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Valued Contributor
nothingman02
Posts: 1,072
Registered: ‎02-15-2009
0

Is it time yet?

[ Edited ]

Hi,

I was wondering if I have a chance with capital one, boa partially secured card or walmart GEMB.

Scores

FAKOS : 580/ 627/ 588 ) (eq/exp/tr)

FICOS : EQ - 570/TR-579

 

History:

Chase from 2004 - charged off for 1375

AAC bought the above debt on 2009 Jan  - bal listing as 1825 (dispute/dv going on)

 

CITI from 2004 - closed  paid and current with no lates ( after GWing them :smileyhappy:)

CL 3000 and history of a little over year and a half..

 

BOA checking a/c from 2005

overdrawn $124 (with fines) but CA (FBCS) showing 822 bal.

 

First Premier and Orchard Secured with $ 200 limits from Jan 1st 09. Utilization 5%

 

BOA AU from my brother not showing yet. Its been a month or so. 15000CL.

Waiting for march to update. 

 

Would really appreciate all help possible. Trying to get my foot into one prime bank/card. Please  let me know what my chances are if I have any. I am aware that theres no real way to tell but educated guesses if you will. I have also tried out all the preapproval links but nothing for me there.

Thanks.

 

 

Message Edited by nothingman02 on 03-10-2009 11:28 AM
Established Member
defserv
Posts: 24
Registered: ‎02-22-2008
0

Re: Is it time yet?

When I was approved a few years back I had a recent Collection Account reporting, Low 600 scores and very few trade lines, at the time the site was showing no pre-approval's.. YMMV

 

Good Luck!

Valued Contributor
nothingman02
Posts: 1,072
Registered: ‎02-15-2009
0

Re: Is it time yet?

Hi,

Which one was it for? Capital one or walmart or boa. uh..er...whats YMMV?

Thanks for the reply.

Established Member
defserv
Posts: 24
Registered: ‎02-22-2008
0

Re: Is it time yet?

[ Edited ]
capital one, YMMV = your mileage may vary
Message Edited by defserv on 03-10-2009 11:31 AM
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008

Re: Is it time yet?

I'd encourage you to hold off on any more apps until you finish repairing. Repair, the rebuild. You've got two new accounts, and you'll get a good boost when the AU account shows up. Work on fixing the baddies & letting the two new accounts age. You'll stand a much better change in getting good limits (you don't want to get stuck with a dozen low limit credit cards) with prime issuers. Good luck!

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Valued Contributor
nothingman02
Posts: 1,072
Registered: ‎02-15-2009
0

Re: Is it time yet?

Hi

Thanks for the replies.

I am a little eager right now because after disputing, two unpaid accounts have fallen off my reports. They could come back anytime and I was thinking I should atleast try and get a prime card, if I can, within then.

 

Unpaid accounts that have fallen off:

1) ATT - $300 from 2008, SOL - 6yrs

2) CITI - $2500 from 2006, SOL - 6 yrs.

 

I would reallly like one prime card and am hoping for CITI or BOA or WALMART GEMB (not sure if its a prime but I spend a lot here and would make good history with them).

 

My BOA AU is not showing and when I called, the people have provided me with conflicting information. Some told me they will report my AU account while most said they will not report. So I am a little lost. They didn't take my social so I am wondering how  they woudl report at all...

 

Thanks again for your replies.

Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008

Re: Is it time yet?

This is absolutely why you should put the brakes on any more new apps while you finish your repair process. Lenders (especially the prime ones, and especially in these critical times) do not rest in their quest to make sure that you are worthy. They may grant credit today, soft you tomorrow, and close your brand new account next week. Creditworthiness is an ongoing process.

 

BoA softed me every WEEK from October through December, and has been softing me at least once per month with all three bureaus since January. And, if you read through this forum, you'll see that they've shut down accounts with no warning, CLDd people of late. It's the same with Chase, CITI, HSBC, Amex, and other prime lenders. What they giveth, they will snatch away with even just a small hint of declining creditworthiness.

 

So, you don't want to take a hit for a new INQ, a new account, a lowered AAoA, only to have the lender close on you shortly after opening. Nor do you want to end up with some dead end rebuilder that will never let you progress into something more fitting of your creditworthiness (this happened to me with Cap1).

 

Lenders are nervous, and tightening their belts and their standards. Active baddies and new accounts are a big red flag. It sounds like you've already got some good history going for yourself. Work on those baddies, and then you'll find that the prime lenders will be looking for you.

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Valued Contributor
nothingman02
Posts: 1,072
Registered: ‎02-15-2009
0

Re: Is it time yet?

Hm..I understand what you are saying. I have an idea that they are slashing credit limits. I was under the impression though that it was the case with people who had very high limits and were not using their cards and the banks were not making any money off of them due to no utilization. Its actually very obvious now but I never even thought about it that way that its more of a precautionary measure. No wonder they are doing soft pulls so very often and consistently.

But if you do have a consistent 9% utilization, how can they close the card? I thought they would slash the CLI but I would still have the open card. If they close a card with a balance, its gonna mess my account up again. Dont they have to give me a chance to pay the card off and close it so that it atleast has a positive record?

Thanks for your informative post.

Established Member
hotsaka
Posts: 62
Registered: ‎01-13-2009
0

Re: Is it time yet?

if you are going to do one i would suggest bofa. If you apply be ready to accept the secured or partially secured($99 for 500 limit) card. Then stop and wait until report is cleared. Bofa will unsecure after around a year and will be a card you can keep long term
Valued Contributor
nothingman02
Posts: 1,072
Registered: ‎02-15-2009

Re: Is it time yet?

Thanks guys. I think I should wait. I am thinking I will wait for pre approved offers or 650 fico which ever comes first.

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