My New Credit Card Portfolio

[dallasjetfan]

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@tntexans72 wrote:

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@dallasjetfan wrote:

I know this is not a very good indicator, but Scorewatch says my FICO score is 674 which has gone up 28 points since I have started paying off debt.  It still shows about $8450 not paid off yet so once I pay off Cap One I should reach 700 for first time in my life.

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If you can pay down your UTIL % and hold off til you reach Fico 700s...app for a Chase, Discover, Amex or CITI. You definitely will get approved from ME. I didn't have problem getting any of those cards with Fico in the 700s. Just don't go on an app spree til you get to 700s, if you can hold off...you will be rewarded. Good luck!

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I can definitely wait for awhile.  NO hurry for me!!  If I can get one of the top Cap One cards then that is probably all I will do for now.

[dallasjetfan]

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@visorboy1974 wrote:

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@tntexans72 wrote:

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@dallasjetfan wrote:

I know this is not a very good indicator, but Scorewatch says my FICO score is 674 which has gone up 28 points since I have started paying off debt.  It still shows about $8450 not paid off yet so once I pay off Cap One I should reach 700 for first time in my life.

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If you can pay down your UTIL % and hold off til you reach Fico 700s...app for a Chase, Discover, Amex or CITI. You definitely will get approved from ME. I didn't have problem getting any of those cards with Fico in the 700s. Just don't go on an app spree til you get to 700s, if you can hold off...you will be rewarded. Good luck!

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If you're going to apply for any of the above cards, wait until your BK is 7 years old.  Chase and AMEX are likely going to make you wait until the BK falls off.  Discover and Citi though, you have a chance after 7 years. 

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What are the chances that the BK falls off after 7 years??  

[visorboy1974]

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@dallasjetfan wrote:

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@visorboy1974 wrote:

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@tntexans72 wrote:

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@dallasjetfan wrote:

I know this is not a very good indicator, but Scorewatch says my FICO score is 674 which has gone up 28 points since I have started paying off debt.  It still shows about $8450 not paid off yet so once I pay off Cap One I should reach 700 for first time in my life.

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If you can pay down your UTIL % and hold off til you reach Fico 700s...app for a Chase, Discover, Amex or CITI. You definitely will get approved from ME. I didn't have problem getting any of those cards with Fico in the 700s. Just don't go on an app spree til you get to 700s, if you can hold off...you will be rewarded. Good luck!

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If you're going to apply for any of the above cards, wait until your BK is 7 years old.  Chase and AMEX are likely going to make you wait until the BK falls off.  Discover and Citi though, you have a chance after 7 years. 

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What are the chances that the BK falls off after 7 years??  

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Quite slim.  Chase and AMEX, you can forget about till 2015 unless you are in the market for an AMEX cobranded card or already have a previous relationship with them before the BK and didn't include them.  Discover and Citi seem to thaw with their decision making with a BK on your report as it gets older, typically at the 7 year mark. 

[tntexans72]

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@dallasjetfan wrote:

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@visorboy1974 wrote:

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@tntexans72 wrote:

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@dallasjetfan wrote:

I know this is not a very good indicator, but Scorewatch says my FICO score is 674 which has gone up 28 points since I have started paying off debt.  It still shows about $8450 not paid off yet so once I pay off Cap One I should reach 700 for first time in my life.

---

If you can pay down your UTIL % and hold off til you reach Fico 700s...app for a Chase, Discover, Amex or CITI. You definitely will get approved from ME. I didn't have problem getting any of those cards with Fico in the 700s. Just don't go on an app spree til you get to 700s, if you can hold off...you will be rewarded. Good luck!

---

If you're going to apply for any of the above cards, wait until your BK is 7 years old.  Chase and AMEX are likely going to make you wait until the BK falls off.  Discover and Citi though, you have a chance after 7 years. 

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What are the chances that the BK falls off after 7 years??  

