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New Contributor
stlsme
Posts: 60
Registered: ‎09-15-2011
0

How to proceed

A little about my situation. I have a 21 year credit history that was flawless until exactly four years ago. I unexpectedly lost a job and things went south in a hurry. I stayed current on mortgage and rental property mortgages. I had five credit cards that didn't get paid. One a settlement offer came in right when I received my taxes back and I took it. The other 4 cards went to 120 days late but none of them charged off (I did keep one card clean but credit line was reduced from 4k to 500). I brought them all current. Accounts closed with balances.Fortunately after reading on here they are closed with best possible scenerio. A year later with a banking glitch i had a string of 30 day lates that lasted 4 months due to a banking error on 2 diferent mortgages.

 

Since the mess I have gotten a couple of toy limits and bought a couple of new cars. I just recently got a 7k card from USAA with another offer in my offers that I am not taking. My score will go up fairly significantly as I am at 43% utiliization which will be zero by April. I am buying a car in June. Now that I am getting good offers again I want to lose the toys and get better cards. The 2 cards I want are Amex BCP and CSP. My HHI is 190k. Can I get those with my history or do I need to wait 3 more years until the 120 lates fall off and get a couple other higher limit cards? I will not be apping for any cards until at least September.

 

Sorry for the long winded post just giving information that may help.

 

 

 

 

EX: 744 EQ: 751 TU: 739
Regular Contributor
SpiceIslander
Posts: 331
Registered: ‎02-01-2010
0

Re: How to proceed

If I understand you correctly, you have 2 cards with toy limits and one USAA with 7K CL. If I were you, I would garden and let the toy limits grow and give the negatives time to age. I think you got a lucky break with USAA. Even though your income is high, that's not the most important thing credit card companies look at. If you really want another piece of plastic, I suggest a secured credit card from a CU or your bank. Many will unsecure the card after a year or so of good history.

 

You mentioned that the recent lates were from a "banking error" but didn't indicate whether it was your error or the bank's. If it was the bank's error, you may be able to get them removed. Good luck o you.

Meg.

FICO: 04/2014 - TU 765 | EQ ??? | EX 768

Amex BCP 12900 | Lowes 10,000 | LOC 9300 | Sallie Mae/Barclays World MC 9000 | FNBO 8900 | BOA Platinum+ 6000 | Citi Simplicity 5200 | Chase CSP 5000 | Achieva CU 4000 | Discover 4000 | Sam's Club 3000 | Sears 900
Regular Contributor
colinstu
Posts: 179
Registered: ‎06-22-2013
0

Re: How to proceed

I'd stay away from Amex for now. No BK but they would be less than amused seeing what you've gone through. The 7k limit from USAA is promising though.

 

If you can wait 3 years, do it, if not use what you have now for 6mo-1yr and then try apping for something. 

TU FICO 8/14 743 | EQ FICO 6/13 724 | EX FICO 8/14 739 | CS FAKO 10/14 751 | CARS (Chase) 8/14 749
Chase Freedom $4,000 | Chase Amazon Rewards $3,500 | Citi DoubleCash $3,300 | Amex BCE $3,200 | Citi Forward $2,500 | Barclaycard Rewards $2,000 | Discover IT $1,300 | Capital One Quicksilver $1,250
Want: SallieMae WMC
New Contributor
stlsme
Posts: 60
Registered: ‎09-15-2011
0

Re: How to proceed

I am AU on my wife's 6k discover and 2k Cap1. I have a 1500 toy Discover that will be 2 years old in May.  Funny how 100 days of my entire adult life dictates this stuff. I have learned to be more frugle with money. Working on having my passive income be more than our salaries which will take a few years. These last few year have been a sLap in the face for sure. GuessJill be waiting awhile sigh

EX: 744 EQ: 751 TU: 739
Super Contributor
longtimelurker
Posts: 7,258
Registered: ‎04-22-2013
0

Re: How to proceed

Also, why those particular cards (BCP/CSP)?  There may be easier alternatives depending on your goals

CSP, Freedom, Chase Amazon, Cap One QS (x2), Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus, Fid Amex, NASA Plat Cash
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
New Contributor
stlsme
Posts: 60
Registered: ‎09-15-2011
0

Re: How to proceed

Gas and groceries for BCP. Travel for  CSP also want amex platinum also but don't want to be too greedy. 

EX: 744 EQ: 751 TU: 739
Super Contributor
longtimelurker
Posts: 7,258
Registered: ‎04-22-2013
0

Re: How to proceed


stlsme wrote:

Gas and groceries for BCP. Travel for  CSP also want amex platinum also but don't want to be too greedy. 


Amex Plat is easier (in general) than CSP.  For gas and groceries, depending on your spend, Sallie Mae is good.  I suspect that again in general it is easier than BCP, but don't know their sensitivity to your type of "baddies"

CSP, Freedom, Chase Amazon, Cap One QS (x2), Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus, Fid Amex, NASA Plat Cash
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
Epic Contributor
Creditaddict
Posts: 20,909
Registered: ‎10-23-2007
0

Re: How to proceed


stlsme wrote:

A little about my situation. I have a 21 year credit history that was flawless until exactly four years ago. I unexpectedly lost a job and things went south in a hurry. I stayed current on mortgage and rental property mortgages. I had five credit cards that didn't get paid. One a settlement offer came in right when I received my taxes back and I took it. The other 4 cards went to 120 days late but none of them charged off (I did keep one card clean but credit line was reduced from 4k to 500). I brought them all current. Accounts closed with balances.Fortunately after reading on here they are closed with best possible scenerio. A year later with a banking glitch i had a string of 30 day lates that lasted 4 months due to a banking error on 2 diferent mortgages.

 

Since the mess I have gotten a couple of toy limits and bought a couple of new cars. I just recently got a 7k card from USAA with another offer in my offers that I am not taking. My score will go up fairly significantly as I am at 43% utiliization which will be zero by April. I am buying a car in June. Now that I am getting good offers again I want to lose the toys and get better cards. The 2 cards I want are Amex BCP and CSP. My HHI is 190k. Can I get those with my history or do I need to wait 3 more years until the 120 lates fall off and get a couple other higher limit cards? I will not be apping for any cards until at least September.

 

Sorry for the long winded post just giving information that may help.

 

 

 

 


I would check the Chase.com pre-qual and see if they offer you any cards... if you have offers I would go ahead and apply.

sounds like you could also go ahead and afford 1 EX INQ even if denied and apply for the BCP... I think now that everything is clean and been a few years they won't care as much about the lates.

Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
New Contributor
stlsme
Posts: 60
Registered: ‎09-15-2011
0

Re: How to proceed

Unfortunately I don't have anything on Chase website. Just got southwest card offer in mail 5 mins ago. I am starting to travelout side of the US a couple times a year for pleasure. From reading makes Amex platinum a great card to have. We spend a fair amount monthly on gas and groceries so best rewards seems like BCP. I want to earn travel points on all other purchases for both domestic and abroad which leads to the CSP.

EX: 744 EQ: 751 TU: 739
Valued Contributor
FinStar
Posts: 6,031
Registered: ‎10-21-2012
0

Re: How to proceed


longtimelurker wrote:

stlsme wrote:

Gas and groceries for BCP. Travel for  CSP also want amex platinum also but don't want to be too greedy. 


Amex Plat is easier (in general) than CSP.  For gas and groceries, depending on your spend, Sallie Mae is good.  I suspect that again in general it is easier than BCP, but don't know their sensitivity to your type of "baddies"


+1

 

Even with your HHI, it will all depend on the lender's review when you apply.


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