Posts: 99
Registered: ‎08-20-2008

Ive Not Had Credit Cards In Many Years...Credit Improving...What Cards Should I get?

My 3 scores sit at 680 Eq, 695 Ex, 692 TU. But I am sure I do not have any good will with the credit card companies. Ive had chargeoffs and collections from many of them that have since dropped off my reports since they are really old. What I am curious is if I want a new credit card, who should I apply with. (I dont plan on applying till my last baddies drop off so I should be over the 700 mark when I do apply). Should I avoid applying with companies that I had chargeoffs with 9 years ago or so?
Regular Contributor
Posts: 248
Registered: ‎09-04-2008

Re: Ive Not Had Credit Cards In Many Years...Credit Improving...What Cards Should I get?

I'm not an expert, but it could depend on the CCC and/or the amount of the charge offs, etc. I had assumed the worst as well as I rebuilt and figured I would have to avoid CCCs with whom I had had questionable past. I had a $300 CL Capital One card back in (roughly 2004/2005) and it grew to about $700 ($400 over limit) and was charged off. I ended up paying the collection in full.


I just applied a couple of weeks ago for a Capital One Platinum MC and was approved with scores in the mid-600s. Credit line was surprising $3000 and no AF.


So I guess my point is, it's possible that Capital One doesn't hold it against past offenders if the scores are in their comfort zone. OR, it's possible that the fact that my charge off was <$1000 was less offensive to them.


I would say you should decide on the card(s) that seem best suited for you and give them a shot, regardless of the past history. But that's just me based on my limited (positive) experience.

Regular Contributor
Posts: 184
Registered: ‎10-26-2008

Re: Ive Not Had Credit Cards In Many Years...Credit Improving...What Cards Should I get?

[ Edited ]

I don't think you should wait to apply until your report is completely clean--if your worst baddies have dropped off completely, and your others are over 2 years, most card companies will consider you. There are some who apparently hold grudges, but I think most do not have long memories.


With credit tightening, if you wait around, you might not get credit at all. If you get at least one card, it will boost your score as soon as it starts reporting--my scores jumped 35 points the first month I showed use of a card and my scores are all worse than yours (660s).


I have a Cap One and a BoA partially secured, both of which I recommend. I also have an Orchard, but they suck.

Message Edited by LisaPA on 03-10-2009 02:20 PM

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