Credit Cards

[RachelRachel]

Hello.  I enrolled in a new credit union last month mostly because I needed to cash some savings bonds and my other smaller credit union couldn't do it.

But, now that I am a member, I am thinking I should try to get a credit card with them.  I have a mastercard $1,000 limit with my other credit union, an Applied Bank Visa with $500 limit, and a Chase (formerly WaMu) flexible rewards Visa with $2,500 limit.  Since Chase started doing their purges, I am just waiting for the guillitine to strike so I feel like I need additional credit since Chase is my highest limit card.  And, I figure my chances are better before Chase cuts me, right?  (or maybe it won't matter??)

What do you all think?  Should I apply now or wait? 

Thanks!

~Rachel

FICO EQ 649 7/21/09

[haulingthescoreup]

What shape are your reports in?

What's your reported CC util?

Any chance you can increase your EQ by reducing util and/or waiting for some accounts or baddies to have birthdays? (one year old, two years old, etc.)

Since you already have a relationship with the CU, you might try printing out that FICO EQ score report in your siggy and showing it to the CU loan officer. Tell him/ her that it's a Beacon 5.0 report, consumer version, with the same stuff on it as what they pull, just a bit shorter, and ask if that type of report and FICO score would qualify you for a card. This might save you an inq for a denial.

Did they pull a report with a hard inq for your banking? If so, do you know if they would use that same report again for a CC app?

[RachelRachel]

haulingthescoreup, thank you so very much.  Excellent advice about printing out the report and checking in advance so that I don't get an inquiry. 

I have a lot to do to improve my scores.  I had a Ch 7 bankruptcy discharged in 3/2005.  No collections.  1 CO and a lot of lates back in 2004/2005.  I haven't had any lates in 4 and half years since the bankruptcy.  My main problem is utilization, especially with the Chase card, I haven't calculated it but I think my utilization was around 85% or something bad like that for chase and then around 70% for the credit union MC and 20% for the Applied Visa.  So, that is my main goal since coming to these forums and learning from you all.  This forum is so great! I wish I had found it years ago as I'm sure I would have learned how to avoid filing for bankruptcy.

Anyway, I will check with the credit union and continue to work on bringing down utilization.

Thanks much!

~Rachel

EQ FICO 649 7/21/09

[happy0510]

I'm not sure if this helps, but I went to inquire at my local CU and they told me no matter what they will pull my report.  The girl said they will offer me a CC right as I join.  Does that sound weird? I thought so.

[smallfry]

You need to get the utilization down on that Chase card. I wouldn't be surprised if they balance chase you as that is really high utilization for Chase to see on a Wamu card.

[RachelRachel]

smallfry, thanks, that is my #1 goal right now, to reduce the balance on the Chase card. I also plan to apply for my rewards before they cancel me too because I read that someone had a lot of points when they were cancelled and they weren't able to cash in the points after the cancellation.  I have over 7,000 point which should get me a $50 gift card somewhere and maybe a couple $10 ones somewhere.