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BK won't fall off after 7yrs...but some lenders will not take the BK into consideration after 7yrs. In other words, have no baddies, lates or any derogs for the next 7yrs and you will get your foot into the door of most lenders.

[dallasjetfan]

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@tntexans72 wrote:

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@dallasjetfan wrote:

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@visorboy1974 wrote:

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@tntexans72 wrote:

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@dallasjetfan wrote:

I know this is not a very good indicator, but Scorewatch says my FICO score is 674 which has gone up 28 points since I have started paying off debt.  It still shows about $8450 not paid off yet so once I pay off Cap One I should reach 700 for first time in my life.

---

If you can pay down your UTIL % and hold off til you reach Fico 700s...app for a Chase, Discover, Amex or CITI. You definitely will get approved from ME. I didn't have problem getting any of those cards with Fico in the 700s. Just don't go on an app spree til you get to 700s, if you can hold off...you will be rewarded. Good luck!

---

If you're going to apply for any of the above cards, wait until your BK is 7 years old.  Chase and AMEX are likely going to make you wait until the BK falls off.  Discover and Citi though, you have a chance after 7 years. 

---

What are the chances that the BK falls off after 7 years??  

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BK won't fall off after 7yrs...but some lenders will not take the BK into consideration after 7yrs. In other words, have no baddies, lates or any derogs for the next 7yrs and you will get your foot into the door of most lenders.

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I have absolutely ZERO bads since my BK.  I have paid off 3 car loans also.  Up until now the only bad thing about my profile was the high UTIL which is 25% right now and will be 0% next week.  If my credit doesn't make it above 700 after paying off $15K in CC debt then I will wait, but I'm not too upset if it doesn't.  Not really using credit anymore except for car loans.  Kinda tired of all the games and rules that CCC's impose.  If I am lucky and my business continues to improve over the next 3 years, I will be able to purchase a house in cash.  Being single really helps with saving money!!

[dallasjetfan]

Plus I don't need anymore low CL's.  I had 8 CC's with $900-1000 limits at one point and then paid them off and closed all of them.  I am thinking of dumping Hooter's and US Airways and just convert Cap One to no AF and keep Care Credit and Discount Tire.  Then maybe in one year see what I can get for a major card.

[MAstudent07]

Great idea, your Capital One card should cover your 1% usage. Way to be proactive.

[dallasjetfan]

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@visorboy1974 wrote:

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@dallasjetfan wrote:

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@visorboy1974 wrote:

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@tntexans72 wrote:

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@dallasjetfan wrote:

I know this is not a very good indicator, but Scorewatch says my FICO score is 674 which has gone up 28 points since I have started paying off debt.  It still shows about $8450 not paid off yet so once I pay off Cap One I should reach 700 for first time in my life.

---

If you can pay down your UTIL % and hold off til you reach Fico 700s...app for a Chase, Discover, Amex or CITI. You definitely will get approved from ME. I didn't have problem getting any of those cards with Fico in the 700s. Just don't go on an app spree til you get to 700s, if you can hold off...you will be rewarded. Good luck!

---

If you're going to apply for any of the above cards, wait until your BK is 7 years old.  Chase and AMEX are likely going to make you wait until the BK falls off.  Discover and Citi though, you have a chance after 7 years. 

---

What are the chances that the BK falls off after 7 years??  

---

Quite slim.  Chase and AMEX, you can forget about till 2015 unless you are in the market for an AMEX cobranded card or already have a previous relationship with them before the BK and didn't include them.  Discover and Citi seem to thaw with their decision making with a BK on your report as it gets older, typically at the 7 year mark. 

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Do BK's magically fall off after 10 years? Do they fall off sometime after 7 years?  Do they fall off 10 years from discharge date or date filed??

[dallasjetfan]

Well, I paid my US Airways off after I received my statement.  Then I just received another statement saying that you have to pay off in full for 2 statements to avoid interest!! **bleep**?? They charged me $6.95 interest.  I am done with all CC's.  I'm tired of the BS.  At least Cap One upgraded me to the Venture One with no hassle.