Credit Cards

[GPMDRL]

I've been waiting for negatives to fall,off mreport before applying for any cards.  I had horrible financial issues in the past, credit score in the 500s  3 years ago. Now everything is clear, no negatives, well transunion shows a 3400paid collection from 6.5 years ago, but that's it. I have 4 accts in goodstanding but 3 were student loans that were paid off. I got a cap 1 credit card 18 months ago with a 500 limit and that's my only card. I charge about 75/month and always pay in full. I have my own biz for 7 years and have great cash flow so have been paying with debit card only out of biz acct. Equifax is a 777,  and Transunion 712 when pulled from myfico.  Freecreditreport .com has 744 transunion and 734 for others. 

Anyway, I want to buy a house next year so I want to build up my available credit/lines of credit to help mychances and scores. I thought I'd have no prob getting something. Just applied for chase southwest visa and got the dreaded "Can't make a decision, we'll notify you in 7-10 days via mail" and then I applied for an AMEX business gold and got the "can't approve for 60 second decision, will notify when we reach a decision." 

Im thinking I'm 0-2. I want to come out of today's applications with something to show for the hard pulls. What cardsshould I go for? I was really hoping for credit lines over $1k at least.. I don't understand why I'm having an issue.  Thanks!

[scientifics]

I would call the recon lines for the two cards you just applied for. Those messages may mean they need more info. They will also give you a chance to talk to a real human and explan your situation.

[GPMDRL]

Would this be something to call now or wait for the official denial?  I just applied for a Discover More card since from what I read on whogavemecredit.com OT was easy to get. Got approved for $1500. I mainly just wanted to increase the amount of credit I have so this will help even though I'll barely use it. I really want that southwest card as their hub is my local airport and my wife's family lives near an airport they fly to. My fingers are crossed but I'm bummed I didn't get instant approval. I think I'll just stop with these 3 apps and hope to get lucky on the 2 outstanding but I'm not hopeful

[DVH1980]

Id call now. Your lack of credit lines is probably your biggest enemy but your score should be able to net you a prime card in some flavor. Let the Discover age bit, Id say 6 months at a minimum and then try for the cards you really want. The hardest thing about the credit game is that there is no way to speed up the clock.

[bichonmom]

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GPMDRL wrote:

I've been waiting for negatives to fall,off mreport before applying for any cards.  I had horrible financial issues in the past, credit score in the 500s  3 years ago. Now everything is clear, no negatives, well transunion shows a 3400paid collection from 6.5 years ago, but that's it. I have 4 accts in goodstanding but 3 were student loans that were paid off. I got a cap 1 credit card 18 months ago with a 500 limit and that's my only card. I charge about 75/month and always pay in full. I have my own biz for 7 years and have great cash flow so have been paying with debit card only out of biz acct. Equifax is a 777,  and Transunion 712 when pulled from myfico.  Freecreditreport .com has 744 transunion and 734 for others. 

Anyway, I want to buy a house next year so I want to build up my available credit/lines of credit to help mychances and scores. I thought I'd have no prob getting something. Just applied for chase southwest visa and got the dreaded "Can't make a decision, we'll notify you in 7-10 days via mail" and then I applied for an AMEX business gold and got the "can't approve for 60 second decision, will notify when we reach a decision." 

Im thinking I'm 0-2. I want to come out of today's applications with something to show for the hard pulls. What cardsshould I go for? I was really hoping for credit lines over $1k at least.. I don't understand why I'm having an issue.  Thanks!

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Call the Chase backdoor # on the sticky. It doesn't necessarily mean a denial. Sometimes it just means that a human needs to look at it. I got that msg w/Chase earlier this year and got $3k when I called. Citi just gave me that message this week and later in the day got $10k without calling. So, I'd definitely call Chase.

Amex is a different story. They don't recon. You app'd for a biz card, which is diff than the personal. I'd just wait and see what they decide. Calling isn't going to change the outcome with them.

At this point, you have Discover $1500 and possibly/probably Chase, plus your Cap One. I'd just sit and let those age. You don't need more than 2 open TLs and if you keep adding cards, you'll drop your AAOA and FICO. Also, you don't want to be apping for new credit too close to getting a mortage.

[GPMDRL]

Thank you for the info. I'll call it a day then with what I have and give chase a call. Morgage is #1 and the only reason I'm trying to get these cards now. Thanks again all for the advice!

[GPMDRL]

Just called Chase and I'm denied the Southwest card and e only reason was that I currently do not have any revolving credit over $2k. The man was very nice and said that that was the minimum for the card and they wanted to see the history of me handling that limit before they gave it out. I wish I knew that info before I applied though.  I'm pretty sure AMEX will shoot me down now too, I didn't realize that was a condition.  Store that one in the memory bank I guess.  

[tcbofade]

Eh.  If you DO store it in your memory bank, they'll change it. 

If your goal is a mortgage, STOP applying...you've got scores that are more than good enough.

[Wolf3]

I suggest you open a high CL secured card ($3000 or more).   Since you have clean report, it should be easy to get from anyone.  Capital One has a decent one.

A high limit card will look good on your report for the future, when mortgage qualification time arrives. .

[djrez4]

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bichonmom wrote:

Amex is a different story. They don't recon. You app'd for a biz card, which is diff than the personal. I'd just wait and see what they decide. Calling isn't going to change the outcome with them.

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Amex most definitely accepts recons.  They just won't do it over the phone.  You have to fax them a letter and any supporting documentation.