts: 26,876
Registered: ‎02-07-2013
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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



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