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Hi Everyone, I have another question, lol.... I recently paid off all collection accounts on my credit report late Feb/ early March. HSBC was 1 of the credit card collections I paid. I have 2 installment loans in great standing, but feel I need a CC to start boosting my score since it took a hit after paying all collections. I have been sending GW letters, but no luck. Anyway, my question is; today in the mail I received a pre-qualified offer from Orchard Bank/HSBC for a platinum MasterCard. I hate taking out a CC but I think it will help improve my score w/ responsible timely payments of course. Do you think it's too risky to apply to the pre-qualification or should I wait a couple of months? I'm afraid it will be declined and my score will take another hit. Any advice is appreciated. Thank you!~
i would wait a couple of months, wait til the collection companies report that you have paid them. also, if you can get a better card than orchard try and get it. what are you fico scores like?
@llsnmerriman wrote:Hi Everyone, I have another question, lol.... I recently paid off all collection accounts on my credit report late Feb/ early March. HSBC was 1 of the credit card collections I paid. I have 2 installment loans in great standing, but feel I need a CC to start boosting my score since it took a hit after paying all collections. I have been sending GW letters, but no luck. Anyway, my question is; today in the mail I received a pre-qualified offer from Orchard Bank/HSBC for a platinum MasterCard. I hate taking out a CC but I think it will help improve my score w/ responsible timely payments of course. Do you think it's too risky to apply to the pre-qualification or should I wait a couple of months? I'm afraid it will be declined and my score will take another hit. Any advice is appreciated. Thank you!~
Unfortunately paying off those collections will not help your score. The damage is the same whether a collection is paid or unpaid.
From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772
You can do the same thing with hard work
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They are Eq 576 TU 585, they both dropped after paying off collections, EQ was 595, TU was 600. TY for the input
@llsnmerriman wrote:They are Eq 576 TU 585, they both dropped after paying off collections, EQ was 595, TU was 600. TY for the input
Your score probably dropped because when you paid it updated the accounts and made them look more recent. Just the act of paying did not lower your score.
From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772
You can do the same thing with hard work
Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score
Everything has updated as paid on credit report and w/ companies. I have received all my letters stating paid. Im just afraid its too soon to go through the pre-qualification bc im afraid of a decline and another hit to the credit score. Thx for the replies!
I doubt that 1 more inquiry is going to make any difference to your credit at this point. The best you should hope for is a secured card with HSBC. If you can afford to put down a decent deposit on a secured card with them, I would try it, otherwise wait until you can fund a secured card.