How to proceed

[stlsme]

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.

[SpiceIslander]

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.

[colinstu]

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. 

[stlsme]

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

[longtimelurker]

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

[stlsme]

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

[longtimelurker]

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@stlsme wrote:

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

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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"

[Creditaddict]

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@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.

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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.

[stlsme]

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.

[FinStar]

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@longtimelurker wrote:

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@stlsme wrote:

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

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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"

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+1

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