Reply
Established Member
Posts: 25
Registered: ‎08-15-2011
0

Looking for a rewards card...What will I qualify for?

Currently have a TU Fico of 713 pulled 10/2011.  9 years and 6 months ago I claimed bankruptcy which has ruled me out for a few cards (ie Chase).  I make just over $100K a year.  I have the following loans and cards:

 

JCPenney 0/$1000 opened May 1994

Capital One 0/$5000 opened May 2002

Line of Credit 0/$11000 opened June 2010

Car Loan $13053/$16599 opened June 2010

Mortgage Refinanced in July 2011, $1500/$185k (original mortgage was opened in May 2007)

 

My question is, will I qualify for a good rewards card now, or should I wait until the bankruptcy falls off?  I spend approximatley $2500 a month on my Capital One card (with no rewards), and pay in full at the end of each month.  I know this shows a high utilization, and was looking for something with a higher credit limit to make my utilization seem lower and give me some rewards.  Should I call the backdoor Capital One number and see if they will switch me to a rewards account?  I have seen in some previous posts that this occasionally works.  Thanks in advance!

 

 


Starting Score 5/1/2002: 553
Current Score 5/30/2012: 785 (EQ FICO)
Current Score 10/2/2012: 803 (TU FICO)
Goal Score: 800


Take the FICO Fitness Challenge
Mega Contributor
Posts: 16,663
Registered: ‎08-08-2011
0

Re: Looking for a rewards card...What will I qualify for?

IMHO wait the 6 months with your score and no bankruptcy on your record. Your score, quality and CL of a new rewards card will be worth the wait. You should qualify for a Citi, Discover or Chase that will grow and get CLI  if you treat them right.

Frequent Contributor
Posts: 344
Registered: ‎03-25-2011
0

Re: Looking for a rewards card...What will I qualify for?

 

+1

TU-717 (MYFICO) EQ- 696(MYFICO) EXP 711(Amex denial letter)
My Wallet : Dicover More 10,000 CL / Amex Zync NPSL / WellsFargoRewards3800 / -CapOne 3000CL / GEMBWalMart 5000CL / Zales 4000CL-Kays 2900--Macys 3000CL /SSFCU 5000CL / CitiBank Plat Select 3000CL / CHASE Freedom 1300CL / Lowes 10,000 CL / BBuyStoreCard 5000CL Sears Store Card (Citi) 3000 / Firestone CFNB 1400 Toyota Financial $35,000 Auto /2200DiscountTire(GECRB) Citi TY Preferred 6500CL / Chase Slate$4000/BofA2500/ToyotaRewardsVisa$6500BofA$6500
Established Member
Posts: 25
Registered: ‎08-15-2011
0

Re: Looking for a rewards card...What will I qualify for?

When I filed bankruptcy in 2002, I included debt with Discover and Citibank.  Citibank has since given me two corporate cards and I had to fill out applications with my social security number. 

Does Discover or Citibank hold a grudge and refuse to issue new credit to anyone that has filed bankruptcy in the past?


Starting Score 5/1/2002: 553
Current Score 5/30/2012: 785 (EQ FICO)
Current Score 10/2/2012: 803 (TU FICO)
Goal Score: 800


Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
0

Re: Looking for a rewards card...What will I qualify for?


penelope10 wrote:

Currently have a TU Fico of 713 pulled 10/2011.  9 years and 6 months ago I claimed bankruptcy which has ruled me out for a few cards (ie Chase).  I make just over $100K a year.  I have the following loans and cards:

 

JCPenney 0/$1000 opened May 1994

Capital One 0/$5000 opened May 2002

Line of Credit 0/$11000 opened June 2010

Car Loan $13053/$16599 opened June 2010

Mortgage Refinanced in July 2011, $1500/$185k (original mortgage was opened in May 2007)

 

My question is, will I qualify for a good rewards card now, or should I wait until the bankruptcy falls off?  I spend approximatley $2500 a month on my Capital One card (with no rewards), and pay in full at the end of each month.  I know this shows a high utilization, and was looking for something with a higher credit limit to make my utilization seem lower and give me some rewards.  Should I call the backdoor Capital One number and see if they will switch me to a rewards account?  I have seen in some previous posts that this occasionally works.  Thanks in advance!

 

 


Like others, I think your best bet would be to wait the 6 months for when the Bk falls off your reports. I'm not fully aware when Bk's fall off totally, I've never dealt with one myself. Just that once it's off you have a good income and looks like some good history.

 

After it falls off you might want to look at a credit union. PenFed is kind of hard to get but has a good gas rebate of 5% automatically credited on your statement (if paid at the pump) 1% on other purchases.  They also give good CLs. You'd probably have to give them proof of income, but it'd be worth it if you buy an average amount of gas.  They don't like a lot of inq's so that's why I mention them first. 

 

After them I've heard Amex Blue cash (preferred? not sure which one, fee is $75 a year) has good rewards, like 6% on groceries?  Chase Freedom is nice with it's rotating rewards (which you sign up for every 3 months).

 

If you want to keep your utilization looking low, you might want to try PIF right before the statement cuts.  If you're PIF and showing a balance on your reports, it may just be an issue of timing. Compare the Due date on your statement (either online or paper) with your statement date, that date is when your statement cuts (finalizes, reports etc). PIF just before the statement date and you should show 0 balance.

 

From what I've read (and I have 2 of their sub $1000 cards, one of which is a rewards), Cap One doesn't often do PC, actually, they don't do much of anything when someone calls anymore LOL Unless you want them to put a useless inq on your report, they seem to be able to do that but not much else. :smileyvery-happy: Chances are also good if you change your Cap One card, you'll shorten your AAoA as it would probably show as a new card. You're better off  not risking playing with the risk of inq and AAoA issues being you only have about 6 months to wait for a much better position to apply for better products with rewards.

 


 


Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: Looking for a rewards card...What will I qualify for?

Agree wait til fall off than for sure you could get chase or any other

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.