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New Contributor
g35_ab05
Posts: 74
Registered: ‎03-30-2010
0

New CC Chances?

Hi all!

 

First off, my thanks to the wonderful people on this board who have helped me increase my score through GWs and other advice. After completing a DMP and education on utilization, etc. my scores are now at EQ 673/TU 681. Looking forward to getting those over 700!

 

In any case, I wanted to see if anyone had any thoughts on whether or not in my current position I'd be able to possibly qualify for any of the following:

 

Nationwide VISA

Costco Trueearnings AMEX or Gold Charge

Discover

 

I currently have only one card, a Cap One MC with $2k limit and <5% util and student loans at $15k with perfect payment. The bad part however, is that I have many (about 30 total) baddies that are over 2.5 years old that are 30/60/90 lates. AAoA is 7 years with 10 years history, $70k income. Of course you may be thinking why even bother? Basically I'm tired of not reaping the rewards of cash back cards or even travel rewards.

 

I have been GW'ing CapOne and Bank of America but as many people here know, they are tough. Also attempting GW with a local bank that I had a VISA with 3 years ago, but no luck so far. Obviously best case is I wait till my score is well above 700, my baddies are either gone or maybe 4+ years old, but I feel I'll be missing out on savings some money or at least getting some rewards for my monthly purchases. If I can start even with a small limit but good rewards, I'd be happy. Any suggestions?


Starting Score: EQ: 651
Current Score: EQ: 664 | TU: 665 - 03/2010
                       EQ: 673 | TU: 681 | EX Plus: 663 - 05/2010
Goal Score: EQ: 710 | TU: 710

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Regular Contributor
iwantbettercredit
Posts: 163
Registered: ‎10-20-2007
0

Re: New CC Chances?

2.5 Years is not a long time . You may want to wait a bit longer to let the baddies fall off.   I am still battling 3 baddies from 6 years ago and I settled with them 2 years ago and I cant get any of those cards you mentioned even though I have excellent history for the past 3 years no lates, always early, triple payments,etc.  I have found you scores mean nothing if you have recent baddies and they consider 3 years recent.  They are tough these days but I wish you lots of luck. please let us know if you app for any of them and the outcome.

"All I want for Christmas is to be able to pay our debts"
New Contributor
g35_ab05
Posts: 74
Registered: ‎03-30-2010
0

Re: New CC Chances?

Thanks for the perspective iwantbettercredit. I agree that the recent baddies will likely have a big impact on what I can get, just thought maybe some have had some luck even with those existing. But, as you say times are tough and creditors are being a bit more picky these days. Still fighting the urge to app, I really don't want to waste a hard inquiry on a decline.


Starting Score: EQ: 651
Current Score: EQ: 664 | TU: 665 - 03/2010
                       EQ: 673 | TU: 681 | EX Plus: 663 - 05/2010
Goal Score: EQ: 710 | TU: 710

Take the FICO Fitness Challenge
Valued Contributor
thrasher865
Posts: 1,157
Registered: ‎05-21-2008
0

Re: New CC Chances?


g35_ab05 wrote:

Hi all!

 

First off, my thanks to the wonderful people on this board who have helped me increase my score through GWs and other advice. After completing a DMP and education on utilization, etc. my scores are now at EQ 673/TU 681. Looking forward to getting those over 700!

 

In any case, I wanted to see if anyone had any thoughts on whether or not in my current position I'd be able to possibly qualify for any of the following:

 

Nationwide VISA

Costco Trueearnings AMEX or Gold Charge

Discover

 

I currently have only one card, a Cap One MC with $2k limit and <5% util and student loans at $15k with perfect payment. The bad part however, is that I have many (about 30 total) baddies that are over 2.5 years old that are 30/60/90 lates. AAoA is 7 years with 10 years history, $70k income. Of course you may be thinking why even bother? Basically I'm tired of not reaping the rewards of cash back cards or even travel rewards.

 

I have been GW'ing CapOne and Bank of America but as many people here know, they are tough. Also attempting GW with a local bank that I had a VISA with 3 years ago, but no luck so far. Obviously best case is I wait till my score is well above 700, my baddies are either gone or maybe 4+ years old, but I feel I'll be missing out on savings some money or at least getting some rewards for my monthly purchases. If I can start even with a small limit but good rewards, I'd be happy. Any suggestions?


Unfortunately, you have no shot with Discover, Id say.


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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New Contributor
g35_ab05
Posts: 74
Registered: ‎03-30-2010
0

Re: New CC Chances?

Thanks thrasher865. I figured as much, most people say Discover/Amex are harder to get and with my baddies it would be near impossible. I guess I still have a long battle ahead of me either with GW or with time. It'll suck to have to wait a minimum 4 years for some of those to fall off. It's basically what's keeping my from not only app'ing for CCs, but also for a mortgage.

 

As a side note, got an email from Costco regarding rewards on their Costco Trueearnings Amex card. I know it's just a mass marketing email, just a funny though that it came in as I posted the original post. :smileyvery-happy:


Starting Score: EQ: 651
Current Score: EQ: 664 | TU: 665 - 03/2010
                       EQ: 673 | TU: 681 | EX Plus: 663 - 05/2010
Goal Score: EQ: 710 | TU: 710

Take the FICO Fitness Challenge
New Contributor
g35_ab05
Posts: 74
Registered: ‎03-30-2010
0

Re: New CC Chances?

Well, thought I'd take a chance with AMEX and applied for the Gold charge. Approved! Still waiting on the package and need to call in for my initial "soft limit" so to speak. I needed something for Costco use, something with some type of rewards, and easier to get with my credit than the Costco TrueEarnings. It'll do for now. Might apply for a Discover a year from now. :smileyhappy:


Starting Score: EQ: 651
Current Score: EQ: 664 | TU: 665 - 03/2010
                       EQ: 673 | TU: 681 | EX Plus: 663 - 05/2010
Goal Score: EQ: 710 | TU: 710

Take the FICO Fitness Challenge
Senior Contributor
score_building
Posts: 3,577
Registered: ‎01-10-2008
0

Re: New CC Chances?

Congrats!  Now that's impressive, wouldn't have thought it possible to get an amex gold with an established pattern of fairly young derogs.  Once the negs are gone/aged you'll be ready for Discover too.  

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: New CC Chances?

Thanks for posting, G35,

 

I must have been missing something.  My thinking was Discover was easier than Amex, and might take older derogs (esp after a recon).  I've got Discover slated for a year or so down the road; and Amex for the year following.  I might have to switch up my thinking.

Just puttin' syrup on something, don't make it pancakes.
New Contributor
g35_ab05
Posts: 74
Registered: ‎03-30-2010
0

Re: New CC Chances?

Thanks all! From what I read here, the charge cards are easier than the credit cards from Amex so that was my reasoning for going that route. Based on things I've read, I'm guessing  Discover may still be easier than an Amex credit. But then again, so many factors can affect the Amex decision since they use their own system based on your EX credit report. I haven't been alerted yet for the inquiry, so I can't yet be certain that the only report pulled was EX.


Starting Score: EQ: 651
Current Score: EQ: 664 | TU: 665 - 03/2010
                       EQ: 673 | TU: 681 | EX Plus: 663 - 05/2010
Goal Score: EQ: 710 | TU: 710

Take the FICO Fitness Challenge
Valued Contributor
ngerasimatos
Posts: 1,278
Registered: ‎06-01-2007
0

Re: New CC Chances?

I would wait unti you are in high 600's nearing the 700 mark before going for any of those. 

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

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