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Contributor
MrxLeo
Posts: 78
Registered: ‎01-06-2013
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Deciding on 3rd credit card of rebuild process

Hey All!  Brand new to the forums.  I've been reading through the boards all day and found a ton of great information and am grateful for all the awesome feedback!  However, I'm caught up in a dilemma on what my next step should be in applying for a new card.  To give some background:  I went through a bad string in 2005 (loss of job, no income, bad money management, yada yada) and couldn't keep up with my credit cards so I went through a debt reduction program in 2006.   The debts I had with Providan ($6k), BoA ($8k), HSBC ($3k) were all enrolled into the program so they all charged off and eventually negotiated down to settlements.  This past year (2012) all of the charge offs and delinquent information eventually fell off my report and I have a clean slate again.  I applied for a Capital One secured card and received a $300 limit in January of 2012.  Shortly after in April, Capital One pre-approved me for an unsecured card so I submitted my application and was approved for $500.  I've been using the cards frequently and paying them down every month for the last 8 months.  The Capital One unsecured card bumped me up to $750 automatically so I have a total of $1050 in credit line.  I've been monitoring my credit and I have zero delinquencies except for a charged off utility bill from 2009 that I paid off last year.  My question now is with my two small tradelines and freshly new credit, what should be the next card I should apply for?  I'm currently at 693 according to the Experian website and I have some good history with multiple installments paid (auto loans, etc).  Should I aim high and go for an AMEX (Delta, Costco or Hilton) or try a rewards card from my bank (Chase)?  I also have multiple business accounts with Chase so will that help their decision?  If neither, how about a Barclays card?  Any feedback would be much appreciated.

 

Also, Priovidian was bought out by Chase so I don't know if I have been blacklisted because of the chargeoff in 2005.  Has anyone had any experience of reapplying to a bank that they've had some negative account history with?


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corymcd88
Posts: 901
Registered: ‎12-12-2011
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Re: Deciding on 3rd credit card of rebuild process

I would say Northwest FCU. Their credit Card in perfect. $550.00 Min, 7.00% APR no Annual fee. No credit check required. Anyone can join. I have it and love it.

Walmart / SYNCB - 4,500/7,500 | JCP MasterCard / SYNCB - 4,000 | Dillard's / Wells Fargo - 5,000 | Amazon / SYNCB - 1,500 | Chevron / SYNCB - 1,000 | Belk / SYNCB - 3,000 | Aeromexico Visa / US Bank - 300 | Capital One - 500/3,700 | Bank Of America 123 Cash Back - 2,500 | Wells Fargo - 300 |AMEX ZYNC - NPSL | AMEX Hilton HHonours - 2,000 | USAA AMEX - 250 | PenFed Platinum Rewards Visa Signature - 18,400 | PenFed Travel Rewards AMEX - 5,000.
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Deciding on 3rd credit card of rebuild process

Since you have bank accounts with Chase you have a good chance of getting the Freedom from them. If denied, recon.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012
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Re: Deciding on 3rd credit card of rebuild process


corymcd88 wrote:

I would say Northwest FCU. Their credit Card in perfect. $550.00 Min, 7.00% APR no Annual fee. No credit check required. Anyone can join. I have it and love it.


I'm assuming this is a secured card, which I dont believe the OP is looking for.

 

OP, Go for AmEx! Maybe Citi as well, although a lot of people on thse forums seem to hate Citi's customer service xD 

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656
Valued Contributor
Burned2manybridgesB4
Posts: 2,308
Registered: ‎03-15-2012
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Re: Deciding on 3rd credit card of rebuild process

[ Edited ]

To OP:

Chase was so nice with my Providian CO (almost ten years ago), that they actually managed to dig up my original app, saying "Yeah, buddy...we're pissed"

 

I'm so blacklisted that I'll never see any chase product for many many many many years...LOL.

RIP: AxHH (11-25-14)

Contributor
MrxLeo
Posts: 78
Registered: ‎01-06-2013
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Re: Deciding on 3rd credit card of rebuild process

Yes, that's correct, I'm not looking for another ssecured card.  I'm pretty sure I can get approved for a 1k-2k unsecured card at this point.  I would definitely prefer an Amex but I'm wondering what their underwriting guidelines are.  Being that all my current tradelines are roughly a year or under I think that's probably a red flag for them.  I've been reading on the forums that the minimum FICO requirement is 700+ for AMEX but I'm sure there are a lot more factors that decide an approval.  Is anyone familiar with what they're looking for in terms of depth in the credit profile other than credit score?


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Contributor
MrxLeo
Posts: 78
Registered: ‎01-06-2013
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Re: Deciding on 3rd credit card of rebuild process

Yeah, that's exactly what I'm afraid of.  I hear Chase has some nice cards: Freedom, Freedom, Sapphire but I don't want to waste a pull on them if they base their decisions on my history with Providian.

 

What happened with your Providian account?  


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Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012
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Re: Deciding on 3rd credit card of rebuild process

We all want to know Amex's internal scoring looks like. You can get some idea on what cards are approved and declined for others at whogavemecredit.com and also google Credit Pulls Database. You can query the various cards you're interested in and see other applicant experiences.

You're right about it being more than FICO alone. I just got BCE with a 680. I had history with Amex going back 18 years but had no open accounts at app time. I also never burned them. Blacklisting is real. BofA will n e v e r e v e r touch me after I jammed them hard. I thought the same about Wells Fargo, similar jamming I gave them but I deposit payroll with them and my wife does too. So yea, that angle leveraging your existing accounts *may* help.

Good luck.

GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


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Regular Contributor
Tran92
Posts: 217
Registered: ‎09-25-2012
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Re: Deciding on 3rd credit card of rebuild process

How about a GE backed card to help with utilization? You may have a shot with Amex charged cards but not so sure with their revolvers. You never know until you try lol.
TU 746 (10/13)
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Contributor
MrxLeo
Posts: 78
Registered: ‎01-06-2013
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Re: Deciding on 3rd credit card of rebuild process


jake619 wrote:
We all want to know Amex's internal scoring looks like. You can get some idea on what cards are approved and declined for others at whogavemecredit.com and also google Credit Pulls Database. You can query the various cards you're interested in and see other applicant experiences.

You're right about it being more than FICO alone. I just got BCE with a 680. I had history with Amex going back 18 years but had no open accounts at app time. I also never burned them. Blacklisting is real. BofA will n e v e r e v e r touch me after I jammed them hard. I thought the same about Wells Fargo, similar jamming I gave them but I deposit payroll with them and my wife does too. So yea, that angle leveraging your existing accounts *may* help.

Good luck.

Awesome, thanks for those websites.  I guess I'll just stay away from the creditors I had issue with in the past just to be on the safe side.  Probably best bet would be to go with a creditor I've had good history with if that's something that factors into their decision.  I had a Citi card about 10 years ago that was paid satisfatory so I'll probably give them a try first since I'm skeptical about my chances with Amex.   


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